Sensex Analysis for 16-08-2024: Support & Resistance Levels
On August 14, 2024, the Sensex experienced a volatile trading session, closing at 78,956.03, down 692.89 points (-0.87%). The day saw the index opening at 79,105.88, with an intraday high of 79,228.94 and a low of 78,895.72. This decline was largely driven by profit booking and global market cues, with the index forming a long bearish candlestick, indicating potential further downside.
Impact of Gap Up
As of August 16, 2024, Gift Nifty is showing positive momentum with an opening around 24,324, reflecting a gain of approximately 156 points (+0.65%) from the previous session. This movement is underpinned by favorable global cues and expectations of a stable economic environment following recent macroeconomic data.
Key Technical Levels:
Support Levels: 24,100 and 23,900
Resistance Levels: 24,450 and 24,600
Technical Indicators for Sensex:
Max Pain: 79,100
PCR (Put-Call Ratio): 0.70 Neutral to Bearish
IV (Implied Volatility): 13.03 as of the closing on 14-08-2024.
Support Levels
Sensex is expected to remain under pressure with key support levels around 79,000 and 78,600.
Resistance Levels
If the index sustains above these levels, a pullback towards the resistance levels of 79,600 and 79,800 is possible.
The Sensex displayed mixed signals with technical indicators favoring a cautious stance:
RSI (14) at 42.33 indicates a sell signal, suggesting the index is neither oversold nor overbought.
MACD showed a negative divergence, reinforcing the sell signal.
Top Gainers:
Reliance Industries: Increased by 2.3%, closing at ₹2,650.
Tata Motors: Gained 1.9%, closing at ₹685.
HDFC Bank: Rose by 1.6%, closing at ₹1,670.
Top Losers:
Infosys: Fell by 1.8%, closing at ₹1,440.
ITC: Decreased by 1.5%, closing at ₹452.
TCS: Dropped by 1.2%, closing at ₹3,240.
Open Interest (OI) Analysis and Technical Indicators:
OI data indicated a buildup in call options at the 79,500 strike, hinting at significant resistance at this level. Conversely, the 78,500-strike price saw substantial put writing, reinforcing it as a critical support level.
Bullish/Bearish Levels
Bullish Level: 79,600 If sustains
Bearish Level: 78,400 If Fails
Stay tuned for more updates on Sensex prediction to navigate the volatile market conditions effectively.
Disclosure: The publisher of this idea is not a SEBI registered analyst. The information shared here is solely for educational purposes and should not be interpreted as financial advice. Always consult with a qualified financial advisor before making any investment decisions. The publisher does not endorse social media shares on any platform.
Impact of Gap Up
As of August 16, 2024, Gift Nifty is showing positive momentum with an opening around 24,324, reflecting a gain of approximately 156 points (+0.65%) from the previous session. This movement is underpinned by favorable global cues and expectations of a stable economic environment following recent macroeconomic data.
Key Technical Levels:
Support Levels: 24,100 and 23,900
Resistance Levels: 24,450 and 24,600
Technical Indicators for Sensex:
Max Pain: 79,100
PCR (Put-Call Ratio): 0.70 Neutral to Bearish
IV (Implied Volatility): 13.03 as of the closing on 14-08-2024.
Support Levels
Sensex is expected to remain under pressure with key support levels around 79,000 and 78,600.
Resistance Levels
If the index sustains above these levels, a pullback towards the resistance levels of 79,600 and 79,800 is possible.
The Sensex displayed mixed signals with technical indicators favoring a cautious stance:
RSI (14) at 42.33 indicates a sell signal, suggesting the index is neither oversold nor overbought.
MACD showed a negative divergence, reinforcing the sell signal.
Top Gainers:
Reliance Industries: Increased by 2.3%, closing at ₹2,650.
Tata Motors: Gained 1.9%, closing at ₹685.
HDFC Bank: Rose by 1.6%, closing at ₹1,670.
Top Losers:
Infosys: Fell by 1.8%, closing at ₹1,440.
ITC: Decreased by 1.5%, closing at ₹452.
TCS: Dropped by 1.2%, closing at ₹3,240.
Open Interest (OI) Analysis and Technical Indicators:
OI data indicated a buildup in call options at the 79,500 strike, hinting at significant resistance at this level. Conversely, the 78,500-strike price saw substantial put writing, reinforcing it as a critical support level.
Bullish/Bearish Levels
Bullish Level: 79,600 If sustains
Bearish Level: 78,400 If Fails
Stay tuned for more updates on Sensex prediction to navigate the volatile market conditions effectively.
Disclosure: The publisher of this idea is not a SEBI registered analyst. The information shared here is solely for educational purposes and should not be interpreted as financial advice. Always consult with a qualified financial advisor before making any investment decisions. The publisher does not endorse social media shares on any platform.
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