Nifty slipped nearly 1.8% in the last week of August as global headwinds and US-India tariff concerns weighed on sentiment.
Selling was broad-based, with Banking and Financials dragging the index down the most.
The index currently trades just above 24,400, a crucial support level. Open interest data indicates that the 24,400–24,300 zone may provide short-term support, while the 25,500–25,600 zone remains significant resistance due to heavy call writing. A decisive break below 24,300 could quickly push the index toward 24,000.
Amid the weakness, a silver lining emerges — India’s strong 7.8% GDP growth, the highest in five quarters and well above expectations, may help cushion further downside.
Looking ahead, Monday’s open will set the tone for September—a gap-up above 25,500 could spark a rebound, while staying below may keep Nifty under pressure.
Selling was broad-based, with Banking and Financials dragging the index down the most.
The index currently trades just above 24,400, a crucial support level. Open interest data indicates that the 24,400–24,300 zone may provide short-term support, while the 25,500–25,600 zone remains significant resistance due to heavy call writing. A decisive break below 24,300 could quickly push the index toward 24,000.
Amid the weakness, a silver lining emerges — India’s strong 7.8% GDP growth, the highest in five quarters and well above expectations, may help cushion further downside.
Looking ahead, Monday’s open will set the tone for September—a gap-up above 25,500 could spark a rebound, while staying below may keep Nifty under pressure.
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🌐 goodluckcapital.com
🎖️ SEBI registered INH300006582
🎖️ CMT(usa) & CFTe(usa) chartered
🎖️ NSE certified professionals
📈 Trading and Investment Advice
t.me/GoodluckCapital
🤝 Contact Us
bio.link/GoodluckCapital
🎖️ SEBI registered INH300006582
🎖️ CMT(usa) & CFTe(usa) chartered
🎖️ NSE certified professionals
📈 Trading and Investment Advice
t.me/GoodluckCapital
🤝 Contact Us
bio.link/GoodluckCapital
Related publications
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.