Business
Nifty has closed near the monthly pivot resistances of 11600 levels, one should wait for some decline of 100-150 points for fresh longs
Updated : Aug 24, 2018, 06:10 AM IST
Nifty ends flat to positive, and with a breakdown below previous high of 11495 levels, the market would witness profit booking in index pivotal.
Larsen & Toubro, Ajanta Pharma and oil marketing companies.
We continue to remain positive on Pharma & IT. Banks could witness profit booking due to multiple tops at 28350 levels.
Nifty has closed near the monthly pivot resistances of 11600 levels, one should wait for some decline of 100-150 points for fresh longs.
Nifty scaled a new all-time high at 11620 levels and witnessed profit booking from the high-end of the monthly resistance range. Bank Nifty led the fall to decline by 0.8%, while Metals and Media ended negatively by 1.2%. On the other hand, the Pharma sector gained by 1.2%.
Vikas Jain, senior technical analyst, Reliance Securities