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    • MARKET OUTLOOK FOR 25th August 2021

    MARKET OUTLOOK FOR 25th August 2021

    • Posted by admin
    • Categories Market Insights
    • Date August 24, 2021
    • Comments 0 comment

    TODAY’S MARKET SNAPSHOT:

    NIFTY

    BANKNIFTY

    OPEN

    16561.40

    35200.75

    HIGH

    16647.10

    35795.30

    LOW

    16495.30

    35070

    CLOSE

    16624.60

    35712.10

    PREVIOUS CLOSE

    16496.45

    35124.40

    SUPPORT

    16480

    34800

    RESISTANCE

    16640

    36000

    VIEW

    Neutral

    Mildly Positive

    Nifty closed the trading session on August 24 on a positive note. Today nifty closed higher on account of short covering by market participants. Nifty formed a long bullish candle on daily charts today which is a positive sign. Tomorrow the nifty is likely to continue its positive momentum. Once nifty breaks 16640 on closing basis, then decks will be cleared for reaching 16850 in next few sessions. My suggestion is to close all long positions and remain in a wait and watch mode for next two trading sessions. As this is an expiry week, hence volatility will be very high on both sides for next two trading sessions. Technically, nifty may end August Expiry below 16750. Be stock specific for next few sessions.

    Bank nifty has negated all the bearishness today. Since bank nifty is trading above 35000 from last few sessions, hence there is high possibility of reaching 36000 in next two sessions. Today’s rally is majorly attributed to short covering by market participants. Avoid bank stocks for next few sessions.

    The advance decline ration stood in the ratio of 4:1

    TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)

    Symbol

    LTP

    %Chng

    Volume

    BAJAJFINSV 16,460.00 7.78 12,74,080
    HINDALCO 422.50 3.85 1,50,49,786
    ADANIPORTS 693.65 3.79 76,40,039
    TATASTEEL 1,407.15 3.57 1,76,07,148
    BAJFINANCE 6,980.00 3.37 26,22,531

    Symbol

    LTP

    %Chng

    Volume

    NESTLEIND 19,740.00 -1.40 83,064
    BRITANNIA 3,812.00 -1.40 4,37,124
    ASIANPAINT 3,045.10 -1.05 7,63,548
    HDFC 2,694.00 -1.03 29,84,450
    INFY 1,721.50 -0.99 76,01,505

    ANALYSIS OF TODAY’S DERIVATIVE DATA for August Expiry

    1. NIFTY

    As per today’s option chain data, strong resistance for nifty exists at 16800 level while as strong support exists at 16500 level. The call writing was seen at 16800, 16900 and 17000 strike prices while heavy put writing was seen at 16600, 16500 and 16400 which signifies strength in the market.

    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. No Significant call writing seen in today’s trade while put writing seen in today’s trade at 35500, 35400 and 35300 strike prices.

    MAXIMUM PAIN OPTIONS FOR August EXPIRY

    NIFTY

    16750

    BANK NIFTY

    36500

    Sectors to watch out for tomorrow

    1. Nifty Metal

    2. Nifty Bank

    3. Nifty Infra

    Stocks to watch out for tomorrow:

    1. Biocon – Buy

    2. Adani Total Gas- Buy

    3. Wipro- Buy

    “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 24, 2021

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    MARKET OUTLOOK FOR 26th August 2021
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