The Indian benchmark indices snapped three-day losing streak on August 7 and ended higher with Nifty closing near the key 24,300 level, led by buying across the sectors and ahead of RBI policy outcome tomorrow.
At close, the Sensex was up 874.94 points or 1.11 percent at 79,468.01, and the Nifty was up 305 points or 1.27 percent at 24,297.50.
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The market opened higher amid positive global cues but as the day progressed, it witnessed some profit booking at the higher levels but ended on a strong note.
Biggest Nifty gainers included Coal India, Adani Ports, Power Grid Corp, Cipla and Wipro, while losers were IndusInd Bank, Eicher Motors, Britannia, Tech Mahindra and Titan Company.
All the sectoral indices ended in the green with metal, healthcare, media, power, telecom, oil & gas, capital goods up 2-3 percent.
BSE Midcap index and Smallcap indices closed 2 percent higher each.
Outlook for August 8
Aditya Gaggar Director of Progressive Shares
After a strong opening, the Index oscillated in a well-maintained thin range and finally ended the session higher at 24,297.05 with gains of 304.95 points. All the sectors ended in green with Metal and Media being the top performers. Mid and Smallcaps advanced by 2.45% & 2.86% respectively and outperformed the Benchmark Index.
Nifty50 has formed a green candle but its long-legged DOJI pattern indicates indecisiveness still. We believe that as long as the Index holds its support level of 23,960, there is a chance to soar higher to 24,550 followed by 24,700.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
Nifty opened gap up today and consolidated during the day. More importantly it held on to the gains and closed in the green up ~305 points. On the daily charts we can observe that the nifty has managed to close above the 40-day average (24138).
India Vix has cooled off and the there has been a significant improvement in market breadth. All these parameters are suggesting that the Nifty is likely to witness continuation of the pullback.
On the upside, 24520 – 24550 is the immediate hurdle while 24000 is the immediate support zone from short term perspective.
The Bank Nifty witnessed a late surge which helped it to close well above intraday lows. The Bank Nifty can witness a pullback over the next few trading sessions till 50600 – 50800 from short term perspective. On the downside, 49800 – 49700 is the crucial support zone.
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