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💫 Market Metrics: Weekly Roundup
⭐ Sensex: 81,086.21 ⬆️
⭐ Nifty 50: 24,823.15 ⬆️
⭐ Nifty Bank: 50,933.45 ⬆️
⭐ Nifty Smallcap 100: 19,079.25 ⬆️
⭐ Nifty Midcap 100: 58,555.30 ⬆️
✨ Market Performance Key Takeaways For The Week
🌟 A favourable global sentiment and broader participation marked the second consecutive week of recovery with Nifty settling at 24820, marking a gain of 1% for the week and a modest comeback of bulls.
🌟 With a strong foundation and bolstered market sentiment, Nifty may conquer another bearish gap around 24850-24950 but it would be a challenging task.
🌟 Market participants should stay vigilant, as market is likely to perform well if there are no aberrations from the global side. There is a possibility that benchmarks would be propelled into uncharted territory in case of contributions from the banking sector.
🌟 BANKNIFTY gained good ground and shrugged off sluggishness as momentum was gained midweek. A wait-and-watch is advised as 50700-50800 serves as an immediate support zone while initial resistance is likely at 51100-51200, and further resistance at 51750-51850
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✨ News Highlights For The Week
🌟 French sporting goods firm Decathlon plans to invest Rs 933 crore in India over the next five years. The firm, which posted a revenue of around Rs 4,000 crore in the country in FY24, added that it plans to double this figure in that period.
🌟 Air India was fined Rs 99 lakh for operating a flight last month with unqualified pilots. The fine was imposed by the Directorate General of Civil Aviation, which described the incident as having “significant safety ramifications”.
🌟 India may retract its decision to demand a payment of $4 billion from Infosys in back taxes after weeks of lobbying by the IT giant and an onslaught of criticism from the software services industry.
🌟 Adani Power has $800 million in unpaid dues from Bangladesh, where a students-led protest movement recently ousted Sheikh Hassina’s government
🌟 Indian snacks manufacturer Bikaji has acquired 55 percent stakes in Ujjain-based Ariba Foods
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Sources: Angel One Research |FE | BS | BS | ET | ET
Date: August 23, 2024
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XAUUSD, 1-hour timeframe chart
XAUUSD retested the resistance level of 2,500.00
👉General outlook
XAUUSD has been under buying pressure within the last couple of hours. The pair moved up to the resistance level of 2,500.00.
👉Possible scenario
The best way to use this opportunity is to place a Sell order at 2,498.00.
Set your stop loss at 2,511.00 above the previous high ($13.00 loss for 0.01 lot) and take profit at 2,485.00 ($13.00 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.
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The Fractal Indicator is a key tool in technical analysis for identifying potential market reversals. By highlighting recurring patterns across various time frames, it helps traders spot critical price levels where the market might change direction. With this insight, traders can better plan their entry and exit points, leading to more informed trading decisions.
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