Mid Cap Nifty Analysis for 12-08-2024: S & R Levels
On August 9, 2024, the Nifty Midcap Select Index demonstrated a positive market trend, closing at 12,598.95, which marked an increase of 0.59% from the previous close of 12,524.95. The trading session opened at 12,654.55 and saw the index reaching an intraday high of 12,714.80 before retracing slightly. The day's low was recorded at 12,577.40, indicating some selling pressure at higher levels as traders booked profits. Despite this, the index managed to hold above the critical support level, reflecting overall market resilience.
Hindenburg Research has accused SEBI Chairperson Madhabi Puri Buch and her husband of having financial ties to offshore entities involved in the Adani Group's financial activities. The allegations, based on whistleblower documents, suggest that these ties represent a conflict of interest, particularly given SEBI's investigation into Adani. The Buchs have denied these claims, calling them baseless and an attack on their character. The controversy has led to political demands for a government probe to address potential conflicts of interest within SEBI's investigation of the Adani Group. The market can go either sideways of can be extremely volatile so trade with great caution.
Technical Indicators for Mid Cap Nifty:
Max Pain: 12,600
PCR (Put-Call Ratio): 0.83 Neutral
IV (Implied Volatility): 14.25 as of the closing on 09-08-2024.
Support Levels
The immediate support level is identified at 12,530, which is crucial for maintaining the index's upward momentum. A break below this level could lead to a further decline, with the major support situated at 12,450, potentially triggering a short-term correction.
Resistance Levels
On the upside, the index faces immediate resistance at 12,710. If the index manages to surpass this level, it could rally towards the major resistance at 12,800. These resistance levels are critical as they will test the strength of the bullish trend.
Top Gainers:
• Lupin: +3.06% (Closed at 2,113.55)
• Hindustan Petroleum: +3.21% (Closed at 376.65)
• Mphasis: +2.84% (Closed at 2,720.50)
Top Losers:
• MRF: -2.48% (Closed at 136,911.70)
• Cummins India: -0.36% (Closed at 3,715.10)
• Voltas: -0.50% (Closed at 1,428.85)
• Trading Strategy for August 12, 2024:
Bullish View: If the index sustains above 12,600, traders might consider long positions with a target of 12,710 and 12,800.
Bearish View: If the index breaks below 12,530, it could trigger a short-term correction, providing opportunities for short-selling with a target of 12,450.
Stay tuned for more updates on Mid Cap Nifty Select 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.
Hindenburg Research has accused SEBI Chairperson Madhabi Puri Buch and her husband of having financial ties to offshore entities involved in the Adani Group's financial activities. The allegations, based on whistleblower documents, suggest that these ties represent a conflict of interest, particularly given SEBI's investigation into Adani. The Buchs have denied these claims, calling them baseless and an attack on their character. The controversy has led to political demands for a government probe to address potential conflicts of interest within SEBI's investigation of the Adani Group. The market can go either sideways of can be extremely volatile so trade with great caution.
Technical Indicators for Mid Cap Nifty:
Max Pain: 12,600
PCR (Put-Call Ratio): 0.83 Neutral
IV (Implied Volatility): 14.25 as of the closing on 09-08-2024.
Support Levels
The immediate support level is identified at 12,530, which is crucial for maintaining the index's upward momentum. A break below this level could lead to a further decline, with the major support situated at 12,450, potentially triggering a short-term correction.
Resistance Levels
On the upside, the index faces immediate resistance at 12,710. If the index manages to surpass this level, it could rally towards the major resistance at 12,800. These resistance levels are critical as they will test the strength of the bullish trend.
Top Gainers:
• Lupin: +3.06% (Closed at 2,113.55)
• Hindustan Petroleum: +3.21% (Closed at 376.65)
• Mphasis: +2.84% (Closed at 2,720.50)
Top Losers:
• MRF: -2.48% (Closed at 136,911.70)
• Cummins India: -0.36% (Closed at 3,715.10)
• Voltas: -0.50% (Closed at 1,428.85)
• Trading Strategy for August 12, 2024:
Bullish View: If the index sustains above 12,600, traders might consider long positions with a target of 12,710 and 12,800.
Bearish View: If the index breaks below 12,530, it could trigger a short-term correction, providing opportunities for short-selling with a target of 12,450.
Stay tuned for more updates on Mid Cap Nifty Select 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.
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