Global cues:
• Wall Street's main indexes rose on Monday as Microsoft's pursuit of TikTok's U.S. operations and a clutch of upbeat quarterly earnings reports lifted sentiment in the absence of a fiscal coronavirus relief deal.
• Apple Inc jumped for a second straight day following stunning quarterly results and announcing a four-for-one stock split.
• A surge in German stocks lifted the broader European market on Monday after the country reported an expansion in monthly factory activity for the first time since 2018.
• Asian share markets were mixed as U.S. lawmakers struggled to hammer out a new stimulus plan
• Asian Markets are in green and dow futures is positive.
• SGX Nifty is up by 40 points, so expect gap up in our markets.
Indian markets:
• Extending their fall into the fourth straight session, equity benchmarks Sensex and Nifty tanked over 1 per cent each on Monday following a selloff in index heavyweights.
• FIIs were net buyers of worth Rs 7818.49 Crore and DIIs were net seller of worth Rs. 135.5 Crore for August 03, 2020
• Among sectors, except metal other indices ended in the red.
• Moody’s Investors Services upgraded Yes Bank’s creditworthiness to B3 compared to Caa1 earlier citing the beleaguered lender’s successful equity capital raising.
• Gold prices rose to an all-time high on growth concerns as a spike in coronavirus cases may reimpose lockdowns boosting the demand for the yellow metal.
Trends:
• Nifty closed at 10899 in Monday’s session, a failure to hold above this level could drag Nifty50 towards the 10,700 mark. Defending it would be key for Nifty to move back to the 11,000-11,080 range.
• Also Nifty futures of august edition is trading at premium.
• As long as the markets hold the current range, these downturns could be short-lived
• Markets may remain in a consolidation phase as there is high uncertainty regarding COVID-19 situation and unsupportive global cues, along with RBI monetary policy announcements on Aug 6th.
• investors must opt for value-buying in select pockets to build a long-term portfolio.
• Nifty has corrected by good amount now, we expect it to consolidate for few days before making any move either upside or downside.
Option strategy for tomorrow:
• Nifty’s short-term trend is Neutral and slightly negative.
• If there is a gap up market can consolidate. It’s a no trade zone according to us.
• 11,000 level may act as strong resistance tomorrow. One can trade with 20-30 points SL.
• Bank Nifty is at its crucial support right now. Breakdown at this support level can see a significant fall, dragging Nifty further down.
• Nifty’s expected range tomorrow can be 10850 and 11030
• Upside resistance is at 11960 and 11000 levels.
• Downside support is at 10900 & 10850 levels.
Stock picks of the day:
• Stochastics show ICICI bank in a oversold category. Expect the stock to test 347 levels in the early hours of trade
• India Bulls Housing has formed bearish candles for the last 3 trading days with strong vols. Expect the stock to slip to 178 levels intraday on Tuesday
• RIL showed some weak structure on Monday with doji formation in the last half an hour of trade. Expect the stock to test 1,985 levels tomorrow intraday
• Infosys has been forming bearish candles for the last 2 trading days. Expect the stock to test 946 levels
Results on August 04
Godrej Consumer Products, Apollo Pipes, Astral poly Technik, Sum Pharma Advanced, Hikal, Gujarat Gas, Dixon Technologies, Geojit Financial Services
Source: moneycontrol
Disclaimer
Please note that all the recommendations/views/ levels we provide are based on the theory of technical/fundamental analysis and personal observations. This does not claim for sure/ certain profit or any fix returns. we are not be liable for any losses you make on the given takes and levels. You are advised to take your position with your sense, discretion and judgment. only you would be responsible for outcomes of your trades
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