Taking Stock: Nifty fell below 17,800 after 8 days of rally know how it will move on Monday

After eight consecutive sessions of rally, the market breathed a sigh of relief on August 19 as investors made up their mind to book profits due to the rally in some counters in recent days. The 30-share Sensex ended 652 points or 1.08 per cent lower at 59,646.15. While the Nifty closed at 17,758.45, down 198 points or 1.10 percent.

This week both the BSE Sensex and Nifty 50 saw a rise of 0.30 percent.

IndusInd Bank, Apollo Hospitals, Bajaj Finserv, Tata Motors and Tata Consumer Products were the main losers of Nifty. While Adani Ports, L&T, Infosys, Eicher Motors and Bajaj Auto were the main gainers.

Talking about sectoral indices, Nifty Bank, Auto, FMCG, Metal and Pharma were weak by 1-1.5 per cent. While the Nifty PSU Bank index lost 2.6 per cent.

Vinod Nair, Geojit Financial Services, said, “Profit booking amid weak global trends impacted domestic indices. Apart from this, there was also concern about the increase in interest rates.

Nair further added, “Besides, the recent rally in dollar index and net selling by FIIs weakened the bulls. Heavyweights of the index saw selling in broader market. This further pushed the index down,” Nair added.

Market pressure today after 8 days of boom, know on which stocks Gaurav Ratnaparkhi of Sharekhan bet

Amol Athawale of Kotak Securities on Nifty for August 22

Amol Athawale said that technically there was profit-booking in the Nifty near the 18,000 level. While the index formed a long bearish candle on the daily chart. It also broke the crucial support level of 17,850 which proved to be largely negative.

Besides this, Nifty has also formed a hammer candlestick formation. This indicates further weakness in the near future. With this, the correction formation is likely to continue below 17,900. It may slide further towards the 17,600-17,500 level again.

On the other hand, if Nifty rises, the level of 17,900 – 17,950 will be an immediate resistance for the bulls. A fresh uptrend is possible only when the index crosses the resistance level of 17,950. If this happens, then 18,050-18,150 levels can be seen in it.

(Disclaimer: The views and investment advice given on moneycontrol.com are the personal views and opinions of investment experts. Moneycontrol advises users to consult a certified expert before making any investment decision.)

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