MARKET OUTLOOK FOR 10th August 2021

TODAY’S MARKET SNAPSHOT:

Nifty remained volatile throughout the trading session on August 9. The nifty added 20.05 points and closed at 16258.25, while the bank Nifty added 219.70 points and closed at 36028.95. The Sensex closed 125.13 points higher at 54402.85.

On the sectoral front, buying was seen in Media, Pvt Banks and IT while selling pressure was seen in Metal, PSU Banks and Commodities.

On the broader market front, the nifty midcap 100 index closed 0.73% lower, and the nifty small cap 100 indexes closed 0.91% lower, under-performing with the benchmark indices.

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

Nifty is continuously witnessing buying in the 16150-16200 level range, which is a positive sign. Nifty is likely to enter a consolidation phase for 2-3 sessions before any directional move. Investors are suggested to remain neutral on nifty and remain stock-specific for the next 2-3 sessions.

Bank nifty is showing positive momentum on daily charts. Another scope of 1200-1500 points is still left with the bank nifty. Investors are suggested to initiate long positions on bank nifty for a target of 37000 in the next few sessions. Buy every dip.

TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)

ANALYSIS OF TODAY’S DERIVATIVE DATA for August 12 Expiry

1. NIFTY

As per today’s option chain data, strong resistance for nifty exists at 16300 levels, while strong support exists at 16000 levels. The call writing was seen at 16300, 16400, and 16500 strike prices, while put writing was visible in today’s trade at 16100, 16000, and 15900 strike prices.

2. Bank Nifty

As per today’s option chain data, Strong resistance for bank nifty exists at 36500 levels while strong support exists at 35500 levels. No significant call writing is seen in today’s trade, while Put writing was seen at 36000 and 35800 strike prices.

MAXIMUM PAIN OPTIONS FOR August 12 EXPIRY

Sectors to watch out for tomorrow

1. Nifty Metal
2. Nifty FMCG
3. Nifty Auto

Stocks to watch out for tomorrow:

1. Sail
2. SBI
3. Titan

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