Indian Stock Market ended on a positive note, following upbeat Asian market peers. Sentiments were also upbeat as India’s manufacturing sector activities witnessed the strongest rate of growth. Both benchmark indices closed with strong gains. Real Estate Stocks were among the top outperformers, with Kolte Patil, Oberoi Realty, and Sobha Developers leading the front.
Stock Market Summary
Domestic equity indices traded near the day’s high with strong gains in mid-afternoon trade. Nifty 50 opened with gap up after that come under in range-bound by maintaining its bull side, and finally, the index gained 122.35 points or 0.77% at 15,885.15. Bank Nifty also gave a gap-up opening, after that index filled the gap in mid-afternoon and a sudden fall has been seen in the mid-session. The dull movement was there in the financial index, finally closed at the green with 125.65 or 0.36% at 34,710.
Major Benchmark index S&P BSE Sensex, rose 363.79 points or 0.69% at 52,950.63. Broader markets outperformed the benchmark indices. S&P BSE Mid-Cap index added 1.05% while S&P BSE Small-Cap index rose 1.07%.
Stocks and Sectors
All the sectoral indices ended in the green with Auto, Infra, and Energy. Nifty Realty index was the Top Gainer index ended with 19.10 points or 4.79% at 417.75.
Piramal Enterprises (PEL) (up 7.22%), IRCTC (up 5.78%) and PI Industries(up 12.26%) were volume gainers.
Technical View of Stock Market
Nifty Index opened with a big gap-up, but any heavy follow-through buying could not be seen. The index closed near at 15885 up around 0.77%. On the intraday charts, some profit booking was seen in the latter part of the day but traders used these dips to accumulate longs. The index has breached its powerful resistance at 15880 and continued to trade above all the key moving averages. Therefore, now bulls have to target the highs, and if buyers were able to surge previous all-time highs then the next relevant target is around 16000—16050.
On the downside, the relevant support cushion awaits at 15760 which is in confluence with 200-EMA on the one-hour chart, followed by 15500 which is the previous week’s low.
Nifty Futures strategy for the day
Resistance comes at 15930 and support lays down at 15800.
Strategy – Fresh Buy above 15930 for the targets of 15990–16050 on the upside, or sell below 15800 for the downside target of 15740–15660.
Financial benchmark index rejected the 35000 levels on the upside and was not able to give a close above it. Some lackluster movement seen on the intraday charts. On the one-hour time frame chart, it has taken support of a 20-day EMA. The weekly pivot is also just below the EMA which is around 34600 levels indicating near-term support for the index.
Near-term expected resistance is at 35000 levels which are in confluence with 200 periods EMA on the one-hour timeframe chart. Followed by 35500 levels. Technical indicators pointing towards a volatile movement in a narrow range in near future.
Nifty Bank Futures strategy for the day
Resistance at 35000 and Support at 34600.
Strategy – Either buy above 35000 for the targets of 35300—35600 or Sell below 34600 for the downside target of 34200.
Top Stocks Recommendations (3rd August 2021)
After a long consolidation, the stock has given a strong bullish candle on the daily chart. We will expect a fresh breakout in days to come.
Catch it above 195 for the upside move till 210 and then to 215 levels in days to come.
Support and stop loss below 183.
ASIAN PAINTS (FUTURES)
ASIAN PAINT (AUG) contract on hourly chart broke & close the upper trend line level of 2990. This bullish indication confirmed that the price will be move upside for the level of 3070 in the upcoming days.
Recommendation: ASIAN PAINT (AUG) contract Buy above 3000 levels for the first target of 3035 & further target of 3070, maintain stop loss below 2960.
Traders can trade safely with levels only. More will update during market hours.
To get real time Stock Market News and Update on your WhatsApp. Click on the image given below.
We are a SEBI register investment advisor. The above free information is for education/knowledge purposes. Read disclaimer on our website before investing.