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    • MARKET OUTLOOK FOR 17th August 2021

    MARKET OUTLOOK FOR 17th August 2021

    • Posted by admin
    • Categories Market Insights
    • Date August 16, 2021
    • Comments 0 comment

    TODAY’S MARKET SNAPSHOT:

    NIFTY

    BANKNIFTY

    OPEN

    16518.40

    36100.65

    HIGH

    16589.40

    36261.55

    LOW

    16480.75

    36032.40

    CLOSE

    16563.05

    36094.50

    PREVIOUS CLOSE

    16529.10

    36169.35

    SUPPORT

    16450

    35800

    RESISTANCE

    16600

    36300

    VIEW

    NEGATIVE

    NEGATIVE

    Nifty index remained HIGHLY VOLATILE throughout the trading session on August 16. The nifty added 33.95 points and closed higher at 16563.05 while as the bank Nifty lost 74.85 points and closed lower at 36094.50. The Sensex closed 145.29 points higher at 55582.58.

    On the sectoral front, buying was seen in metal, oilGas, commodities and energy while selling was seen in Media, PSU Banks, Auto, Pharma and Realty Space.

    On the broader market front, the nifty midcap 100 index closed 0.34% lower and the nifty small cap 100 index closed 0.78% lower under-performing with the benchmark indices.

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

    Nifty is continuously making higher highs from last six sessions. Today nifty outperformed with the global peers. Nifty is looking quite expensive at these levels. I think one should initiate short positions from here on. A big correction of 200-300 points looks eminent here. Avoid long and exit from all long positions.

    Bank nifty is looking very negative from these levels. One should book profits at these levels. A correction of 1000-1500 points looks very likely. Avoid long positions and initiate fresh shorts.

    Both nifty and bank nifty are looking overbought on daily charts. Since index has not reacted to the negative global cues today, hence big correction is likely to happen tomorrow.

    TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)

    Symbol

    LTP

    %Chng

    Volume

    TATASTEEL 1,515.30 3.67 2,71,14,488
    BAJFINANCE 6,363.05 3.35 14,23,335
    M&M 799.25 2.65 71,31,928
    BRITANNIA 3,668.00 2.47 3,48,972
    IOC 107.05 2.29 2,18,79,419

    Symbol

    LTP

    %Chng

    Volume

    MARUTI 6,820.35 -2.60 7,50,966
    SHREECEM 26,000.00 -2.26 74,959
    EICHERMOT 2,490.00 -2.23 10,22,752
    POWERGRID 181.05 -2.00 1,59,81,492
    BAJAJ-AUTO 3,750.00 -1.98 2,94,567

    ANALYSIS OF TODAY’S DERIVATIVE DATA for August Expiry

    1. NIFTY

    As per today’s option chain data, strong resistance for nifty exists at 16600 level while as strong support exists at 16500 level. No major writing was seen in both call and put side due to weekly expiry today.

    1. Bank Nifty

    As per today’s option chain data, Strong resistance for bank nifty exists at 36200 level while as strong support exists at 35500 level. Significant call writing seen in today’s trade was at 36500 while major put writing seen in today’s trade at 35500.

    MAXIMUM PAIN OPTIONS FOR August EXPIRY

    NIFTY

    16500

    BANK NIFTY

    36500

    Sectors to watch out for tomorrow

    1. Nifty IT

    2. Nifty Bank

    3. Nifty Metal

    Stocks to watch out for tomorrow:

    1. Fortis Health

    2. VIP

    3. Vakrange

    “Follow our telegram channel “Wealth Creator”.

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

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    Previous post

    MARKET OUTLOOK FOR 16th August 2021
    August 16, 2021

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    MARKET OUTLOOK FOR 18th August 2021
    August 17, 2021

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