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The Indian stock market witnessed a strong uptrend rally on August 26, 2024, with the benchmark indices closing significantly higher. The Nifty 50 index ended the day at 187 points, while the Sensex gained a substantial 612 points. This positive performance was driven by strong gains in the IT and Digital sectors, which outperformed the market with rallies exceeding 1 percent.
The positive sentiment in the market was attributed to favorable global market conditions. As the day began, the Indian stock market opened on a positive note, reflecting the positive global cues. Throughout the trading session, the market maintained its upward momentum, indicative of investor confidence. This confidence was further reinforced by the technical indicators. Daily charts showed the formation of an uptrend continuation pattern, suggesting a continuation of the upward trend. Additionally, intraday charts revealed a higher bottom formation, further supporting the continuation of the upward trend from the current levels.
From a trading perspective, the 24900/81300 levels emerged as critical trend decider levels. Traders were advised to monitor these levels closely. Should the market close above these levels, the positive momentum was expected to continue, potentially pushing the Nifty towards the 25125-25200/82000-82600 range. However, a breach below the 24900/81300 levels could indicate a weakening of the uptrend. In such a scenario, traders were recommended to exit their long positions.
Source: Closing Bell: Nifty above 25,000, Sensex up 612 points; IT, metal, realty shine