TODAY’S MARKET SNAPSHOT:
|VIEW||Sell on Rising||Positive|
The volatility continued on the nifty index for the trading session on August 11. The nifty added 2.15 points and closed flat at 16282.25, while the bank Nifty lost 227.70 points and closed lower at 35806.40. The Sensex closed 28.73 points lower at 54525.93.
On the sectoral front, buying was seen in Metal, PSE, Energy, Oil & Gas and Commodities Space while selling pressure was seen in Pharma, Health Care, banks, and Media space.
On the broader market front, the nifty midcap 100 index closed 0.12% lower, and the nifty small cap 100 indexes closed 0.69% lower, under-performing with the benchmark indices.
The advance-decline ratio stood in the ratio of 1:2
As already predicted, nifty took support around the suggested level at 16160. The consolidation phase in nifty is likely to continue 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. 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, indicating bullish strength in the counter.
Today was the day of consolidation on bank nifty. Bank nifty is continuously 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. 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
As per today’s option chain data, strong resistance for nifty exists at the 16400 levels while strong support exists at the the 16200 levels. No major writing was seen in both calls and put side due to weekly expiry tomorrow.
- Bank Nifty
As per today’s option chain data, Strong resistance for bank nifty exists at 36000 levels while strong support exists at 35500 levels. Significant call writing seen in today’s trade was seen at 36000 while major put writing seen in today’s trade at 35500.
MAXIMUM PAIN OPTIONS FOR August 12 EXPIRY
Sectors to watch out for tomorrow
- Nifty Metal
- Nifty Pharma
- Nifty Realty
Stocks to watch out for tomorrow:
- Bharti Airtel
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