Before The Market Opens Today, Here Are Key Points To Consider For Potential Trades.
The Nifty 50 index might test immediate resistance levels at 24,200-24,300. Conversely, if the index drops below 24,100, watch for support at 24,000, according to experts. The market was closed on August 15 for Independence Day.
**Key Levels for the Nifty 50:**
- **Resistance**: 24,184, 24,207, and 24,243 (based on pivot points)
- **Support**: 24,110, 24,087, and 24,050 (based on pivot points)
**Company Updates:**
- Vista Pharma reported standalone net sales of Rs 1.80 crore for June 2024, a decrease of 9.39% year-over-year.
- Athena Global’s standalone net sales for June 2024 were Rs 2.76 crore, down 0.79% year-over-year.
- Dynacons Sys posted standalone net sales of Rs 320.97 crore for June 2024, an increase of 8.59% year-over-year.
**Market Analysis:**
The Nifty 50 has formed a small bearish candlestick pattern on daily charts, indicating a trend of lower highs and lower lows. This bearish pattern with an upper shadow is also evident on the weekly timeframe. The RSI (Relative Strength Index) shows a negative trend but remains above the 10-week EMA (Exponential Moving Average).
