Market View | August 04, 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 (03 August 2021) –

1. Voila! Voilaa! We hit an All Time High yesterday. Not just that, we went above 16,000 on Nifty! Quite a feat. Isn’t it?
2. Indian Markets witnessed a rapid upmove in yesterday’s trading session and have bolstered to set new records.

For 4th August 2021 –

Technical Levels

The detailed technical analysis structure can be viewed here.

Domestic Cues

1. The momentum from yesterday, on the upside, has been clearly visible. We will witness quite some volatility coming into the pact with proft booking in Index Scrips, Chemicals, Energy and IT Space.
2. Although an uncharted territory now, we can an initial resistance around 16200 levels on Nifty.
3. The heavy results today (note below) can decide the further course of action.
4. Despite the disappointing resuts of couple of companies in the last week of last month, this week has been interesting and action has been kicking in.
5. Currently, 15900, which was a heavy resistance turned to key support. Long positions are likely to be intiated by market players with it as Stop Loss.

Global Cues

1. The US Markets have been sloppy, yet again. They were volitle during the trading session yesterday bull closed on a flat note.
2. Asian Indices are inching towards new highs. There’s pretty interesting action coming in here.
3. Delta woes among everything currently is an issue of concern on hand. The coming days and weeks are turning out to be crucial with the way Delta variant is evolving and COVID19 cases slicing up.

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

Godrej Consumer Products | Hind Petro | Titan | Apollo Tyres | SBIN | Bosch Ltd 

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!