Indian Stock Market Soars: Nifty 50 Gains 396 Points On Friday

Last updated on August 20th, 2024 at 07:17 pm

On Friday, the Indian stock market did very well. This was because global markets were positive and there was hope that the US Federal Reserve might lower interest rates soon.

Here’s how the key indexes performed

The Nifty 50, which tracks 50 major companies increased by 396 points reaching 24,540.
The BSE Sensex, which covers 30 large companies, rose by 1,330 points, closing at 80,436.
The Bank Nifty, which focuses on banking stocks, went up by 788 points, ending at 50,515.

In addition:

The BSE Small-cap index, which includes smaller companies, went up by 1.70%.
The Mid-cap index, which tracks medium-sized companies increased by 1.80%.
All sectors ended the day in the green (gaining), with IT and real estate being the strongest performers each gaining over 2%.

For Monday, here’s a simple summary of the trade setup for the Nifty 50 index:

Recent Movement: The Nifty 50 recently dropped but that drop turned out to be a false signal, leading to a strong rebound on Friday.

Next Targets: The analyst suggests that the Nifty might continue to rise towards 24,700, and then possibly reach 25,000 in the near future.

Immediate Support: If the index falls, the nearest level of support to watch is 24,350.

In other words, after a recent drop that wasn’t significant, the Nifty 50 is expected to move up further, with key levels to watch being 24,700 and 25,000. If there’s a decline, 24,350 is a critical level to keep an eye on for potential support.

Disclaimer: This information is for educational purposes only and not investment advice. Always consult with a financial advisor before making any investment decisions.

Best Day for Indian Stock Market: Sensex Gains 378 Points, Nifty 50 Up 126 Point