Trade Setup for August 9: Can bulls prevent the nifty from posting it’s worst week of 2024?
The Nifty once again struggled at the 24,350 level, reversing from that level after a hawkish RBI policy where Governor Shaktikanta Das left interest rates and stance unchanged but cautioned about food inflation. Besides the policy commentary the Nifty weekly expiry also increased the market volatility on Thursday. At one point, the India VIX rose by more than 6% during the session, but it cooled off somewhat towards the end. The Nifty was able to respect levels at both ends. It struggled to cross 24,350 on the upside.
Even though the market closed with a decline yesterday, the indices started to surge as soon as the market opened this morning. Both the Sensex and Nifty also opened with a 1% gap up. Bank Nifty also opened with 455 – 455-point gap. Starting trading at 59,612 points gap up. The IT index ( Stock Market Opening) jumped by 2% this morning. Today Ola Electric IPO was listed, and investors had high hopes for it. It’s GMP ( Grey Market Premium) fell below zero today, but the stock market still shows activity.
Today on August 9, Friday at the end of the trading week, the Sensex opened 1,098 points higher at the 79,984 level and the Nifty 50 started trading 1.12% higher from the 24,405 level. The market capitalization of the Bombay stock exchange increased from yesterday’s ₹445.77 lakh crore to ₹450.23 lakh crore today. As a result, investors’ wealth increased by 4.43 lakh crore today.
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