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    • MARKET OUTLOOK FOR 20th August 2021

    MARKET OUTLOOK FOR 20th August 2021

    • Posted by admin
    • Categories Market Insights
    • Date August 19, 2021
    • Comments 0 comment

    TODAY’S MARKET SNAPSHOT:

      NIFTY BANKNIFTY
    OPEN 16691.95 36222.50
    HIGH 16701.85 36248.90
    LOW 16535.85 35432
    CLOSE 16568.85 35554.50
    PREVIOUS CLOSE 16614.60 35867.45
    SUPPORT 16480 35000
    RESISTANCE 16700 36000
    VIEW Negative Negative

     

    After hitting fresh record highs in the first hour of the August 18 session, the benchmark indices saw profit booking in the latter part of the day amid heavy selling in banking and metal stocks. The nifty formed a dark cloud cover pattern on the daily chart, which is a bearish sign. Nifty has good support around 16480, if broken, more profit booking may take Nifty towards 16300. Traders should avoid building long positions and should adopt Sell on rise Strategy.

    Bank nifty is looking very bearish. It has hold above 35500 in next session, otherwise it is likely to hit 35000 in next 1-2 sessions. Avoid bank stocks for the time being.

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

    FII & DII Data

    Foreign institutional investors (FIIs) net sold shares worth Rs 595.32 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 729.49 crore in the Indian Equity Market on August 18 as per provisional data available on the NSE.

    TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)

    SYMBOL LTP %CHNG VOLUME
    EICHERMOT 2,582.65 2.66 19,01,521
    ULTRACEMCO 7,590.00 2.44 7,24,989
    BAJFINANCE 6,544.00 2.09 21,53,730
    ADANIPORTS 704.50 1.71 73,54,758
    GRASIM 1,505.00 1.62 8,88,339
    SYMBOL LTP %CHNG VOLUME
    KOTAKBANK 1,747.00 -2.31 27,63,653
    HINDALCO 426.55 -2.30 1,21,69,397
    ICICIBANK 686.90 -2.04 1,10,69,373
    SBILIFE 1,114.00 -1.83 34,28,721
    TATAMOTORS 293.15 -1.53 1,80,04,320

     

    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 16200 level. The call writing was seen at 16800, 16700 and 16800 strike prices while as no put writing seen, which in other words mean that market is preparing itself for a heavy correction.

    1. Bank Nifty

    As per today’s option chain data, Strong resistance for bank nifty exists at 36000 level while as strong support exists at 35000 level. The call writing was seen at 35700, 35800 and 36000 strike prices while as marginal put writing was seen at 35500 and 35000 strike prices, which signifies that if 35500 is broken then there will be further correction of 500 points.

    MAXIMUM PAIN OPTIONS FOR August EXPIRY

    NIFTY 16600
    BANK NIFTY 37000

     

    Sectors to watch out for tomorrow

    1. Nifty Bank
    2. Nifty IT
    3. Nifty Auto

    Stocks to watch out for tomorrow:

    1. Axis Bank- Sell between 755-760 level for a target of 740. Stoploss 765
    2. Jindal Steel- Sell between 408-411 for a target of 395 stoploss 415
    3. Ashok Leyland-Sell between 124-126 for a target of 122 stoploss 127.50

    All rates mentioned above are spot rates.

    “Follow our telegram channel “Wealth Creator”.

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

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    August 19, 2021

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    August 22, 2021

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