MARKET OUTLOOK FOR 3rd August 2021

TODAY’S MARKET SNAPSHOT:

Nifty maintained positive momentum throughout the trading session on August 2. The nifty added 122.10 points and closed at 15885.15 while as the bank Nifty added 125.65 points and closed at 34710. The Sensex closed 363.79 points higher at 52950.63.

On the sectoral front, buying was seen in all sectors particularly Realty, energy, Infra and auto space.

On the broader market front, the nifty midcap 100 index closed 1.56% higher and the nifty small cap 100 index closed 0.91% in line with the benchmark indices.

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

Nifty closed near the upward end of the range today. The nifty has to close above 15900 tomorrow for any sustainable up move. In case, nifty fails to cross 15900 in first one hour of trade, then it is likely to move towards the lower end of the range once again. For any sustainable action, the nifty needs to break out of this range and hence traders have no option but to remain neutral.

Bank nifty is currently looking very bearish on daily, weekly and monthly charts. The bank nifty has to hold above 34800 levels to move up towards 35000 and 35300 while on the downside, support is seen at 34350 and 34000. Avoid fresh longs on bank nifty.

FII & DII Data

Foreign institutional investors (FIIs) net sold shares worth Rs 1539.88 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 1505.82 crore in the Indian Equity Market on August 2 as per provisional data available on the NSE.

TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)

ANALYSIS OF TODAY’S DERIVATIVE DATA for August 5 Expiry

1. NIFTY

As per today’s option chain data, strong resistance for nifty exists at 16000 level while as strong support exists at 15800 level. The call writing was seen at 16000, 16100 and 16200 strike prices while as put writing was visible in today’s trade at 15900 and 15800 strike prices.

2. 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. The call writing was seen at 34800, 34900 and 35000 strike prices while as put writing was seen at 34700 and 34500 strike prices.

MAXIMUM PAIN OPTIONS FOR August 5 EXPIRY

Sectors to watch out for tomorrow

1. Nifty Realty
2. Nifty Auto
3. Nifty Energy

Stocks to watch out for tomorrow:

1. Omaxe
2. ONGC
3. Container Corp

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