Market View | August 03, 2021

Welcome, all! Here, we present our market views based on the factors visible in the market, domestically and globally. To begin –

Recap of last trading session (02 August 2021) –

  1. We witnessed a very rangebound session yesterday, until mid-day after the first hour of market bells. Despite the heavy call writing present at 15900, we did march towards it.
  2. Bank Nifty followed the trajectory of Nifty, although the banking space did show quite some strength leaving apart HDFC Bank.

For 3rd August 2021 –

Technical Levels

The detailed technical analysis structure can be viewed here.

Domestic Cues

  1. On the news front, aside the stable numbers of COVID19 and Vaccination Drive, there isn’t much happening which could drive volaitility in markets.
  2. PM Modi launched eRUPI which will integrate the payment interface for various stakeholders in India with the financial institutions and the government. Read more about it here, by Finshots.
  3. There is heavy OI present at upper levels on Index which is causing setback at everytime, trading with caution is necessary. Breaking with volume is a necessity now for an upmove to continue.
  4. Pharma, IT and Energy scrips are dominating.
  5. We’ve been in choppy markets until last Thursday. There seems to be volatility in this series, so stay seated with your seat belts for a bumpy ride.

Global Cues

  1. Stocks initially cheered the announcement on Sunday by US senators of around $1 trillion in proposed infrastructure stimulus.
  2. Although they remained very flat with NASDAQ on rise and DOW on fall at close.
  3. Asian stocks were steady early morning, today, after choppy U.S. equities turning lower.
  4. Treasury yields retreated on concerns that the economic recovery from the pandemic is losing momentum, reported Bloomberg.
  5. Equities edged down in Japan and Australia and rose in South Korea, today morning.

Results Today – below are the companies declaring Q1 – 2021-22 results today.

Dabur India | Tata Consumers | Godrej Properties | Bharti Airtel | Adani Ports | Adani Enterprises

Scrips in FnO Ban today – SunTV

Source: NSE Website

Disclaimer:

The analyst is not a SEBI RIA. The views expressed by Govardhan are completely to serve educational and learning purposes. Please consult your financial advisor before entering any positions. We, in no way, are responsible for the profits made or losses incurred.

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Thanks! Have a Good Trading Day!

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