The Indian stock markets have been experiencing a mix of ups and downs lately, with traders and investors closely watching every move. On August 14, 2024, the Sensex saw a modest rise of 149.85 points, reaching 79,105.88, while the Nifty inched up by just 4.80 points to stand at 24,143.80.
But what does this mean for the market’s future, particularly on the 16th of August? Let’s dive into the details, predictions, and what you should be aware of as we move forward.
How Did the Market Perform on August 14th?
Nifty and Sensex Overview
Sensex: Rose by 149.85 points to 79,105.88.
Nifty: Increased by 4.80 points to 24,143.80.
Out of all the shares traded, 1,247 moved up, 2,141 fell, and 91 remained unchanged. This mixed performance paints a picture of a market that’s currently uncertain and likely influenced by broader global cues.
Top Nifty Gainers and Losers
Top Gainers:
TCS
HCL Technologies
Infosys
Tech Mahindra
BPCL
Top Losers:
Divis Labs
Hero MotoCorp
Coal India
ONGC
UltraTech Cement
Sectoral Performance
Only the IT sector saw gains, moving up by 1.5%. All other sectors, including capital goods, healthcare, oil & gas, metals, real estate, pharma, and media, saw declines ranging between 0.5% to 1%.
Midcap and Smallcap Indices
Both BSE Midcap and Smallcap indices saw a decline of 1% each, indicating that the pressure wasn’t just on the larger companies but also on the smaller and mid-sized ones.
Stock Market Prediction for Nifty – 16th August 2024
Now, let’s focus on what to expect for Nifty on August 16, 2024. The market is in a sideways phase, ahead of some significant global events, such as the US CPI inflation data release and the public holiday on Thursday.
Nifty’s Resistance and Support Levels
Support Levels
Resistance Levels
23,900-23,600
24,200-24,500
The overall trend appears weak, with Nifty continuing to trade below the initial resistance level of 24,250. If the weakness persists, we could see Nifty move towards 23,900-23,700. However, if there’s a positive surprise, the index might push through the resistance and test levels between 24,250-24,500.
Market Cues and What They Mean
A critical factor to watch out for is the global cues, as they will likely dictate Nifty’s direction. If Nifty can break above 24,200, there’s potential for an upward move, but if it dips below 23,900, we might see further declines.
Key Predictions
Nifty may go up if it crosses 24,200.
Nifty may decline if it falls below 23,900.
Highest Call and Put Writing for Nifty
Highest Call Writing: 24,200 (1.7 Crore)
Highest Put Writing: 23,900 (1.1 Crore)
The data above suggests that traders are anticipating resistance at 24,200, while they are expecting support at 23,900.
Stock Market Prediction for Bank Nifty – 16th August 2024
Bank Nifty has been under pressure, and its performance on August 14, 2024, indicates a continuing struggle.
Bank Nifty’s Resistance and Support Levels
Support Levels
Resistance Levels
49,700-49,500
49,800-50,000
The Bank Nifty index opened slightly lower and remained under pressure throughout the day, closing in the red at 49,727. This resulted in the formation of a red candle on the daily chart, a classic sign of ongoing weakness.
Predictions for Bank Nifty
The Bank Nifty index could move upwards if it breaks the 49,800 mark. However, it could see further declines if it stays below this level. The key range to watch here is between 49,800 and 50,000 for resistance and 49,700 to 49,500 for support.
Highest Call and Put Writing for Bank Nifty
Highest Call Writing: 49,800 (48.7 Lakhs)
Highest Put Writing: 49,700 (48.6 Lakhs)
The highest call and put writing levels suggest that 49,800 is a crucial resistance point, while 49,700 is a key support level.
Intraday Strategy for 16th August 2024
Given the current market conditions, here’s what traders should keep in mind for intraday trading on August 16th.
Stocks to Watch
Stock
Good Above
Weak Below
GLENMARK
1502
1482
HDFCAMC
4185
4150
ITC
495
489
TCS
4325
4280
These levels offer a good indication of where you might want to set your entry or exit points.
Market Sentiment
With the Nifty and Bank Nifty showing signs of weakness, traders should be cautious. The market could continue to struggle unless there’s a strong global cue that lifts sentiment. For now, focus on resistance and support levels, and consider booking profits at the earliest opportunity.
FAQs
1. What is the expected market trend for Nifty on 16th August 2024?
The trend for Nifty is expected to remain weak, with a possibility of further declines if it falls below 23,900. However, if it manages to break above 24,200, we could see an upward movement.
2. What are the key resistance and support levels for Nifty?
The key resistance levels for Nifty are 24,200-24,500, while the support levels are 23,900-23,600.
3. How is Bank Nifty expected to perform on 16th August 2024?
Bank Nifty is showing signs of weakness, with resistance expected between 49,800 and 50,000 and support between 49,700 and 49,500.
4. Which sectors performed well on August 14th, 2024?
Only the IT sector saw gains on August 14th, moving up by 1.5%. All other sectors, including capital goods, healthcare, oil & gas, metals, real estate, pharma, and media, experienced declines.
5. What should traders focus on for intraday trading on 16th August 2024?
Traders should focus on resistance and support levels for Nifty and Bank Nifty, and keep an eye on the global cues. Stocks like GLENMARK, HDFCAMC, ITC, and TCS may offer good trading opportunities based on their specified levels.
Conclusion
The Indian stock markets are at a crucial juncture, with Nifty and Bank Nifty showing signs of weakness. As we head into the 16th of August, 2024, it’s essential to stay cautious and closely watch the key levels mentioned above. Global cues will likely play a significant role in dictating market direction, so keep an eye on international developments as well.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered as financial advice. Trading in the stock market involves risks, and it’s essential to do your research or consult with a financial advisor before making any investment decisions.
