Market View | August 05, 2021

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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 (04 August 2021) –

  1. Woooh! We hit an All Time High again yesterday, and this sort of becoming a common phrase these days.
  2. Nifty sprang all the way up towards 16300 (high of 16290.2)
  3. Bank Nifty didn’t take any less, and rocketed all the way to 36200 (high of 36219.8)
  4. The results from SBI were of a great deal for the Banking Index as it flew amidst the gigantic short covering.
  5. Rupee appreciated against dollar by ~19 paise in the hours today.
  6. Yesterday, 4 IPOs opened up (updates to follow in separate write-up) –
Devyani International Ltd. | Exxaro Tiles Ltd. | Krsnaa Diagnostics Ltd. | Windlas Biotech Ltd.

For 5th August 2021 –

Technical Levels

We’re in uncharted territory for Nifty and Sensex, yet we’re ought figurate the levels we can base on our analysis and check here.

Domestic Cues

  1. Reserve Bank of India’s monetary policy decision briefing to follow on Friday.
  2. Titan sees a dip in its profit in comparison to PY.
  3. We’re well above 16000 on Nifty with supports at 15900 and 16000 levels. Until these levels are held, it’s all being a buy on dips.
  4. We’ll witness a volatile expiry as the VIX shot up by 12% approximately in the last 2 sessions and there’s the little premium which is left.
  5. We need to hold out and see if Bank Nifty is coming for a retest here or will sustain and have a good pull back towards its highs as it is the only index left to touch its All Time Highs now.

Global Cues

  1. Asian stocks were steady in the morning today.
  2. It comes as a surprise as to how the Asian indices are fighting their way against the US indices as they performed with mixed sentiments over economic data and also comments from Fed Reserve Official that the central bank is on course to taper stimulus support.
  3. On other side, Oil held below $70 USD a barrel after an increase in the US Crude inventories data as the scare of demand kicks in after the rise in COVID 19 cases.

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

Escorts Ltd | Cipla Ltd | Tata Chemicals Ltd | REC | Gail India | India Bulls Housing Finance | Gujarat Gas 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!

Published by Govardhan Pinni

Blogging. Capital Markets. Consulting. Travel. Writing. YouTubing.

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