Nifty Mid Cap Select Analysis for 03-08-2024: S&R Levels
Trade with Caution
Amid escalating tensions in the Middle East and mounting uncertainty in the US economy, the Indian stock market retreated from its all-time high on Friday. The ripple effects of a broader selloff in global markets significantly impacted the Indian stock market, with midcap stocks bearing the brunt of the decline. The Nifty Mid Cap Select index experienced a notable drop of -1.80%, indicating a possible pause in the recent upward trend and prompting investors to engage in profit booking at current levels. This downturn reflects a broader market sentiment influenced by geopolitical instability and economic concerns from major global economies.
Nifty Mid Cap Select Support & Resistance Levels for Tomorrow:
Support Levels:
The first support level is at 12,490 followed by a stronger support between 12,350 to 12,300.
Resistance Levels:
On the upside, the index is already trading above its resistance between 12,650 to 12,700 and strong resistance at 12,800 for Intraday.
Technical Indicators for Nifty Mid Cap Select Prediction:
Max Pain: 12,700
PCR (Put-Call Ratio): 0.52 Bearish
IV (Implied Volatility): 15.57 as of the closing on 02-08-2024.
Stay tuned for more updates on Nifty Mid Cap prediction to navigate the volatile market conditions effectively.
Disclosure: The publisher of this idea is not a SEBI registered analyst. The information shared here is solely for educational purposes and should not be interpreted as financial advice. Always consult with a qualified financial advisor before making any investment decisions. The publisher does not endorse social media shares on any platform.
Amid escalating tensions in the Middle East and mounting uncertainty in the US economy, the Indian stock market retreated from its all-time high on Friday. The ripple effects of a broader selloff in global markets significantly impacted the Indian stock market, with midcap stocks bearing the brunt of the decline. The Nifty Mid Cap Select index experienced a notable drop of -1.80%, indicating a possible pause in the recent upward trend and prompting investors to engage in profit booking at current levels. This downturn reflects a broader market sentiment influenced by geopolitical instability and economic concerns from major global economies.
Nifty Mid Cap Select Support & Resistance Levels for Tomorrow:
Support Levels:
The first support level is at 12,490 followed by a stronger support between 12,350 to 12,300.
Resistance Levels:
On the upside, the index is already trading above its resistance between 12,650 to 12,700 and strong resistance at 12,800 for Intraday.
Technical Indicators for Nifty Mid Cap Select Prediction:
Max Pain: 12,700
PCR (Put-Call Ratio): 0.52 Bearish
IV (Implied Volatility): 15.57 as of the closing on 02-08-2024.
Stay tuned for more updates on Nifty Mid Cap prediction to navigate the volatile market conditions effectively.
Disclosure: The publisher of this idea is not a SEBI registered analyst. The information shared here is solely for educational purposes and should not be interpreted as financial advice. Always consult with a qualified financial advisor before making any investment decisions. The publisher does not endorse social media shares on any platform.
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