MARKET OUTLOOK FOR 24th August 2021

TODAY’S MARKET SNAPSHOT:

Nifty closed the volatile session on August 23 on a positive note. Nifty failed to hold the gains made in the opening and traded volatile throughout the trading session. Tomorrow the volatility is expected to continue and nifty has to defend towards low. In case nifty fails to hold 16400 tomorrow, then you can short nifty for a target of 16100 in coming sessions. Technically, it is a sell on rise market and every rise should be viewed as an opportunity to exit from the long positions. 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 there is a possibility of heavy correction.

The advance decline ration stood in the ratio of 1:5

TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)

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 16400 level. The call writing was seen at 16600, 16700 and 16800 strike prices while the mild put writing was seen at 16500 which signifies weakness in the market.

2. Bank Nifty

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

MAXIMUM PAIN OPTIONS FOR August EXPIRY

Sectors to watch out for tomorrow

1. Nifty IT

2. Nifty Pharma

3. Nifty Auto

Stocks to watch out for tomorrow:

1. SunTv Network – Sell

2. Mindtree- Buy

3. Tejas Network- Buy

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