Stock market today: The Nifty 50 index climbed back above the 25,000 level on Monday, August 18, for the first time since July 25, as a series of positive developments over the weekend helped counter concerns about a possible 25 per cent tariff on Indian imports by the Trump administration.
Meanwhile, BSE index Sensex also soared nearly 1,100 points, rallying to 81,678.77 in Monday’s trading session.
Market experts said that Prime Minister Narendra Modi’s statement on potential cuts in goods and services tax (GST) has boosted sentiment, especially in consumption-driven sectors. Analysts believe that automobiles, financials, consumer durables, and domestic-oriented industries connected to infrastructure spending stand to gain the most.
“The Prime Minister recent announcement of potential GST reforms is a significant positive. These measures are expected to reduce the cost of essential goods, which should boost consumer spending and corporate profitability. This will likely improve market sentiment and attract fresh investment,” said Sugandha Sachdeva, Founder of SS WealthStreet.
Key technical levels to watch out this week –
Nifty 50
Indian equity indices wrapped up the week on a subdued note, pressured by continued selling in key sectors and dampened global cues. The Nifty 50 managed a marginal rise of 11.95 points to close at 24,631.30, while the Sensex added 57.75 points to finish at 80,597.66.
According to Choice Broking, Nifty is currently hovering near its short-term support of 24,590 (20-day EMA).
“The broader setup remains cautiously bearish to sideways, with the Nifty trapped between key averages. A breakout above 24,800 could trigger momentum buying towards 25,000+, while a break below 24,300 may invite fresh selling pressure, dragging the index towards 24,000–23,800. Traders should remain tactical with a buy-on-dips and sell-on-rise approach, keeping a close eye on the EMA cluster for directional cues,” the firm said.
Support Levels:- 24200-24000
Resistance Levels :- 24700-24800
Overall Bias :- Sideways To Bullish
Bank Nifty
The Bank Nifty index ended the week at 55,341.85, up 0.61% compared to the previous week’s close. The weekly chart reflects buying support at lower levels, with the index successfully sustaining above the key 55,000 level.
“The Bank Nifty index formed a bullish-bodied candle with a slight upper wick, accompanied by consistent trading volumes. This price action reflects the possibility of a sideways or consolidation phase in the near term. As long as the index holds above the 54,800 marks, a ‘buy on dips’; strategy remains advisable, with upside targets placed at 55,800 and 56,000. The Bank Nifty index is likely to face significant resistance in the 55,500–56,000 range. If the index continues to move higher, ICICI Bank & HDFC Bank from the private banking sector is expected to support the uptrend. Similarly, in the public sector banking space, SBIN is anticipated to show strength and contribute to any potential upside,” the brokerage firm added.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
