Pre-Market Reports: CodeViser 17, August 2021
Nifty has made an all-time high of 16,589.40 and ends at record closing highs led by reliance industries on 16, August 2021. Bullish momentum was seen in first half led by a sideways trend by the end of the day.
Bulls will remain in action if the Nifty 50 Index trades above 16,660. We may see a long build-up if the price crosses and sustains above 16,600 as it’s an important level then the possible targets on the upside is 16,650 & 16,680.
For downside momentum the level is 16,529. Both the levels are equally crucial and can be considered important. In case Index breaks 16,500 level then we may see a fall till 16,460.
The Nifty Bank has not given any clear move have been stuck in a range from past one week.
The bullish momentum will continue if the price sustains above 36,360 levels. If Banknifty crosses and sustains above 36,500 levels we may see a rise up to 37,000.
For downside momentum will only happen if the price trades below 35,500. If in case the level gets triggered only then our Harmonic Chart will be failed and be considered as invalid and a fall can be seen till 35,000.
Nifty Midcap has shown a pull back on daily charts. 27,000 is a crucial level for Midcap Index. A continuous bullish momentum has been seen in previous days. It has shown bounce from support multiple times and a fresh bull rally can be seen in Midcap Index if the price crosses 28,100 levels.
Since March last year, Small cap indices have jumped 192% .
Nifty Small-cap Index has given a breakout on daily charts and the upward momentum can be seen in upcoming days.
- Tata Steel
- JSW Steel
- HCL Tech
- Alkem Lab
- Vedanta Ltd.