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    • MARKET OUTLOOK FOR 23rd August 2021

    MARKET OUTLOOK FOR 23rd August 2021

    • Posted by admin
    • Categories Market Insights
    • Date August 22, 2021
    • Comments 0 comment

    TODAY’S MARKET SNAPSHOT:

      NIFTY BANKNIFTY
    OPEN 16382.50 35146.50
    HIGH 16509.55 35306.50
    LOW 16376.05 34926.50
    CLOSE 16450.50 35033.85
    PREVIOUS CLOSE 16568.85 35554.50
    SUPPORT 16340 34800
    RESISTANCE 16530 35300
    VIEW NEGATIVE NEGATIVE

     

    Nifty closed mildly negative for the week ended August 20 and formed a shooting star candlestick pattern which is a bearish sign. Nifty outperformed all the major indices globally in the week gone by but shooting star pattern on weekly charts hints at a mild retracement towards the short term averages. There could be a dip towards 16150. Traders are advised to remain short on nifty. If Nifty breaks 16150 on closing basis, then it is likely to open doors for 15800 levels. Be stock specific. As it is an expiry week, hence volatility will be high on both sides.

    Bank nifty is looking very negative from these levels. One should book profits at these levels. If bank nifty breaks 34800 on closing basis, then it is most likely to hit 34200 in next few sessions. Avoid bank nifty as heavy correction is likely to continue in the ensuing week.

    The advance decline ration stood in the ratio of 1:7

    TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)

    Symbol LTP %Chng Volume  
    HINDUNILVR 2,606.90 4.86 57,79,927  
    BRITANNIA 3,874.95 4.14 15,67,252  
    ASIANPAINT 3,108.00 3.55 39,31,334  
    NESTLEIND 19,500.00 3.11 1,43,107  
    BAJFINANCE 6,637.00 1.42 21,64,732  
    Symbol LTP %Chng Volume
    TATASTEEL 1,367.70 -8.85 2,73,40,069
    JSWSTEEL 684.45 -7.19 1,31,26,219
    HINDALCO 402.00 -5.84 2,33,09,477
    UPL 723.95 -5.02 42,57,864
    TATAMOTORS 281.60 -4.01 3,25,78,752

     

    ANALYSIS OF TODAY’S DERIVATIVE DATA for August Expiry

    1. NIFTY

    As per today’s option chain data, strong resistance for nifty exists at 16500 level while as strong support exists at 16400 level. The call writing was seen at 16500, 16600 and 16800 strike prices while the mild put writing was seen at 16400 which signifies weakness in the market.

    1. Bank Nifty

    As per today’s option chain data, Strong resistance for bank nifty exists at 35500 level while as strong support exists at 34500 level. Significant call writing seen in today’s trade was seen at 35100, 35200 and 35300 strike prices while  put writing seen in today’s trade at 35000 and 34500 strike prices.

    MAXIMUM PAIN OPTIONS FOR August EXPIRY

    NIFTY 16500
    BANK NIFTY 36500

     

    Sectors to watch out for tomorrow

    1. Nifty FMCG
    2. Nifty Bank
    3. Nifty Metal

    Stocks to watch out for tomorrow:

    1. Tata Steel – Sell
    2. Bharat Forge- Sell
    3. Apollo Hospital- Sell

     “Follow our telegram channel “Wealth Creator”.

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    August 22, 2021

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    MARKET OUTLOOK FOR 24th August 2021
    August 24, 2021

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