Stock market today: What to expect from Nifty, Sensex, Bank Nifty in trade on August 29
Also Read: 5 things that changed for market overnight: Gift Nifty, US stocks, Japan's jobless rate to global cues for Sensex today Here’s what to expect from Nifty and Bank Nifty today: Nifty remained sideways throughout the day on Monday before closing with a Doji formation. “Although the trend remains weak, the failure to fall below 19,245 on a closing basis may lead to a short-term pullback in the market. The RSI has shown a bullish crossover.
Support is positioned at 19,245; a decisive breach below this level could attract significant selling pressure," said Rupak De, Senior Technical analyst at LKP Securities. On the higher end, resistance is observed at 19,450, he added. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — 29th August The Bank Nifty jumped 263 points to close at 44,495 which coincides with the 50-day EMA (exponential moving average).
The index displays a robust bullish sentiment at the lower end of the range, with sustained buying interest. “As long as the index maintains its hold above the key level of 44,000, which coincides with significant put open interest, the prevailing stance remains on the buy side," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities. An immediate challenge for further upside movement is positioned at 44,500, he added.
“A successful breach of this level could trigger short covering and drive the index towards 45,000. This level is significant due to the highest open interest build up on the call side," Shah said. Check out key stock to watch out for today Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified
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