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Aug 10, 2021 4:29 PM

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

Even as markets witnessed sharp volatility, benchmark Nifty surpassed intraday resistance of 16,300. The sharp intraday correction from 16,359 to 16,202 clearly indicates uncertainty between bulls and bears. In the broader market, over 1500 stocks traded in the red, whereas about 265 stocks closed in positive which is broadly negative for the market. Technically, on daily charts the Nifty has formed a Doji kind of formation which indicates strong possibility of intraday correction if the index succeeds to trade below 16,180. We are of the view that as long as it's trading above 16180 the uptrend texture is bullish and likely to continue up to 16,350. Further upside may also continue which could lift the index up to 16,400. On the other side, below 16,180, the correction wave will continue up to 16,150-16,120 levels.

Aug 10, 2021 4:28 PM

Ajit Mishra, VP - Research, Religare Broking

Markets traded volatile for yet another session and ended marginally in the green. Banks and financials pack are largely helping the index to sustain at these levels while broader indices are seeing continuous profit-taking. Considering the scenario, we advise keeping extra caution in the selection of trades and preferring the sectors/stocks which are trading in line with the trend.

Aug 10, 2021 4:28 PM

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

The Nifty continues to trade in a narrow range with volatility and this market action could continue for the next session. After the upside breakout of the broader range recently, the Nifty sustaining with the upside breakout could be a positive indication with regards to a trend of index. A decisive move above 16,360 is expected to open next upside towards 16,500 levels in the near term. Immediate support is placed at 16,200-16,150 levels.

Aug 10, 2021 4:25 PM

Vinod Nair, Head of Research at Geojit Financial Services

Domestic market remained highly volatile as the early gains were trimmed off following selling pressure in global markets. Concerns over an early withdrawal of asset purchase programs by the Federal Reserve and US CPI inflation data to be released this week impacted the global market. However, strong support from large caps, especially from sectors like finance and IT, helped domestic main indices to end on a positive note. After a steady rally during the previous months, the small and mid-cap stocks are witnessing consolidation for the past few trading sessions while buying interest has shifted to large caps. The third wave of Covid and fall in liquidity will be a lethal combination for highly-priced mid & small caps.

Aug 10, 2021 4:24 PM

Here are key stocks that moved the most on August 10

The Sensex gained 151.81 points, or 0.28 percent, to end at 54,554.66, while the Nifty closed 21.85 points, or 0.13 percent higher at 16,280.10.

Aug 10, 2021 4:24 PM

Rahul Sharma, Co- Founder, Equity99

Small correction or a cyclic profit booking will surely hit the market, but Indian Market is clearly going to outshine in coming days, The investors don't need to panic at all, the stocks with strong fundamentals still have huge potential and will defiantly outperform in coming days. This sell-off is very much temporary and will be treated as an opportunity for Averaging good stocks in the coming days.

Aug 10, 2021 4:20 PM

Mohit Nigam, Head, PMS - Hem Securities

Technically, benchmark indices are doing pretty well and intend to continue its bull run keeping support at 16,100 with a near term resistance at 16,400 and markets are capturing any significant dip as a good opportunity to invest.

Aug 10, 2021 4:15 PM

Manish Shah, Founder, Niftytriggers.com

Nifty50 settled on a flat note but continues to hold above the gap support at 16,162-16,188. As long as this support holds the market should hold higher. A break below the support at 15,950 could result in a decline towards 16,000 odd levels which is again a buying area. In the last couple of days, Nifty has seen narrow ranged candles which are a series of “Doji patterns” Several Doji candles in a row does suggest that the sentiment and the direction in the market is absent at least on the short-term basis.

The price action in Nifty remains bullish though there is not much of a headway in the markets. Nifty is still a break above the R3 pivot on the Weekly pivot of the previous week. Nifty needs a pop above 16,350 for more upsides towards 16,450 and above that to 16,800. The directional movement system and MACD are in a bullish mode. Probabilities favour a rally to 16,450 over the next couple of days. Nifty is trying out the patience of traders in the context and the interest has again shifted to large caps.

Aug 10, 2021 4:06 PM

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

The markets climbed well above the 16,300 mark and seemed all poised to close above it too. However, there was a sharp and nervous sell-off mid-day which brought the index close to 16,200. We recovered well but did not close above the 16,300 level. Once we are successful in doing so, we will witness a rally to 16,600 as the next target for the Nifty.

Aug 10, 2021 3:57 PM

Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed the continuation of trading within a small range and a reversal from the support level around the Nifty 50 Index level of 16,200. The market is going to be crucial for the short-term scenario to sustain above the 16,200 Nifty50 Index level. Sustaining above 16,200, the market expects to gain momentum, leading to an upside projection till 16,450-16,500 level. The momentum indicators like RSI and MACD indicating a positive outlook to continue.

Aug 10, 2021 3:56 PM

Rupee At Close | The Indian rupee ended 17 paise lower at 74.43 amid volatility in the domestic equity market. The local unit opened 15 paise lower at 74.41 per dollar against the previous close of 74.26 and traded in the range of 74.33-74.47.

Aug 10, 2021 3:52 PM

Market At Close | Market breadth slips in favour of declines today; advance-decline ratio at 1:6

Aug 10, 2021 3:48 PM

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

- Market Gives Up Record Levels, Sensex & Nifty End With Minor Gains

- Nifty Ends At 16,280.10 After Attaining A Fresh Record High Of 16,359 Earlier

- Sensex Sheds Nearly 200 Points From The Top To End At 54,585.62

- Midcap Index Ends With Losses Of Nearly 300 Points, At 27,439.25

- Steel Stocks Lag The Most On Index After Shree Cement’s Q1 Fails To Impress Street

- All Sectoral Indices Except Nifty IT End In The Red; Nifty Metal Down 3%

- Bharti Airtel Notches A New Record Of `628/Sh After Ending 1% Lower Yesterday

- Motherson Sumi Ends At 3-month Low After Co Says Cons Net Debt Has Risen QoQ

- Coal India Ends Below 100-DMA After Q1 PAT & EBITDA Come In Lower YoY

- Market Breadth Slips In Favour Of Declines Today; Adv-Dec Ratio At 1:6

Aug 10, 2021 3:37 PM

Closing Bell | The Indian equity benchmark indices ended Tuesday's volatile session with minor gains amid mixed global cues. The Sensex gained 151.81 points, or 0.28 percent, to end at 54,554.66, while the Nifty closed 21.85 points, or 0.13 percent higher at 16,280.10. Broader markets underperformed the benchmarks as the Nifty Smallcap100 fell 2.3 percent and the Nifty Midcap100 ended 1 percent lower.

Among sectors, metal, PSU banks, realty and media indices declined over 2 percent each, while Nifty IT and Nifty Financial Services ended in the green. Bharti Airtel, Tech Mahindra, HDFC, Kotak Mahindra Bank and M&M were the top gainers on the Nifty50, while Shree Cements, JSW Steel, Tata Steel, Hindalco Industries and Power Grid Corporation were the top index losers. Read here.

Aug 10, 2021 3:36 PM

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