| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 84,501.65 | -495.48 | -0.58% |
| Nifty 50 | 25,906.00 | -147.90 | -0.57% |
| Nifty Bank | 58,147.35 | -237.90 | -0.41% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Coal India | 385.85 | 3.85 | +1.01% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Dr Reddys Labs | 1,194.10 | -56.80 | -4.54% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Energy | 36384.80 | 36.90 | +0.10% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 10671.30 | -106.20 | -0.99% |
The Nifty has been in a counter-trend pullback since the last couple of trading sessions. It closed in positive for the second consecutive trading session up ~80 points. On the daily charts, we can observe that the Nifty has overlapped the swing low of 19563 and as a result, the fall is no longer impulsive in nature. The pullback still appears corrective in nature and this is unlikely to sustain at higher levels.
It has reached the 61.82% Fibonacci retracement level (19605) of the fall from 19795 – 19296 which is likely to provide resistance. Also, the hourly momentum indicator has reached the equilibrium line indicating that the pullback has matured and can start a new cycle. Overall, we still shall continue to maintain our negative stance on the Nifty, and we expect levels of 19100 from a short-term perspective.
Bank Nifty traded within the range of the previous trading session and closed in the red. It has thus formed an Inside Bar pattern on the daily charts which makes the extremes of the pattern i.e. 451118 and 44520 crucial levels from a short-term perspective. A breach of these levels on either side shall lead to a move in that direction. Considering the price and momentum setup, we expect the index to trade with a negative bias and target levels of 44000 from a short-term perspective.
Markets started the week on a firm note and gained nearly half a percent, in continuation to Friday’s rebound. After the initial uptick, Nifty remained range bound for most of the session however buying in select heavyweights kept the tone positive. Meanwhile, the sectoral indices traded mixed wherein pharma and IT extended their prevailing positivity while metal and banking closed subdued. Amid all, decent performance from the midcap basket assured healthy market breadth.
The resilience in the IT majors combined with noticeable buying in the pharma pack is largely fueling the recovery while others are witnessing a mixed trend. On the benchmark front, Nifty has an immediate hurdle at 19650 and a decisive break could add more legs to the rebound else profit taking would resume so plan your trades accordingly.
The Indian rupee began the week on a positive note, adjusting Friday's weakness in the dollar index and lower crude oil prices.
The near-term focus will remain on RBI monetary policy decision scheduled on Thursday. The market is already pricing in the status quo and don’t expect any cut this year following inflation worries.
From the technical side, spot USDINR has given a bullish breakout on the weekly chart and eyeing an all-time high of 83.30 and may hold the support at 82.25, the long-term moving average line.
Following today's positive opening, the Nifty was positive throughout whereas Bank Nifty was sideways to bearish for the day, concluding a sideways close for the day. For investors, the market is buys on dips with a strict stop loss of 19300 which is also a strong base for the Nifty, and if the Nifty closes below the indicated level, we can expect more profit booking.
The market has traded Positive with the Sensex gaining 0.35 percent and closed at 65953.48 and Nifty was up by 0.41 percent intraday and closed at 19597.30 levels whereas Bank Nifty was down by 0.09 percent and settled at 44837.50.
Among sectors Nifty AUTO, IT and PHARMA ended in green while Nifty Metal, PSU Bank and Media ended on the lower side. In Nifty stocks, Divis Lab, M&M and SBI Life Insurance were the top gainers while SBI, Britannia and Tata Motors were the prime laggards.
India VIX was positive by 5.01 percent intraday and settled at 11.10.
Volume profile indicates Index has a strong support around 19300-19400 zone. Coming to the OI Data, on the call side, the highest OI observed at 19700 followed by 19800 strike prices while on the put side, the highest OI is at 19500 strike price. On the other hand, Bank Nifty has support at 44500-44600 while resistance is placed at 45200-44350 levels.
Nifty rose for the second consecutive session on August 07. At close, Nifty was up 0.41% or 80.3 points at 19597.3. Volumes on the NSE fell compared to the recent average. Midcap index rose more than the Nifty even as the advance decline ratio remained firm at 1.25:1.
World shares traded cautiously on Monday after a mixed U.S. jobs report, even as the U.S. and Chinese inflation figures and China’s trade data due later this week could influence the US Fed’s future path for interest rates.
Nifty formed a spinning top after a two day rise. This suggests some indecision on the part of participants on the near term direction of the market. Nifty could stay in the 19539-19678 band for the near term.
The Indian market began the data-centric week with modest gains, primarily propelled by strong performances in the pharma and IT sectors. Global markets portrayed a mixed picture, with US futures exhibiting positivity in response to a moderation in bond yields, while European markets experienced declines due to weak economic data. Caution prevailed in the market due to the anticipation of upcoming inflation data and the RBI's monetary policy.
Although the markets started the week on a firm note, they remained rangebound in the morning trade. In the 2nd half of the trading session, buying in the IT and Pharma stocks helped the Index to breach its congestion to end the day at 19,597.30 with gains of 80.30 points.
The Realty sector also performed well while the BFSI segment remained a laggard.
On the daily chart, Nifty50 has formed a DOJI kind of candlestick formation at the crucial level of 20DMA resistance. A convincing close above the 20DMA will help the Index to reclaim 19,800 while on the flip side, it will retest 19,400.
Indian rupee ended 10 paise higher at 82.74 per dollar on Monday versus Friday's close of 82.84.
: Benchmark indices ended higher for the second consecutive session on August 7 with Nifty at 19,600.
At close, the Sensex was up 232.23 points or 0.35 percent at 65,953.48, and the Nifty was up 80.30 points or 0.41 percent at 19,597.30. About 1954 shares advanced, 1637 shares declined, and 186 shares unchanged.
Divis Laboratories, Mahindra & Mahindra, SBI Life Insurance, LTIMindtree and Adani Ports were among the top gainers on the Nifty, while losers included Britannia Industries, Tata Motors, Bajaj Auto, Stat Bank of India and Axis Bank.
Among sectors, healthcare and information technology indices up 1 percent each, and realty index added 0.5 percent. However, PSU Bank index fell 0.6 percent.
BSE midcap index rose 0.5 percent and smallcap index was up 0.25 percent.
Net loss of Rs 95.4 crore versus loss of Rs 82.4 crore and revenue was down 15.8% at Rs 24 crore versus Rs 28.5 crore, YoY.
The initial public offering (IPO) SBFC Finance, a non-banking finance company, was subscribed 50 times by the afternoon of August 7, the final day of bidding.
Investors bid for 668.57 crore equity shares against an offer size of 13.35 crore, subscription data available with the exchanges showed.
Retail investors bought 9.9 times their allotted quota, while the portion set aside for employees, who will get Rs 10.25 crore worth of shares, was subscribed 5.17 times.
High networth individuals (HNIs) bid 45.13 times their reserved portion and qualified institutional buyers (QIBs) 126.45 times. Half of the issue is reserved for QIBs, 15 percent for HNIs and the remaining 35 percent shares have been set aside for retail investors.
