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    • MARKET OUTLOOK FOR 26th August 2021

    MARKET OUTLOOK FOR 26th August 2021

    • Posted by admin
    • Categories Market Insights
    • Date August 26, 2021
    • Comments 0 comment

    TODAY’S MARKET SNAPSHOT:

    NIFTY

    BANKNIFTY

    OPEN

    16654

    35768.85

    HIGH

    16712.45

    35910.30

    LOW

    16617.50

    35499.65

    CLOSE

    16634.65

    35586.25

    PREVIOUS CLOSE

    16624.60

    35712.10

    SUPPORT

    16480

    35200

    RESISTANCE

    16720

    36000

    VIEW

    Neutral

    Negative

    Nifty closed the trading session on August 25 on a flat note. The short covering rally on nifty enabled it to make another all time high in today’s trade. Tomorrow the nifty is likely to remain in a volatile zone throughout the trading session. Nifty is looking overbought on daily charts and as such a correction of 2-3% is most likely to happen in coming sessions. My suggestion is to close all long positions and remain in a wait and watch mode for next trading sessions. As tomorrow is the monthly, hence volatility will be very high on both sides. Technically nifty may end August Expiry below 16750. Be stock specific for next few sessions.

    Bank nifty is looking very weak on daily charts. Bank nifty has to hold 35300 tomorrow for any sustainable up move. If bank nifty fails to hold 35300 tomorrow, then it is likely to breach 35000 and may even hit 34800. Avoid banking stocks for the time being.

    The derivative data on both nifty as well as bank nifty is negative.

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

    TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)

    Symbol

    LTP

    %Chng

    Volume

    ADANIPORTS 721.10 3.70 2,12,75,432
    HDFCLIFE 688.50 2.59 76,08,915
    HINDALCO 431.05 2.42 1,79,74,391
    ONGC 115.90 2.39 1,86,37,317
    COALINDIA 138.80 1.91 78,17,617

    Symbol

    LTP

    %Chng

    Volume

    BAJAJFINSV 15,979.95 -2.93 9,74,598
    TITAN 1,828.00 -2.23 12,80,400
    MARUTI 6,714.00 -1.31 7,22,194
    BHARTIARTL 612.00 -1.31 79,77,884
    DRREDDY 4,535.90 -1.12 4,44,141

    ANALYSIS OF TODAY’S DERIVATIVE DATA for August Expiry

    1. NIFTY

    As per today’s option chain data, strong resistance for nifty exists at 16700 level while as strong support exists at 16600 level. The call writing was seen at 16700, 16800 and 17000 strike prices while heavy put writing was seen at 16500 strike price which in other words mean that nifty is likely to expire tomorrow between 16500-16700 level.

    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. call writing seen in today’s trade at 35700, 35800 and 35900 strike prices while no significant put writing visible in today’s trade, which means that bank nifty is likely to head southwards tomorrow and is likely to expire between 34800-35700 level.

    MAXIMUM PAIN OPTIONS FOR August EXPIRY

    NIFTY

    16750

    BANK NIFTY

    36500

    Sectors to watch out for tomorrow

    1. Nifty OilGas

    2. Nifty Metal

    3. Nifty FMCG

    Stocks to watch out for tomorrow:

    1. ITC – Sell

    2. Tata Motors- Sell

    3. Bharti airtel- 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 26, 2021

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    August 27, 2021

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