Nifty 50 On August 23: Selling pressure on Bank Nifty, would persist till the index sustains above the resistance zone. Bank Nifty may experience a short-term downward decline to 43,500.
The Nifty ended flat on August 22 despite a strong gain in the international markets. The index started off higher but fluctuated between 19,381 and 19,444 before finishing the day up three points at 19,397.
On the daily chart, the index created a brief bearish candlestick pattern with a faint upper shadow. This pattern suggests that higher levels of strength are lacking. Technically this market action is indicating a rangebound action in the market at higher levels.
Nifty on August 23 Live Updates
The index has been trading between 19,500 and 19,250 since last week, or between the 20-day exponential moving average (EMA) of 19,475 and the 50-DEMA of 19,275. According to experts, the consolidation won’t end until either the upper or lower range is clearly broken.
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