Sensex Analysis for 09-08-2024: Support & Resistance Levels
Sensex’s Next Move: Will It Break 79,700 Resistance or Dip Below 78,270? Stay Cautious!
The Sensex faced a challenging trading session today, closing 581.79 points lower at 78,886.22. The market opened at 79,468.01 points but failed to sustain its initial momentum. Key sectors, including IT, metals, and energy, saw significant declines, contributing to the overall downturn. In contrast, the pharma sector performed well, driven by positive expectations. RBI Governor Shaktikanta Das reiterated the central bank’s commitment to maintaining key rates, emphasizing inflation control and economic growth amidst global uncertainties. Increased volatility and cautious investor sentiment marked the trading session, reflecting concerns over both domestic and international economic conditions.
Technical Indicators for Sensex:
Max Pain: 79,000
PCR (Put-Call Ratio): 0.55 Bearish
IV (Implied Volatility): 23.82 as of the closing on 08-08-2024.
Support Levels
Sensex is expected to face significant support around the 78,270 mark, with further support at 77,750.
Resistance Levels
On the upside, the resistance levels are projected to be around 79,400 and 79,700.
Market Sentiment
Based on the option chain analysis and technical indicators, the market has shown a tendency to trade within a defined range. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicate a neutral to bearish trend in the short term. The RSI has given a negative crossover, and with higher time frame oscillators also turning negative, the momentum seems to favor a downside unless a breakout above the resistance levels is observed.
Top Performers: Tata Motors, HDFC Life, SBI Life, Cipla, and HDFC Bank were the top gainers of the day.
Top Losers: LTIM, Grasim, Asian Paints, Apollo Hospitals, and Infosys faced significant declines.
RBI's Role: The RBI kept the repo rate unchanged for the ninth consecutive time, emphasizing a cautious approach to balance inflation control with economic growth
Stay tuned for more updates on Sensex 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.
The Sensex faced a challenging trading session today, closing 581.79 points lower at 78,886.22. The market opened at 79,468.01 points but failed to sustain its initial momentum. Key sectors, including IT, metals, and energy, saw significant declines, contributing to the overall downturn. In contrast, the pharma sector performed well, driven by positive expectations. RBI Governor Shaktikanta Das reiterated the central bank’s commitment to maintaining key rates, emphasizing inflation control and economic growth amidst global uncertainties. Increased volatility and cautious investor sentiment marked the trading session, reflecting concerns over both domestic and international economic conditions.
Technical Indicators for Sensex:
Max Pain: 79,000
PCR (Put-Call Ratio): 0.55 Bearish
IV (Implied Volatility): 23.82 as of the closing on 08-08-2024.
Support Levels
Sensex is expected to face significant support around the 78,270 mark, with further support at 77,750.
Resistance Levels
On the upside, the resistance levels are projected to be around 79,400 and 79,700.
Market Sentiment
Based on the option chain analysis and technical indicators, the market has shown a tendency to trade within a defined range. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicate a neutral to bearish trend in the short term. The RSI has given a negative crossover, and with higher time frame oscillators also turning negative, the momentum seems to favor a downside unless a breakout above the resistance levels is observed.
Top Performers: Tata Motors, HDFC Life, SBI Life, Cipla, and HDFC Bank were the top gainers of the day.
Top Losers: LTIM, Grasim, Asian Paints, Apollo Hospitals, and Infosys faced significant declines.
RBI's Role: The RBI kept the repo rate unchanged for the ninth consecutive time, emphasizing a cautious approach to balance inflation control with economic growth
Stay tuned for more updates on Sensex 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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.