MARKET OUTLOOK FOR 9th July 2021

TODAY’S MARKET SNAPSHOT:

	NIFTY	BANKNIFTY
OPEN	15855.40	35603.25
HIGH	15885.75	35811
LOW	15682.90	35134
CLOSE	15727.90	35274.10
PREVIOUS CLOSE	15879.65	35771.30
SUPPORT	15660	34900
RESISTANCE	15920	35815
VIEW	Sell on Rise	Positive

The nifty 50 remained in the bear grip for major portion of the trading session on July 8 and formed a bearish candle on daily charts. The nifty fell 151 points and closed lower at 15727.90 while the bank Nifty shaved off 497 points and closed lower at 35274.10. The Sensex closed 485 points lower at 52568.94.

On the sectoral front, marginal buying was seen in IT sector, while selling pressure was visible in all other sectors ranging from 0.49% to 2.19%.

On the broader market front, the nifty midcap 100 index closed lower by 0.42 percent and the nifty small cap 100 index closed flat.

The advance decline ration stood in the ratio of 1:2

Nifty 50 is facing stiff resistance in the zone of 15880-15920. Today market fell with heavy volumes. Tomorrow if nifty breaches 15680 level, aggressively short nifty futures for a target of 15450. On the upside, strength shall not be expected unless nifty closes above 15900. Avoid long positions and respect the levels.

The bank nifty is finding it difficult to hold 35800 level and is witnessing sustained selling near that level. Bank nifty has to hold above 35250 tomorrow to move towards 35800 level while as on the downside if bank nifty breaches 35000 tomorrow, then we may witness 34700 again. Initiate long positions above 35500 and short positions below 35000.

FII & DII Data

Foreign institutional investors (FIIs) net sold shares worth Rs 554.92 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 949.18 crore in the Indian Equity Market on July 8 as per provisional data available on the NSE.

TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)

SYMBOL	LTP	%CHNG	VOLUME
TECHM	1,060.40	1.39	21,71,947
SBILIFE	1,023.45	0.89	8,68,890
EICHERMOT	2,732.00	0.78	5,09,968
BAJAJ-AUTO	4,073.00	0.61	6,25,491
HCLTECH	976.40	0.11	25,55,624
TATAMOTORS	306.15	-3.45	8,73,60,324
JSWSTEEL	668.80	-3.13	70,99,529
HINDALCO	382.85	-2.74	1,23,33,337
TATASTEEL	1,190.00	-2.35	1,24,10,585
ONGC	117.10	-2.34	1,71,51,883

ANALYSIS OF TODAY’S DERIVATIVE DATA for 15^th July Expiry

1. NIFTY

As per today’s option chain data, strong resistance for nifty exists at 15800 level while as strong support exists at 15500 level. Call writing visible at 15800, 15900 and 16000 strike prices while as no significant put writing visible which means that market has entered into bearish territory.

• Bank Nifty

As per today’s option chain data, Strong resistance for bank nifty exists at 35500 level while as strong support exists at 35000 level. No major writing visible on both call and put side today.

MAXIMUM PAIN OPTIONS FOR 15^th JULY EXPIRY

NIFTY	15800
BANK NIFTY	35500

Sectors to watch out for tomorrow

1. Nifty IT
2. Nifty Metal
3. Nifty PSU Bank

Stocks to watch out for tomorrow:

1. TCS
2. Welspun Corp
3. Bharat Forge                                                                                                               

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For exact entry and exit levels, you can mail me at investor0007@hotmail.com