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Aug 4, 2021 4:58 PM

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

The short term trend of the Nifty continues to be up and the sharp upside breakout has been confirmed. Having moved up sharply in last 2 sessions and a weak market breadth is likely to pull the market into profit booking from the highs in the next 1-2 sessions. Any dips down to the 16K mark is going to be a buy on dips opportunity. Our initial upside target of 16,300 has almost been reached (made a high of 16,290 on Wednesday). The next upside levels to be watched are around 16,500 in the next week.

Aug 4, 2021 4:55 PM

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services

Technically, Nifty formed a Bullish candle on daily scale and is forming higher highs - higher lows from the past five sessions. If Index manages to sustain the current momentum, we can witness an up move towards 16,400-16,500 zones, while on the downside 16,000 could act as key support. India VIX came down marginally by 3.9% to 13.21 levels. Stability in volatility indicates that bulls are holding the market to cheer the fresh momentum.

Aug 4, 2021 4:45 PM

Ajit Mishra, VP - Research, Religare Broking

The market continued its surge for the second consecutive session and gained nearly a percent. Since the Nifty has almost tested the immediate target of 16,300, we may see a pause in the following session. However, the recent buoyancy in banking and financials would help the index to maintain the positive bias. At the same time, the profit-taking in the other sectors and broader indices demands extra caution in the selection of stocks. We advise aligning positions accordingly.

Aug 4, 2021 4:35 PM

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

Bulls continue with the positive momentum as benchmark Nifty hit another fresh all-time high of 16,290.20 after a massive breakout. The uptrend was largely supported by the HDFC twins, private banks and financial stocks. Technically, on daily charts, the index has formed breakout continuation formation, which is broadly positive for the market. But intraday charts and momentum indicators suggest a temporary overbought situation and traders may take a cautious stance near the 16,300 -16,330 level. We are of the view that in the next few trading sessions buying on dips and sell on rallies would be the ideal strategy for the day traders. The trade setup suggests that 16,200- 16,150 would be the key support level for the bulls. On the flip side, the 16,300-16,330 level could be the immediate hurdle for the market.

Aug 4, 2021 4:35 PM

Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty rose with another gap up reflecting the pent up demand in index heavyweights. The advance-decline ratio however has turned very negative despite Nifty being up, suggesting profit-taking in the broader markets. With other markets doing well, Nifty could continue to remain steady/up, while the broader market correction could continue for a few sessions.

Aug 4, 2021 4:34 PM

Here are key stocks that moved the most on August 4

The Sensex rallied 546.41 points, or 1.02 percent, to 54,369.77, while the Nifty ended 128.05 points, or 0.79 percent, higher at 16,258.80.

Aug 4, 2021 4:33 PM

Rahul Sharma, Co- Founder, Equity99

On the technical front for tomorrow, Nifty on daily charts has again formed a white candle which has been formed after 2 consecutive bullish candles which shows a further continuation of bullish sentiments and rally in the market.

Important Support Levels – 16220 – 16150 – 16075

Important Resistance Levels – 16280 – 16350 - 16385

Similarly Bank Nifty after regaining the 36k mark now going ahead 35,960 will act as immediate support and further below at 35,700-35,400, on the upper side 36,250-36,400-36,560 will be the resistance levels. Banks, IT, Realty & Auto sector and stocks will remain in focus for tomorrow session.

Aug 4, 2021 4:24 PM

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

The rupee spot touched a low of 74.08 against the dollar on the back of strong FPI and lumpy corporate $ inflows. It is the lowest level since June 21. The bias continues to be downward for the rupee/dollar and a strong equity market and weak US dollar index will exert more downward pressure on the currency. We expect a range of 73.90-74.30 for the spot.

Aug 4, 2021 4:12 PM

Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking

For the second consecutive session, Nifty showed immense strength and continued to march higher led by the banking heavyweights. The Bank Nifty index showed a catch-up move to the recent underperformance and surpassed the 36000 mark. However, in spite of the key indices holding strong, the broader markets witnessed profit booking and hence, the Nifty Midcap index ended with a loss of over a percent. This could be seen as a divergence which indicates that the market moves may not be as smooth as one would like it to post such breakout. Traders should be very selective in picking stocks and look to trade only such pockets which are showing strength. Positional traders should also look to take some money off the table as profit booking is also one of the most important parts of trade management.

As far as Nifty levels are concerned, immediate supports for Nifty are placed around 16,175 and 16,000 while 16,300-16,400 are the levels to watch on the higher side. In the next couple of sessions, events such as weekly expiry and then the RBI Policy outcome could lead to some volatility. Hence, traders are advised to trade with proper risk management and keep booking timely profits.

Aug 4, 2021 4:06 PM

Manish Shah, Founder, Niftytriggers.com

Nifty50 closed the day higher by close to 128 points. It was a narrow range candle for the day. Nifty remains below the weekly R3 resistance at 16,303 and this pivot needs to be taken out for the rally to move higher. MACD has moved into a buy mode as MACD crosses above the signal line. The directional moment system is already in a buy mode. Nifty has already broken above the rectangle pattern and Nifty has already moved a distance from 15,960. A small pullback towards 15,960-16,000 is going to be a normal movement. There could be a small pullback towards 15,950-16,000 and then the rally could continue. Any drop to 15,950-16,000 is an opportunity to buy the market. Interesting to note that the mid-cap index has seen a red candle where the Nifty50 is a green long candle. Is Nifty mid-cap signalling something important? We will wait for a few days and observe.

Aug 4, 2021 3:58 PM

Rupee At Close | The Indian rupee ended higher at 74.18 amid gains in the domestic equity market led by strong FII inflows resulting in the benchmark indices touching fresh record highs. Rupee hit a 6-week high of 74.08 intrday. The local unit opened higher at 74.15 per dollar against the previous close of 74.28 and traded in the range of 74.08-74.24.

Aug 4, 2021 3:57 PM

Market Watch: Kunj Bansal, CIO, Karvy Capital

Bharti Airtel has given reasonably decent quarterly numbers and the expectation of the stock to do well has been for almost six quarters. Unfortunately, it is quite surprising and difficult to fathom why the stock is not performing in such a bullish market but yes, it is positive for Bharti Airtel.

Aug 4, 2021 3:52 PM

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

The markets got off to a flying start but decided to take a breather closer to the 16,300 level. If we can get past 16,300, the next target for the Nifty should be 16,600. The new support for the market is at 15,700 and hence any dip or intraday correction can be used to accumulate long positions for higher targets.

Aug 4, 2021 3:50 PM

Fear gauge eases 3 percent

NSE's India VIX (Volatility index) dipped 3.89 percent to 13.21 as the Sensex and Nifty stayed near their record highs. Why does VIX matter? Because it tells you the kind of volatility that investors are expecting in the market. In other words, the reading reflects the fear of risk among market participants. Hence the volatility index is also known as the fear index. Lower the VIX reading, less the volatility (risk) expected and higher the reading, more the volatility (risk) expected.

Benchmark indices—Nifty and Sensex—have an inverse co-relation with VIX. As in both typically trend to move in opposite directions. When investors expect less volatility, they become bullish on stocks and this results in the Nifty and Sensex climbing higher. Likewise, they reduce their positions if market volatility is expected to rise in future.

India VIX soared to a five-year high of over 60 points in March 2020—the same month India announced a complete lockdown. It had surged to similar levels when Lehman Brothers collapsed in September 2008 during the sub-prime mortgage crisis.

Aug 4, 2021 3:49 PM

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