Nifty futures have been trading 22.50 points or .14 per cent down at 16,604 on Singaporean Exchange, indicating a gap-down get started for BSE Sensex and Nifty 50 on F&O expiry day. Analysts count on volatility in stock markets today on the back of month-to-month expiry of August contracts. Technical charts recommend that post the robust pullback rally, the index has formed a double prime type of reversal formation close to the 16700 resistance level, which is broadly damaging for the marketplace. “However, the larger texture of the market is still bullish, but for day traders the 16700 level would act as a major hurdle. Above the same, the uptrend could continue up to 16750-16790 levels. On the flip side, a strong possibility of quick intraday correction up to 16580-16550 levels is not ruled out if the Nifty succeeds to trade below 16620,” Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities, stated.
Stock to watch
Bharti Airtel: Bharti Airtel on Wednesday stated its board will meet on August 29 to think about numerous fundraising solutions. The corporation stated in a regulatory filing that the numerous solutions to be regarded by the board will be by means of equity or equity-linked or debt instruments or any mixture thereof. However, the corporation did not disclose the quantum of fundraise below consideration.
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