The Indian equity market finally snapped its six-week losing run, with the benchmark Nifty50 gaining more than 1% for the week ending August 14. The rebound was aided by strong support zones and decisive price action that aligned with earlier projections.
Market Action Last Week
August 12 proved to be a turning point, as anticipated. The index touched its weekly high that day before slipping lower, marking it as a crucial session for positional traders. Technical levels once again played a key role:
- Support at 24,380 held strongly, with the weekly low forming at 24,348.
- The 24,650 zone acted as a key reference point through August 12–14, with prices repeatedly consolidating around it.
Precision of Time Clusters
Short-term traders also benefitted from intraday “time clusters” that highlighted potential reversals and swing points:
- Aug 11: The 9:20 AM low and 2:50 PM high matched almost exactly with projected levels.
- Aug 12: A swing low appeared near 11:00 AM, though the 1:30 PM projection didn’t trigger a major move.
- Aug 13: The 12:30 PM low was followed by a strong upside move until around 2:00 PM, aligning closely with forecasts.
- Aug 14: The 10:20 AM high was captured with precision.
These instances reinforced the relevance of timing-based strategies for intraday participants.
Key Levels for Traders
Going forward, market watchers will keep a close eye on the following decision zones:
- Supports: 24,538 / 24,480 / 24,443 / 24,380 / 24,331 / 24,142
- Resistances: 24,670 / 24,808 / 24,850 / 24,978 / 25,083 / 25,322
How the index behaves around these points will determine whether momentum sustains or reverses.
Important Time Clusters (Aug 18–22)
- Mon, Aug 18: 9:20 AM, 11:00 AM, 12:20 PM, 2:20 PM
- Tue, Aug 19: 9:30 AM, 1:45 PM, 2:30 PM
- Wed, Aug 20: 1:30 PM
- Thu, Aug 21: 10:45 AM, 11:30 AM, 2:30 PM
- Fri, Aug 22: 9:25 AM, 10:20 AM, 11:35 AM, 1:35 PM
Among these, August 21–22 stand out as crucial sessions, with potential for heightened volatility and even a trend reversal.
Outlook
With momentum returning after weeks of weakness, the coming sessions may see stronger directional moves. Traders are advised to track price action closely around the highlighted levels and time clusters to identify high-probability setups.