Nifty Outlook for 11 August 2023

Nifty started the day around 19600 mark and witnessed some volatility as the RBI announced its monetary policy. However, no follow up buying was seen and hence, the index witnessed some correction to end the day below 19550 with loss of about half a percent.

Nifty Today:

The indices traded with some volatility within a range as the RBI monetary policy coincided with the weekly expiry day. We witnessed some upmove in the Bank Nifty in the morning but heavy call writing was seen at 45000 strike and hence, the index gave up the gains and corrected from the highs. Post the recent price wise correction from 19990 to 19300, Nifty has been consolidating within a range which seems to be a time-wise correction on the short term charts. The immediate resistance is seen around 19650 which needs to be surpassed for a positive momentum in the index.

                                                               Nifty ends the choppy session on a negative note, 19650 seen as a breakout level

As of now, we can clearly see a stock specific momentum as the midcap index has not corrected in last few days and is trading at its record high. Hence, traders should continue to focus on stock specific movement as of now, till the benchmark indices resume their broader uptrend. For the coming session, 19650-19460 will be seen as an immediate trading range and a breakout beyond this range could then lead to a directional move.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

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