Nifty Prediction For Today, August 6, Nifty Prediction Today Support Resistance: Equity benchmark Sensex declined over 300 points, and the Nifty slipped below the 24,700 mark on Tuesday as investor sentiment turned cautious amid renewed tariff threats from U.S. President Donald Trump. His warning targeted India’s continued imports of Russian crude oil, raising concerns over escalating trade tensions. Also, persistent selling by Foreign Institutional Investors (FIIs) continued to weigh on the market, with foreign portfolio investors extending their selling streak to the 11th consecutive session as of Monday.Investors also adopted a wait-and-watch approach ahead of the Reserve Bank of India’s policy announcement on Wednesday, where the central bank is expected to maintain the current interest rates.The Sensex dropped 308 points, or 0.4 per cent, to close at 80,710, while the Nifty fell 73 points, or 0.4 per cent, to settle at 24,649. Sector-wise, banking, realty, pharma, and FMCG stocks witnessed selling pressure, whereas auto and defence stocks saw marginal gains.On the global front, U.S. markets rallied over 2 per cent overnight, while Asian and European markets posted gains of around 1 per cent each, supported by expectations of a U.S. Federal Reserve rate cut following weaker-than-expected job data.Nifty defence gained 2 per cent after the news that the IAF, Navy to place mega orders for BrahMos supersonic cruise missiles. Paras Defense, Sola Industries, GRSE and Mazagoan Dock gained between 1-2 per cent. Mtat Tech surged 10 per cent after announced impressive Q1 results.Nifty Prediction For Today: Motilal Oswal Technical Outlook On NiftyOn Tuesday, Nifty index opened on a flat note around the 24730 level but faced strong selling pressure in the first hour, dragging it down towards the 24600 zone. For the rest of the day, the index traded in a narrow range of 60 to 70 points, showing a clear lack of momentum. Bears tried multiple times to break below the 24600 level but bulls managed to defend it and pushed the index slightly higher.On the daily chart, Nifty formed multiple inside bars, which signals indecision and a lack of strong direction on either side. The index is currently hovering around its 100 day EMA and any close below this level may lead to further weakness. Now if it holds above 24600 zones, then bounce could be seen towards 24800 then 24900 zones else weakness can be seen towards 24550 and 24442 zones, it added.Nifty Prediction Today Support ResistanceChoice Broking on Nifty Technical OutlookOn the technical front, Choice Broking said that Nifty continues to show resilience. It took support near its 100 EMA and has now sustained above it for seven consecutive sessions, suggesting a potential bullish reversal is in play. Going ahead, immediate resistance is seen at 25,000 and 25,200 levels—zones where traders may consider partial profit booking. On the downside, 24,400–24,186 remains a critical support area, coinciding with the 200 EMA, providing a strong base for any dips.Bank Nifty Prediction TodayChoice Broking underlined that Bank Nifty remains relatively weak and continues to underperform the Nifty. It is still trading below its recent range breakout zone, indicating lack of momentum. If the index remains below 55,115, it may drift further toward 54,900, where the 100 EMA is placed. On the other hand, 56,000 will act as a crucial resistance level—a decisive close above this could spark fresh buying interest.(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
Nifty Prediction Today, August 6: Breakout, resistance, support level for investors, shareholders
