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    • MARKET OUTLOOK FOR 18th August 2021

    MARKET OUTLOOK FOR 18th August 2021

    • Posted by admin
    • Categories Market Insights
    • Date August 17, 2021
    • Comments 0 comment

    TODAY’S MARKET SNAPSHOT:

    NIFTY

    BANKNIFTY

    OPEN

    16545.25

    35935.05

    HIGH

    16628.55

    35993.70

    LOW

    16495.40

    35611.85

    CLOSE

    16614.60

    35867.45

    PREVIOUS CLOSE

    16563.05

    36094.50

    SUPPORT

    16450

    35800

    RESISTANCE

    16640

    36300

    VIEW

    NEGATIVE

    NEGATIVE

    The nifty index remained HIGHLY VOLATILE throughout the trading session on August 17. The nifty added 51.55 points and closed higher at 16614.60, while the bank Nifty lost 227.05 points and closed lower at 35867.45. The Sensex closed 209.69 points higher at 55792.27.

    On the sectoral front, buying was seen in IT, Healthcare, FMCG, and consumption, while selling was seen in Metal, PSU Banks, Commodities.

    On the broader market front, the nifty midcap 100 index closed 0.33% higher, and the nifty small cap 100 indexes closed 0.25% lower.

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

    The analysis would remain the same. Nifty is continuously making higher highs from the last seven sessions. Today nifty outperformed with 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 the index has not reacted to the negative global cues today, a big correction will likely happen tomorrow. Be Neutral on the market.

    TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)

    Symbol

    LTP

    %Chng

    Volume

    TATACONSUM 832.90 3.83 75,80,699
    WIPRO 634.25 3.29 1,18,22,772
    TECHM 1,410.95 3.15 80,42,970
    HINDUNILVR 2,484.90 2.41 19,21,902
    NESTLEIND 18,726.00 2.35 75,201

    Symbol

    LTP

    %Chng

    Volume

    JSWSTEEL 743.25 -2.42 64,82,187
    ADANIPORTS 690.95 -2.26 72,62,774
    TATAMOTORS 296.95 -2.22 2,55,39,214
    COALINDIA 139.30 -1.90 1,37,14,266
    UPL 760.40 -1.60 28,95,739

    ANALYSIS OF TODAY’S DERIVATIVE DATA for August Expiry

    1. NIFTY

    As per today’s option chain data, strong resistance for nifty exists at the 16800 levels, while strong support exists at the 16200 levels. No major writing was seen in both calls and put side due to the weekly expiry today.

    1. Bank Nifty

    As per today’s option chain data, Strong resistance for bank nifty exists at the 36200 levels while strong support exists at 35500 levels. Significant call writing seen in today’s trade was seen 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. Wipro

    2. Infosys

    3. Apollo Hospital

    “Follow our telegram channel “Wealth Creator.”

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

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    MARKET OUTLOOK FOR 17th August 2021
    August 17, 2021

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    MARKET OUTLOOK FOR 20th August 2021
    August 19, 2021

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