Trading guide, Aug 28: Here are key Nifty levels to watch; two ETFs to buy

If Nifty falls below 24,673, it could be dragged down to the next support level near 24,340. On the upside, 24,900 is expected to offer short-term resistance, said Vinay Rajani of HDFC Securities

Nifty View

After a gap-down opening of 68 points, in the first half-hour of trading, Nifty breached the crucial 20 and 50-day DEMA supports. A mid-session recovery attempt failed, and the Nifty resumed its downward journey, closing near the day's low. Nifty ended the session with a total loss of 255 points or 1.02 per cent, to close at 24,712. The Nifty is now close to filling the entire upward gap that was formed between 24,673 and 24,852. If it falls below 24,673, it could be dragged down to the next support level near 24,340. On the upside, 24,900 is expected to offer short-term resistance.

Top ETFs to BUY

Buy Nippon India Silver ETF (SILVERBEES) CMP: ₹111.9 | Target: ₹117| Stop-loss: ₹108

US Silver as a commodity has broken out from symmetrical triangle on the daily chart. Primary trend of the underlying has been bullish with very good momentum. To utilise the bullish view on silver, traders can consider buying Nippon India Silver ETF.

Buy Nippon India ETF Hang Seng Bees, CMP: ₹460.95 | Target: ₹485 | Stop-loss: ₹445

Hang Seng Equity index has recently broken out from bullish cup and handle pattern on the daily chart. Hang Seng equity index has been one of the best performing equity index within the global equity markets in the current calendar year. To utilise the bullish view on this index, traders can consider buying Nippon India Hang Seng Bees ETF.

 

(Disclaimer: Vinay Rajani is a senior technical and derivative analyst at HDFC Securities. Views expressed are his own.)