Nifty Mid Cap Select Analysis for 03-08-2024: S&R Levels

Trade with Caution
Amid escalating tensions in the Middle East and mounting uncertainty in the US economy, the Indian stock market retreated from its all-time high on Friday. The ripple effects of a broader selloff in global markets significantly impacted the Indian stock market, with midcap stocks bearing the brunt of the decline. The Nifty Mid Cap Select index experienced a notable drop of -1.80%, indicating a possible pause in the recent upward trend and prompting investors to engage in profit booking at current levels. This downturn reflects a broader market sentiment influenced by geopolitical instability and economic concerns from major global economies.
Nifty Mid Cap Select Support & Resistance Levels for Tomorrow:
Support Levels:
The first support level is at 12,490 followed by a stronger support between 12,350 to 12,300.
Resistance Levels:
On the upside, the index is already trading above its resistance between 12,650 to 12,700 and strong resistance at 12,800 for Intraday.
Technical Indicators for Nifty Mid Cap Select Prediction:
Max Pain: 12,700
PCR (Put-Call Ratio): 0.52 Bearish
IV (Implied Volatility): 15.57 as of the closing on 02-08-2024.
Stay tuned for more updates on Nifty Mid Cap prediction to navigate the volatile market conditions effectively.
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