Stay light amid unclear market trends, say Aamar Deo Singh of Angel One
Nifty is located around the 19,200 and 19,600 zones, respectively. On the other hand, the areas of support and resistance for the Bank Nifty are 43,600 and 45,000, respectively, Aamar Deo Singh, Head Advisory, Angel One, tells ETMarkets.
It is recommended to stay light until we see a clear trend emerging because the short-term and medium-term charts are not in sync in such situations, which usually results in turbulent trading sessions, he says.
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Profit-booking was observed in August, with the bears dominating the market. Following the stunning run in recent months, the majority of short-term technical indicators had previously indicated that the markets would experience a period of momentum loss and exhaustion. As a result, it did not come as a surprise to investors looking for ways to profit from the upswing.
In August, all benchmark indices experienced widespread selling and closed in the red. There were many encouraging domestic data points, including a 7.8% Q1 economic growth rate and a robust manufacturing PMI. On the international front, however, worries about China's real estate market and conflicting signals from the USA seem to predict consolidation at the current levels.
The Nifty is currently projected to trade between the 19,200–19,600 range. In the upcoming weeks, investors should brace themselves for higher volatility and plan accordingly.
Q: While Nifty ended the
