Today’s Market News :
Domestic indices witnessed significant volatility in Wednesday’s trading session as investors awaited the August US consumer inflation report, which will influence the scale of an anticipated interest rate cut by the Federal Reserve next week.
The benchmark indices closed weaker, with the Sensex falling 398 points, or 0.49 percent, to 81,523.16, and the Nifty dropping 122.65 points, or 0.49 percent, to 24,918.45. A total of 1,619 stocks advanced, while 2,345 declined, and 106 remained unchanged.
According to experts, on the daily charts, Nifty has rebounded from the support zone between 24,800 and 24,850. The divergence in the daily and hourly momentum indicators points to near-term consolidation. Price and momentum indicators suggest the market is likely to consolidate within the 24,800 to 25,200 range.
Key Levels for Nifty 50:
Support based on pivot points: 24915, 24789.1 and 24555.4
Resistance based on pivot points: 25148.8, 25256.5 and 25490.2
Special Formation: On daily charts Nifty has formed small bearish candle on intraday charts. It has formed lower top formation which suggests temporary weakness.
Key Levels for Bank Nifty:
Resistance based on pivot points: 51439.45, 51606.6 and 52014.35
Support based on pivot points:51031.7 50791.1 and 50383.35
Special Formation: The daily Bollinger Bands are contracting, signalling uncertainty or indecision in the market.
