Global cues:
• US stock indexes opened slightly lower on Thursday as markets awaited the government's new stimulus package to prop up the economy, while weekly jobless claims dipped slightly.
• European shares dipped on Thursday as forecasts of a slower post-pandemic economic rebound in the UK hit London stock markets.
• Markets in Shanghai and Seoul ended with gains, while Hong Kong and Tokyo closed in the red.
• Asian are down and dow futures is down.
• SGX Nifty is flat. we can expect flat or gap down opening in Nifty.
Indian markets:
· Benchmark indices end higher on RBI’s move to lift ecocnomy, sensex ends above 38,000 and nifty tops 11200 mark.
• FIIs were net buyers of worth Rs 637.43 Crore and DIIs were net seller of worth Rs. 468 Crore for August 06, 2020.
• Reserve Bank of India (RBI) decided to keep the benchmark repo rate unchanged at 4 per cent, and reverse repo rate at 3.35 per cent, but maintained an accommodative stance to boost growth.
• The central bank also announced measures to support NBFCs, HFCs, corporate debt market, and announced a relaxation on the loan-to-value (LTV) ratio for gold loans.
• Barring Nifty PSU Bank index, all the other sectoral indices on the NSE ended in the green.
• Domestic consumption was up 11%month on month in July.
• Gold prices in international markets have touched an all time high of $2050 per once and on MCX, Gold futures have been trading at Rs. 55500 mark – Lifetime high fot the yellow metal.
Trends:
• Nifty ended with gains for the third consecutive session on Thursday, but formed a 'Doji' candle on the daily chart, suggesting indecisiveness among traders.
• Since the expiry and RBI policy triggers come to end, Positive earnings reports will be driving stocks and markets.
Option strategy for tomorrow:
• The short-term trend of Nifty continues to be positive with volatile movement.
• Bank Nifty is a sell only below 22600 level.
• Nifty’s expected range tomorrow can be 11050 and 11350
• Upside resistance is at 11260 and 11330 levels
• Downside support is at 11130 & 11080 levels
• Maximum call OI of 21.05 lakh contracts was seen at 11,500 strike which will act as crucial resistance for August Series.
• Maximum put OI of 30.56 lakh contracts was seen at 11,000 strike which will act as crucial support for August Series.
Stock Picks of the day :
• Infosys showed some strong structure on Thursday. Expect the stock to slide to 992 levels in the early hours of trade.
• NALCO showed some weak structure with strong volumes in the last half an hour of trade on Thursday. Expect the stock to test 34.45 levels in the early hours of trade.
• Maruti Suzuki has been forming bullish candles for the last 2 trading days with a gap up opening on Thursday, expect the stock to test 6,610 levels on Friday.
• Airtel showed some strong buying and bullish candle formation in the last 1.5 hours of trade with strong volumes. Expect the stock to 565 levels on Friday.
Results on August 07:
Mahindra and Mahindra, Cipla, Siemens. Aditya Birla Capital, Bata India, REC, BEML, Birla Cooperation, Abbott India, Emami Entertainment Network India
Source: moneycontrol
Analysts at work:
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