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Aug 6, 2021 4:59 PM

Market This Week | Here's how the market performed this week

- Market Snaps 2-week Losses; Nifty & Sensex Up 3% This Week

- Nifty Bank Up Nearly 4% & Midcap Index Up Less Than 1%

- All Sectoral Indices Record Gains This Week; IT & Pvt Bank Top Gainers

- 41 Nifty Stocks Post Gains; Eicher, Bharti, HDFC, Kotak Top Gainers

- UPL, Bajaj Finserv, Grasim, UltraTech Top Nifty Losers This Week

Aug 6, 2021 4:58 PM

Ajit Mishra, VP - Research, Religare Broking

Markets traded volatile for the second consecutive session and ended marginally lower. After the flat start, it traded range-bound till the end however movement on the stock-specific front kept the participants busy. In between, the announcement of the status quo on key rates with an accommodative stance from the RBI review meet fell in line with the expectation. However, the SC ruling regarding the Reliance-Future merger in favour of Amazon didn’t go well with the market and triggered a sharp reaction in Reliance and Future group stocks.

In absence of any major event, earnings and global cues will dictate the market trend. We suggest keeping a close watch on the banking and financial pack as they have the potential to further fuel the momentum. Going ahead, in case of any dip, the 16,150-15,950 zone would act as a cushion in the Nifty.

Aug 6, 2021 4:47 PM

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

After rallying for four straight sessions and scaling new milestones, Nifty shed losses as investors booked profit in Reliance Industries and other select blue-chip stocks. The RBI's decision to keep the policy rates unchanged failed to woo investors as the status quo was already priced in the market. Technically, on weekly charts, the Nifty has formed a strong breakout formation, which indicates a further uptrend from current levels. We are of the view that the medium-term trend is bullish and buying on dips and selling on rallies would be the ideal strategy for the positional traders. The 16,150-16,050 level on Nifty would be the strong support zone for the index. Trading above the same, the uptrend wave is likely to continue till 16,400-16,550 levels. Below 16,050, breakout traders may prefer to exit from trading in long positions.

Aug 6, 2021 4:46 PM

Deepak Jasani, Head of Retail Research, HDFC Securities

After forming a Doji on Thursday, the Nifty fell validating the reversal sign of a Doji. Over the week, however the Nifty was up 3.0% due to the gains in the early part of the week. However, Nifty Midcap 100 rose 0.49% while Nifty Smallcap 100 index fell 0.78% over the week, reflecting the pressure on the broader markets. Over the week, Banks, IT and Auto stocks did well while Media stocks fell. 15,962-16,146 could be the support band for the Nifty in the coming week while 16,337-16,349 could act as a resistance.

Aug 6, 2021 4:45 PM

Rahul Sharma, Co-Founder, Equity99

Nifty going ahead has immediate support placed at 16,200 followed by 16,075 – 15,950 & similarly Resistance is placed at 16,300-16,385-16,450 levels. Bank Nifty which made a flat close at 35,809 has major support at 35,625-35,500-35,350 & Resistance at 36,000-36,200-36,350. Sectors which will remain in focus for Monday – Pharma, Real-Estate, Paper, Banks & IT.

Aug 6, 2021 4:45 PM

Here are key stocks that moved the most on August 6

The Sensex fell 215.12 points, or 0.39 percent, to end at 54,277.72, while the Nifty closed 56.40 points, or 0.35 percent lower at 16,238.20.

Aug 6, 2021 4:44 PM

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

The Nifty seems to have started consolidation or minor downward correction from the highs, as anticipated and this consolidation movement is likely to extend towards the early part of next week. The important lower supports to be watched for next week around 16,200-16,100 levels and that is going to be a buy on dips opportunity. We expect a sharp upside bounce from the dips by the mid to later part of next week. On a decisive move above 16,350, Nifty may head towards 16,500 levels.

Aug 6, 2021 4:40 PM

Manish Shah, Founder, Niftytriggers.com

Nifty is catching a breather after a sharp spurt seen in the last couple of days. The gap area between 16,162-16,188 is the first line of defence for the bulls. In case Nifty closes below 16,162 there could be a 1-2 day decline to 15,950-16,000. In case of a decline to the zone between 15,950-16,000 will be a buy zone. The MACD oscillator is in a buy mode and the directional movement index is also in a bullish mode. The ADX is also rising which points out towards a possible fast trend emerging in the market over the next couple of weeks. On the weekly, we see a range expansion candle in an existing uptrend. This type of pattern usually points towards trend continuation. The prolonged eight-week sideways price action has resolved with a breakout on the upside.

On the upside potential for Nifty to move towards 16,500 is there. The only glitch is that there could be a short-term decline in the market. The mindset should be to buy on declines and dip to 16,000 would be that opportunity. If Nifty trades beyond the Weekly R3 pivot at 16,303 expect further upsides to 16,500 is likely.

Aug 6, 2021 4:21 PM

Sachin Gupta, AVP- Research, Choice Broking

Technically, the benchmark index is trading in a bullish trend with higher highs & higher lows formation. In the recent candle, it has formed a Bearish Candlestick at the top of the trend, which indicates some correction in the index. Moreover, the Nifty50 index also slipped below the key level of 16,300 & Upper Bollinger Band formation. A momentum indicator RSI is hovering near the overbought zone. However, MACD & Stochastic is still showing further strength with positive crossover. At present, the nifty index has resistance at 16,350 levels while support comes at 16,100 levels.

Aug 6, 2021 4:08 PM

Rupee At Close | The Indian rupee ended flat at 74.15 per dollar amid selling in the domestic equity market after the Reserve Bank of India (RBI) has kept the key policy rates unchanged. The local currency opened 7 paise higher at 74.10 per dollar against yesterday’s close of 74.17 and traded between 74.08-74.22.

Aug 6, 2021 4:05 PM

Aug 6, 2021 4:02 PM

Aug 6, 2021 4:01 PM

Market Watch: Aman Chowhan, Fund Manager at Abakkus AMC

On IPOs | IPO space is looking interesting. Lots of new-age companies are coming in which is good for the market and that is where the future lies. Just a bit of caution – these days for many IPOs retail investors are looking at a grey market premium if they are investing than the balance sheet or profit and loss (P&L), this is something which is not advisable according to us. They are good companies but be careful of what you are getting into. We are looking at IPO markets very selectively. Companies, where valuations are decent with good growth prospect, is something that we are investing in.

On EaseMyTrip | EaseMyTrip has always been profitable and that is where the focus lies. As the economy opens up, as air travel becomes more widespread, people with vaccinations start moving out then the business is going to increase and with the fixed cost, there can be a disproportionate increase in profits. That is the broad thesis in the stock that we have. Outlook is looking quite interesting.

Aug 6, 2021 3:59 PM

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

The Nifty took a breather today which is possibly due to the weekend knocking on the doors. The overall trend of the market continues to remain bullish and any dip or correction should be utilized to go long. 16,300 is the short term resistance that was crossed yesterday and today as well. If we can keep above that level, the index should zoom to 16,500-16,600.

Aug 6, 2021 3:55 PM

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