Business News Desk, After the results of Nvidia, the US market has seen a decline. After this, Asian markets are also seeing a decline today. Earlier, the markets closed with gains yesterday. After a brief decline, Nifty managed to make a new peak. Nifty made a new high of 25,129 yesterday. But, the market was not able to remain at the upper levels. With yesterday’s gain, the market managed to close in the green mark for 10 consecutive days. Today is the expiry of the August series. If the market closes in the green mark or above 24,834 today, then this will be the third monthly series, when Nifty will manage to close with gains. Nifty had climbed 400 points in the July series and 1,556 points in the June series. In yesterday’s session, the IT and pharma sectors performed brilliantly. Whereas, banking and other heavyweight stocks pushed the market on the backfoot. At one time, there will be a terrible decline in the market. There is no way to know when this decline will come. The best way for traders in this market is to bring the stoploss up. Investors should keep checking their portfolio at every stage of the market.
strategy on nifty
Nifty respected the buying range and made a top at the second resistance
Yesterday Nifty made a top at exactly 25,130
First Resistance: 25,125-25,136 (Call writers zone)
Major Resistance: 25,210-25,250
First Support: 24,950-25,000 (yesterday’s low, options data)
Major Support: 24,800-24,850 (as per chart)
Raise SL of existing long trades to 24,850 (close)
Buying zone: 24,900-25,000, SL: 24,800
