Stock Market Update for 16/08/2023
Monday Nifty had huge volatility it started with a gap down and had huge fall after 15 minutes it recovered and ended almost flat. Nifty still has strong support level near 19300 and has resistance level at 19500 once it breaks any one of the directions it will move huge. Monday Foreign Institutions had sold above 2300cr, and our Domestic Institutions had bought above 1400cr. If FIIs continues to sell our market will have reversal it will turn bearish. Yesterday Majority of the Global Markets are ended in red in US markets all indices are ended in red. Today Majority of the Asian Markets are in red SGX Nifty and Nifty Futures indicating gap down opening. Nifty may break support level at the bottom due to FIIs selling. Let's wait and watch what will happen.
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