Nifty Fin Services Analysis for 06-08-2024: Support & Resistance

8月6日

The Banking sector was in constant pressure yesterday with Nifty Fin Service index opened with a gap down and further ended in red with a big decline of -2.58%, suggesting potential profit booking at these levels. This downturn mirrors the broader market sentiment, which is currently swayed by geopolitical instability and economic concerns from leading global economies.
Today, at the time of publishing this content US Futures are trading in green along side Nikkei trading +10% in green.
Nifty Fin Services Support & Resistance Levels for Today:
Support Levels:
The first support level is at 22,500 followed by a stronger support at 22,300.
Resistance Levels:
On the upside, the index has first its resistance at 22,800 and strong resistance at 23,00 for Intraday.
Technical Indicators for Fin Nifty Select Prediction:
Max Pain: 22,800
PCR (Put-Call Ratio): 0.77 Bearish
IV (Implied Volatility): 26.54 as of the closing on 05-08-2024.
Stay tuned for more updates on Fin Nifty 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.