Market View | August 06, 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 (05 August 2021) –

1. Not surprising anymore with how we’re bolstering towards new boundaries; we just broke the highs again.
2. We hit a new All Time Highs of 16349.45 on Nifty, although the selling pressure came in during the last hour, closing at 16294.6.
3. We closed above the previous day’s close and it certainly looks rosy now.
4. Bank Nifty as discussed, retraced from highs and underperformed compared to Nifty, closed at 35834, 0.5% down from previous day.
5. We covered the market analysis in this in video. Check and subscribe to stay updated for 6th August analysis.

IPO Section

• All 4 IPO’s have been performing well and the GMP is on rising (Note: GMP is not a decisive factor, but only a rough indication)
• One more day (August 06, 2021) remains to apply for the IPO.

Devyani International Ltd. | Exxaro Tiles Ltd. | Krsnaa Diagnostics Ltd. | Windlas Biotech Ltd.

Below is the poll in the tweet from my Twitter, about the traction.

For 6th 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. RBI will anounce its decision from the meeting of monetary policy committee which began on 4th August.
2. Banking Index (Nifty Bank) will be on track for the day with the major decision from RBI meeting coming in.
3. Indian markets are at All Time Highs and caution is advised from entering any aggresive positions.
4. We have quite many results listed for today ( note below ) and the weekend approaching. Risk Averse traders / investors need to stay cautious.
5. We have good support at 15960 – 16000 levels on Nifty. Long positions initiated for short term can hold that level as SL.

Global Cues

1. U.S. stock indexes rose on Thursday after data showed a decrease in unemployment benefit claim.
2. The decline in shares of health insurer Cigna dragged healthcare stocks lower.
3. DOW and NASDAQ performed well and closed above its pervious highs by 0.59% and 0.62%.
4. Shares in Asia-Pacific largely slipped in Friday morning trade as investors await the release of a closely watched US jobs report for this week.
5. SGX Nifty indicated a slight gap up of 19 points, and indicates caution.

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

STAR | National Aluminium | Berger Paints | BEL | Balkrishna Industries | M&M | ALKEM | PEL | Torrent Pharma | ZEEL | ASTRAL | SAIL | CUB | Tata Power | AU Bank | Muthoot Finance | Hindalco | Aarti Industries | Metropolis | Voltas

Scrips in FnO Ban – 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!