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NIFTY DAILY MARKET OUTLOOK 24 AUG

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Indian benchmark indices ended flat on Thursday, as investors booked profits. Further, lower refining margins concern on Reliance Industries also put pressure on
index, while support came from IT stocks ~ posted smart gains on hopes for more U.S. monetary stimulus. NSE's Nifty ended flat at 5,415.35. Nifty took a breather after
two days of continuous gains, on daily charts, Nifty formed a Doji formation depicting that after recent rally, traders indulged in profit booking and are looking for
fresh triggers to take the momentum ahead. Nifty has multiple resistances at 5,450‐5,480. In coming session, follow up buying past the trajectory could take Nifty till
5,520‐5,570. Further, the index still maintaining its higher high higher low formation, signaling that basis is still positive. The index has immediate support in the
range of 5,400‐5,370, any selling pressure would intensify only below 5,370.


Trading strategy would to buy near support and to sell around 5,480 if benchmark resist.
First resistance for the Nifty is 5,445 and next resistance 5,474 and first support for the Nifty is 5,390 and next support at 5,365.
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