How can the stock market be on 28 August 2024, what can be the important levels
On August 28, 2024, the Indian stock market is expected to see the Nifty and Nifty Bank indices consolidate before breaking out to new highs. According to analysts, the Nifty fell just short of its record high levels on Tuesday, reversing from an intraday high of 25,073. By the close, the index was back at the level it closed at on Monday.
Main Points
Nifty Bank Index Likely to Trade Sideways to Positive
The Nifty Bank index is expected to trade sideways to positive in the coming sessions as it has formed a bullish candle on the daily chart but continues to trade below its 50-Day Moving Average. Immediate downside support is at 50,950. Once the Nifty Bank index finds support and begins to recover, the target levels to monitor are 51,950, 52,500, and 52,900. These targets represent the potential resistance levels where traders might encounter selling pressure.
Key Support and Resistance Levels for Nifty
The important support range to watch for the Nifty is between 24,750 and 24,850. These levels provide a cushion for the index and represent favorable entry points for traders looking to participate in the ongoing bullish trend. On the upside, a decisive move above 25,100 can take the index to the 38.2% Fibonacci extension, which is placed at 25,360 levels. The next resistance levels to watch are 25,950, 26,275, and 26,450.
Tata Group Stocks in Focus
Some buzzing Tata Group stocks including Tata Elxsi Ltd, Tata Technologies Ltd and Tata Consultancy Services Ltd (TCS) are likely to remain under the spotlight of traders on August 28, 2024.
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Tata Consultancy Services (TCS)
- Resistance: Rs 4,800-5,000
- Support: Rs 4,350-4,200
TCS has been one of the strongest performers in the IT sector, leading the market even in volatile situations. It recently broke out of a cup and handle formation on a longer time frame and has retested the breakout level with a pin bar candle.
Tata Technologies
- Resistance: Rs 1,150-1,200
- Support: Rs 950
Tata Tech is bottoming out from the lower levels with strong volume on the daily chart. It is trading above its all-important moving averages and is supported by a sector tailwind and bullish momentum indicators.
Tata Elxsi
- Resistance: Rs 9,200-10,000
- Support: Rs 7,500
Tata Elxsi has witnessed a breakout of a long consolidation with strong volume on the daily chart and closed above its 200-Day Moving Average. It is bottoming out from the lower levels, where a cluster of moving averages formed a strong base at around Rs 7,000 levels.
Astrological Predictions for Stock Market
According to astrological predictions, the stock market will be one of the best investment options for Aries sign people on August 28, 2024. There are signs of profit from investment, and they should not be afraid to ask a friend for advice on an investment they’ve recently been considering.
For Taurus sign people, money flows in abundance. They will finally get to see returns on their investments made long ago, and there are signs of getting profits from long-forgotten financial transactions today.
Note: This article is written for educational purposes, Local Haryana does not provide buying and selling of any kind of stock
