NIFTY DAILY MARKET OUTLOOK 24 AUG

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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Nifty buy sell signals using nifty live charts The Nifty is the most volatile tradable index on Nse since it is favourite for the intraday and positional traders. In technical analysis rules and covenants also it is taught that when trading or taking position in any stock , we need to find the direction in which the nifty is moving , so that the trade is entered in that same direction. This will give rise to a high probability trade. The nifty live charts or any intraday software can tell us about the direction of the nifty. The best trend finding strategy can be by checking the direction of any particular moving average, or by drawing a diagonal trend line. The other way is to see if it is making rising Low and Highs or falling. These are little complex to note during live intraday markets. So the better solution is to make your trading strategy more mechanical so that, the buy sell signals are generated on the live nifty charts using the real time data. ...

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