Pre-Market Reports: CodeViser 24, August 2021
A recovery from day low 16,495.45 was seen in the previous trading session and today we are going to see a positive opening in the Indian markets as INDIA50 USD & SGXNIFTY is currently trading at 16,590, around 40-50 points flat to positive opening can be seen today.
Bullishness can still be seen if we consider the data of INDIA50USD & SGXNIFTY momentum will continue if the Nifty 50 Index trades above 16,540
As our Harmonic Patterns will get activated and the targets on the upside will be 16,590, 16,660, and the price can also touch 16,700 levels in the upcoming weeks.
16,590 is an important level for the day price has to sustain above it at-least for 30 minutes for the bullish momentum to continue.
Downfall momentum is only possible below 16,470 below that we can see the fall till 16,400
Total range for the day is of 250 points, Trade accordingly.
We have seen a gap up opening in Banknifty Index in previous trading session and a fall was seen from the day high which was made in the morning.
The Index fully recovered in second trading session as it was forming a fresh range.
Current range is our Intraday levels, if price crosses 35260 our Harmonic half bat and XABCD patterns will get activated and we can see the upside targets of 35,400 and 35,641.
Downside momentum will be seen below 35,080 below that price can correct till 34,800
Total range is of 750-800 points, trade accordingly.
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- ICICI Pruli