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Aug 3, 2021 4:51 PM

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

The short term trend of Nifty seems to have turned up sharply. The much-awaited upside breakout of the broader high low range at 15,960 could signal more upside for the Nifty ahead. The next upside levels to be watched are around 16,300-16,500 in the next 6-8 sessions. Important support is placed at 15,960-16,000 levels.

Aug 3, 2021 4:50 PM

Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities

Nifty registered fresh highs and closed above the 16,000-mark. The intraday rally was largely supported by HDFC Ltd, Titan, and IndusInd Bank, which gained over three per cent. Technically, on daily charts after a long time, the index has formed a strong breakout formation which is broadly positive for the market. The strong bullish candle on daily charts clearly suggests a further uptrend from current levels. For the breakout traders, 16050-16020 levels would be the sacrosanct level to watch out on Nifty. Above the same, the breakout formation could continue up to 16,200-16,250. On the flip side, below the 16,020 level, a strong possibility of quick intraday correction up to 15,950-15,925 could be seen.

Aug 3, 2021 4:41 PM

Ajit Mishra, VP - Research, Religare Broking

Nifty finally ended its 2-month long consolidation phase and tested a new milestone of “16,000” levels. The bias was upbeat from the beginning and buying in select index majors pushed the benchmark higher as the day progressed. Further, short covering in the latter half triggered sharp momentum in the last hour of the trade. Markets have resumed trend after two months of the range-bound move so it’s unlikely to fade away anytime soon. However, the participation of the banking index would be the critical factor as that would decide the pace of rising from hereon. Nifty has the potential to test 16,300+ zone now. Traders should align their positions accordingly.

Aug 3, 2021 4:32 PM

Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities

The Rupee-Dollar spot slowly drifted down by barely 6 paise to 74.24 levels as equity markets roared to life. RBI remains a major buyer of US Dollars and that did not allow the Rupee to appreciate much. Thanks to the weak US Dollar Index and strong equity markets, bias remains mildly downward for USDINR.

Aug 3, 2021 4:31 PM

Rupee At Close | The Indian rupee rose by 6 paise to close at 74.28 against the US dollar amid buying in the domestic equity market and a weak American currency. The local unit opened at 74.36 against the greenback and traded in the range of 74.21 and 74.36.

Aug 3, 2021 4:31 PM

Sneha Poddar, AVP – Research, Broking & Distribution, Motilal Oswal Financial Services

Nifty today finally managed to break its two-month long consolidation to touch the most awaited level of 16,000. It had shown strong resilience since the start of June and moved in a very narrow range despite weak global cues and finally managed to leap forward towards the 16,000 zone. What really provided support to the market was the 1QFY22 earnings report which begun on a very healthy note despite the Covid 2.0 impact. It helped the market to largely sail through the headwinds of a possible third COVID wave, commodity led inflation and volatility around the US Fed taper talk.

The damage from the second COVID wave and the consequent lockdowns in April'21/May'21 has been much lesser than that from the 1QFY21 national lockdown. Management commentaries across the board suggest an improved demand environment post-June 2021, led by the easing of restrictions, lower active COVID-19 cases, and a pickup in vaccinations. We estimate corporate earnings to continue to recover, as the underlying economy opens up, with progressively higher vaccination trends, thus offering many bottom-up opportunities.

Aug 3, 2021 4:21 PM

Here are key stocks that moved the most on August 3

The Sensex rallied 872.73 points, or 1.65 percent, to close at 53,823.36, while the Nifty ended 245.60 points, or 1.55 percent, higher at 16,130.75.

Aug 3, 2021 4:18 PM

Rahul Sharma, Co- Founder, Equity99

Today Nifty on daily charts has closed forming a big white candle with no lower shadow, typically it is a bullish sign for nifty to travel more on the upside which is supported by 2 bullish candles formed in the last two sessions, going further for nifty 16,050 - 16,000 will act as immediate support followed by 15,900-15,850. Resistance is placed at 16,175 followed by 16,200-16,250. Bank Nifty which has underperformed have a major support at 35,000 levels followed by 34,850-34,600, similarly on upside hurdles for Bank Nifty are placed at 35,350-35,400-35,600.

Aug 3, 2021 4:07 PM

Manish Shah, Founder, www.Niftytriggers.com

Nifty today moved out the consolidation phase in style. The range-bound action seen in Nifty the index since the last 8 odd weeks has finally resolved with a breakout on the upside. Nifty has broken out the shackles, and it is time for a nice trending action to emerge. The pattern seen in Nifty is a long wide-ranged candle that opened with a gap. The gap is out of a consolidated area which makes it a breakaway gap. The Bollinger Bands, which were hitherto, experiencing a squeeze have opened up. Plus DMI on the directional movement system is showing a positive crossover. These are signs of pent up demand showing up on the price charts. Time and again we have been stating that the narrow ranged move in Nifty should resolve into a continuation pattern and we did see this. Expect Nifty to see a rally towards 16,300-16,350 before the end of the expiry. Support is now at 15,700. As long as 15,700 holds Nifty should have its tail up.

Aug 3, 2021 3:56 PM

Sumeet Bagadia, Executive Director, Choice Broking

Nifty made a fresh new lifetime high at 16146.90 levels after 25-day consolidation along with the midcap index saw their highest close. In the dying hours of the session, sharp moves were witnessed in both the indices with the Bank Nifty taking the lead.

On the Technical Front, the index has finally given a breakout of 16,000 phycological levels and given closing above the same suggests a bullish movement in the upcoming day. Furthermore, the Index has given breakout above the Upper Band of Bollinger, which signifies strength for the next session. Momentum indicator MACD has also shown positive crossover on the daily time frame which suggests an upside rally in the counter. On a daily chart, the Index has formed Bullish Marabozu Candle, which adds strength to the counter. At present, the Nifty support shifted to the 15,800 level while resistance comes at 16,150 levels.

Aug 3, 2021 3:49 PM

Market At Close | Market breadth neutral with advance-decline ratio at 1:1

Aug 3, 2021 3:44 PM

Market At Close | Sensex, Nifty & Midcap index climb to record highs

Aug 3, 2021 3:43 PM

Market At Close | Here are the highlights of today's trading session

- Sensex, Nifty & Midcap Index Climb To Record Highs

- Nifty Surges Past 16,100 & Sensex Above 53,800, Led By IT & Financials

- Sensex Rises 873 Points To 53,823 & Nifty 246 Points To 16,131

- Nifty Bank Gains 497 Points To 35,207 & Midcap Index 15 Pts To 28,266

- Titan Top Nifty Gainer Ahead Of Its Q1 Earnings; Stock Up 4%

- HDFC Moves 4% Higher On +ve Mgmt Commentary, Contributes 38 Pts To Nifty

- IndusInd Bank Rises Over 3% After RBI Empanels Bank As An Agency For Govt Svcs

- SBI At A 52-week High Ahead Of Earnings; NIMs Seen Improving QoQ & YoY

- Cummins, Dr Lal, Ashok Leyland, Havells, Bharat Forge, Federal Bank Top Midcap Gainers

- RBL Bank Slips 4% After Reporting A Weak Set Of Earnings In Q1

- PVR Falls 4% After Maharashtra Govt Decides Not To open Movie Theatres

- Coforge, Shriram Trans, Voda Idea, AU SFB, Chola Invest Top Midcap Losers

- Market Breadth neutral With Advance-Decline Ratio At 1:1

Aug 3, 2021 3:36 PM

Closing Bell | The Indian equity benchmark indices ended at record closing highs on Tuesday, with the Nifty50 index settling above 16,100. The Sensex rallied 872.73 points, or 1.65 percent, to close at 53,823.36, while the Nifty ended 245.60 points, or 1.55 percent, higher at 16,130.75. Broader markets underperformed the frontliners as the Nifty Smcallcap100 fell 0.24 percent and the Nifty Midcap100 closed flat.

Among sectors, Nifty FMCG, Nifty Auto, Nifty Private Bank, Nifty Financial Services and Nifty IT gained over 1 percent, while metal and media indices ended in the red. On the Nifty50, Titan Company, HDFC, IndusInd Bank, Nestle India and UltraTech Cement were the top gainers, while JSW Steel, Shree Cement, Bajaj Auto, UPL and Tata Steel led the losses.

Aug 3, 2021 3:34 PM

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