Nifty50 Falls 0.83%; Angel One Picks Aequs, Asahi India, Dynamatic
By Market Desk
Nifty50 closes down 0.83% at 24366 amid selling pressure. Angel One recommends Aequs, Asahi India Glass, and Dynamatic Technologies with key technical levels.
The Nifty50 index concluded a corrective week down 0.83 percent, closing at 24366 amidst persistent selling pressure in Indian equity markets. This moderate decline reflected cautious sentiment, with analysts advising against aggressive positioning.
Nifty50: Key Levels and Performance
- Weekly Close: 24366
- Weekly Change: Down 0.83 percent
- Technical Retracement: 38.20 percent of recent rally
- Bearish Shift Below: 24265
- Bullish Reversal Above: 24500
- Potential Target (Bullish): 24730 (200-day Simple Moving Average)
Market hesitation became evident following a ‘Doji’ formation, leading to a sustained sell-off and a skeptical undertone. The benchmark index currently hovers around its 20-day Exponential Moving Average (DEMA), signaling indecisiveness among participants. This technical retracement aligns with a sloping trendline’s breakout neckline.
Angel One advises investors to avoid aggressive market positioning until trends become clearer. The firm emphasizes disciplined risk management and vigilant monitoring of domestic and global developments. These factors could significantly influence the intermediate market trend.
Angel One’s Stock Recommendations for August 17
Osho Krishan of Angel One has recommended three specific stocks for August 17, citing distinct technical strengths for each. Aequs (AEQUS) is noted for its secular uptrend, trading robustly above its 20-day EMA.
- Buy around: ₹240
- Target: ₹285-290
- Stop Loss: ₹215
Asahi India Glass (ASAHIINDIA) exhibits strong momentum, surging above its 200-day Simple Moving Average (DSMA) and forming a potential bullish reversal continuation pattern. A positive crossover in the 14-day RSI, coupled with supportive volumes, indicates strengthening bullish momentum.
- Buy around: ₹930
- Target: ₹1020-1050
- Stop Loss: ₹869
Dynamatic Technologies (DYNAMATECH) has experienced notable buying traction, rebounding above its 20, 50, and 100 EMAs supported by strong volumes. The stock has also soared past a sloping trendline, suggesting a revival from its consolidation phase.
- Buy around: ₹11100-11000
- Target: ₹12000-12200
- Stop Loss: ₹10300
The market remains at a critical juncture, with Nifty50’s future direction contingent on breaching key resistance or support levels. Investors are urged to maintain caution and align their strategies with clear technical signals and expert recommendations.