MARKET OUTLOOK FOR 11th August 2021

TODAY’S MARKET SNAPSHOT:

Nifty remained volatile during last hour of the trading session on August 10. The nifty added 21.85 points and closed flat at 16280.10 while as the bank Nifty added 5.15 points and closed flat at 36034.10. The Sensex closed 151.81 points higher at 54554.66.

On the sectoral front, buying was seen in IT, Service Sector and Fin Services while as selling pressure was seen in Metal, PSU Banks, Media, realty and Commodities.

On the broader market front, the nifty midcap 100 index closed 1.09% lower and the nifty small cap 100 index closed 2.30% lower under-performing with the benchmark indices.

The advance decline ration stood in the ratio of 1:5

Nifty formed a Doji pattern on daily charts today. Nifty is likely to enter in a consolidation phase for 2-3 sessions before any directional move. Investors are suggested to remain neutral on nifty and remain stock specific for next 2-3 sessions. Ideally, Nifty has to hold above 16250 zones to witness an up move towards 16400, then 16500 zones while on the downside support is seen at 16160 and 16000 levels. Technically, the nifty index has been trading in a range and hasn’t broken its previous day low and sustained above the same one, which indicates bullish strength in the counter.

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 next few sessions. Buy every dip. Technically, the bank nifty index has been trading in a very narrow range and hasn’t broken its previous day low and sustained above the same one, which indicates bullish strength in the counter.

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 16400 level while as strong support exists at 16200 level. The call writing was seen at 16400, 16450 and 16500 strike prices while as put writing was visible in today’s trade at 16200, 16100 and 16000 strike prices.

2. Bank Nifty

As per today’s option chain data, Strong resistance for bank nifty exists at 36500 level while as strong support exists at 35500 level. significant call writing seen in today’s trade was seen at 36500 while no significant put writing seen in today’s trade.

MAXIMUM PAIN OPTIONS FOR August 12 EXPIRY

Sectors to watch out for tomorrow

1. Nifty Metal
2. Nifty Pharma
3. Nifty Realty

Stocks to watch out for tomorrow:

1. TechM
2. VSSL
3. Grasim

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