Global cues:
• US stocks opened higher on Wednesday as Disney's surprise quarterly profit and a slate of upbeat results from healthcare companies lifted sentiment ahead of service sector data.
• European stocks opened higher, aided by a batch of positive earnings.
• In Asia, Japan's Nikkei dipped 0.26 per cent and Australia's benchmark index slipped 0.6 per cent.
• South Korea's Kospi hit its highest level since October 2018.
• Asian markets are mixed and dow futures are flat.
• SGX Nifty is flat and we can expect flat opening in our markets as well.
Indian markets:
• Benchmark indices erased all the intraday gains and ended flat. At close, the Sensex was down 24.58 and the Nifty was up 6.40 points.
• FIIs were net seller of worth Rs 60.18 Crore and DIIs were net seller of worth Rs. 425.98 Crore for August 05, 2020.
• The government on Wednesday extended the Securities and Exchange Board of India (Sebi) Chairman Ajay Tyagi’s term by 18 months.
• Metal, auto, infra and IT sectors ended higher, while selling witnessed in the energy and pharma space.
• Strong Demand For The `10,000 Cr QIP Helps Axis Bank Gain Over 1%.
• Gold and Silver have been best performing assets so far this year with 40% and 50% returns respectively so far this year.
Trends:
• Nifty opened positive on Thursday but failed to hold above 11,225 level. During the day, the index lost all its gains and drifted towards the 11,050 level. However, it witnessed a bounce from lower levels and closed the session on a flat note.
• The index formed a bearish candle, similar to a Spinning Top, which indicated that follow-up action is missing.
• Positive earnings reports are driving stocks and markets around the world, and the same trend was visible in the Indian markets too. But now our markets are just mirroring Global markets.
• Tomorrow is expiry and also RBI policy will come out. One needs to trade with caution.
• It failed to close above 11200 and hence the short-term bearish trend continues. On the other hand, we did not break 11000 either, so we might be rangebound for a couple of sessions.
Option strategy for tomorrow:
• For tomorrow mostly nifty will be in consolidation phrase before making the RBI policy outcome. It will form any trend only after that.
• Upside resistance is at 11200 and 11260 levels.
• Downside support is at 11130 & 10950 levels.
• Nifty range for tomorrow can be between 10950 to 11260.
• Maximum call OI of 22.42 lakh contracts was seen at 11,500 strike which will act as crucial resistance for August Series.
• Maximum put OI of 29.72 lakh contracts was seen at 11,000 strike which will act as crucial support for August Series.
• Participants should keep a close eye on the RBI monetary policy outcome which is scheduled on Thursday and that would set the tone for the rest of the day as well.
Stock Pick for the day :
• Tech M showed some weak structure on Wednesday. Expect the stock to slide to 643 levels in the early hours of trade.
• Tata Motors showed some decent volumes on Wednesday with a piercing signal pattern formation, expect the stock to move up to 117 levels.
• RIL showed negative movement on Wedneday. 2,120 is a strong support zone. Expect the stock to move up to 2,150 levels on Thursday.
• Airtel opened gap up and saw some strong buying in the last half an hour of trade, Expect to stock slide to 565 levels which is its 30 day moving average
Results on August 05
Lupin, HCL, Adani Power, Vodafone Idea, Deepak Nitrate, Torrent Power, Pidilite Industries, JK Tyre, Novartis India, Pipavav Port.
Source: moneycontrol
Analysts at work:
No comments:
Post a Comment