Global cues:
• Wall Street's main indexes recorded their fifth straight monthly gain on Monday, after massive central bank support, U.S. government aid and demand for tech-focused stocks.
• Wall Street climbed on Tuesday as gains in Apple and Zoom Video shares propelled the tech-heavy Nasdaq to record highs, while better-than-expected U.S. manufacturing sector data fuelled optimism around a post-pandemic economic recovery.
• ISM data showed U.S. factory activity expanded for the third straight month to a reading of 56.0 in August, the highest since January 2019. The figures follow encouraging manufacturing surveys from China and Europe earlier in the day.
Indian markets:
• NIFTY finished 82 points higher on Tuesday led by gains in pharma and metal stocks.
• FIIs were net buyers of worth Rs 486.09 Crore and DIIs were net sellers of worth Rs. 775.23 Crore.
• Supreme Court granted 10-year time to telecom firms for paying the AGR-related dues to the Department of Telecommunications (DoT)
• Shares of Bharti Airtel and Reliance Industries gained on Tuesday after the Supreme Court allowed 10 years to the telecom companies for a staggered payment of AGR.
• State-run ONGC reported an 84.7% decline in consolidated net profit for the quarter ended June to Rs 1,090 crore.
• The Indian currency ended at a 6-month high today. It ended at 72.87 against the US dollar
• The NIFTY contribution chart for today was as follows:
Trends:
• NIFTY index formed a ‘Long-Legged Doji’ on the daily chart. A Doji pattern generally suggests indecisiveness among traders, but Tuesday's session saw traders buy on declines, offering some relief after Monday’s selloff.
• Multiple candle formations at a key juncture indicate the bulls are not easily loosening their grip even after a sharp bear attack on Monday.
• ITC - The hotel and the cigarette businesses were severely affected due to COVID. Fell from 250 to 135 due to COVID. Fundamentally a good stock with a good dividend yield.Trading near its support of 191. Expect it to rebound from this value.
• ICICI Bank - Trading between the range of 300-400 since the lockdown. Currently trading near its strong resistance of 400. Recently broke this resistance but could not sustain above this level. Expect it to fall a bit further from the current levels.
Option strategy for tomorrow:
• For the weekly expiry we can sell 11300PE & 11600CE.
• NIFTY expected range tomorrow can be 11300 and 11550.
• Maximum call OI of 23.12 lakh contracts was seen at 11,600 strike which will act as crucial resistance for the coming days
• Maximum put OI of 22.30 lakh contracts was seen at 11,400 strike which will act as crucial support for the coming days
Results on September 2
Coal India, Dish TV, Jubilant Foodworks, Kaiser Corp, UPL
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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