TODAY’S MARKET SNAPSHOT:
Nifty remained positive throughout the trading session on July 29. The nifty added 69.05 points and closed at 15778.45 while as the bank Nifty added 158.60 points and closed at 34691.50. The Sensex closed 209.36 points higher at 52653.07.
On the sectoral front, buying was seen in Metal, PSU Banks, Commodities, Realty and IT space, while as heavy selling pressure was seen in FMCG, Auto, Pharma and Consumption space.
On the broader market front, the nifty midcap 100 index closed 0.72% higher and the nifty small cap 100 index closed 0.91% higher in line with the benchmark indices.
The advance decline ration stood in the ratio of 1.5:1
Nifty respected 15700 on the expiry day, which is a big positive for markets. Tomorrow the market is expected to continue its positive momentum. Avoid longs till nifty doesn’t close above 15900. One can initiate fresh shorts once nifty closes below 15700. Overall market sentiment is favoring the bulls.
Technically bank nifty is looking very weak on daily charts. Every rise, if any, should be used as an opportunity to exit from the long positions. Bank nifty should also respect yesterday’s swing low, otherwise another 8-10% correction is highly possible. Avoid long positions till bank nifty doesn’t close above 35350.
TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)
ANALYSIS OF TODAY’S DERIVATIVE DATA for 5th August Expiry
As per today’s option chain data, strong resistance for nifty exists at 16000 level while as strong support exists at 15700 level. No significant writing visible today.
- Bank Nifty
As per today’s option chain data, Strong resistance for bank nifty exists at 35000 level while as strong support exists at 34500 level. No significant writing visible in today’s trade.
MAXIMUM PAIN OPTIONS FOR 5th August EXPIRY
Sectors to watch out for tomorrow
- Nifty Metal
- Nifty Energy
- Nifty Realty
Stocks to watch out for tomorrow:
- Thirumalai Chemicals
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