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Aug 2, 2021 4:56 PM

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

USDINR continued to trade in a lacklustre trading range. Spot closed 6 paise lower at 74.34. Relentless intervention from RBI kept the USDINR supportive, in spite of a weak US Dollar Index. However, we expect volatility pick up over this as we head to the US jobs report on Friday. We expect the range to be between 74.20-74.60 over the near term.

Aug 2, 2021 4:56 PM

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

The bulls seem to have a comeback, after a lackluster type movement of last few sessions. A sustainable move above the initial hurdle of 15,880 levels is expected to pull the Nifty towards the next crucial area of 15,960-16,000 and higher in the short term. Immediate support is placed at 15,830 levels.

Aug 2, 2021 4:52 PM

Ajit Mishra, VP - Research, Religare Broking

Markets started the week on a strong note and gained nearly a percent. Encouraging domestic cues i.e. uptick in GST collection, improved auto sales boosted sentiment and triggered a firm start. However, a lack of decisiveness in the banking pack capped upside as the session progressed. Amid all, healthy buying across sectors such as realty, auto and oil & gas kept the tone positive. Consequently, the Nifty ended with strong gains of 0.8 percent at 15,885 levels. The broader markets too traded optimistically and ended higher in the range of 0.9-1.6 percent. The strategy of selecting stocks based on themes is yielding decent results and we expect the same trend to continue citing the buoyancy in the broader market. However, traders should limit their leveraged exposure and prefer hedged positions for overnight trades.

Aug 2, 2021 4:40 PM

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

Technically, the daily intraday charts suggest that Nifty is consolidating near the important resistance level of 15,900. The strong breakout formation is not ruled out if Nifty succeeds to trade above 20 days SMA or 15,800. Above the same, the uptrend texture is likely to continue up to 15,930-15,975 levels. On the flip side, a close below 20 days SMA may increase further selling pressure till 15,745-15,700.

Aug 2, 2021 4:24 PM

Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty has opened the week on a strong note with a sharply higher advance-decline ratio. A follow-through upmove is likely over the next few days and Nifty could remain with an upward bias in the 15,817-15,962 band.

Aug 2, 2021 4:11 PM

Sumeet Bagadia, Executive Director, Choice Broking

Technically, the Nifty index has taken support at the Middle Bollinger Band formation and settled above it. Moreover, the index is continuously trading above 50- days SMA, which suggests bullish strength in the counter. An indicator Stochastic has indicated positive crossover, which supports the bullish trend. At present, the Nifty has support at 15,750 levels while resistance comes at 15,960 levels.

Aug 2, 2021 4:01 PM

Manish Shah, Founder, Niftytriggers.com

It was a bullish start to the week. Nifty remains in a band of 15,950-15,550 till we see Nifty closing above the gap resistance zone at 15,830-15,880 convincingly. The point in favor of the bulls is that Nifty has closed at the top end of the range but a range expansion candle should have been a more welcome sign. Nifty has crossed above its 20-days moving average but we still need to see a convincing close above the recent high at 15,960. The price pattern for the day with a good advance-decline ratio is suggesting that the breakout should be on the upside. Support for Nifty is at 15,750 which should hold if breakout has to manifest. If Nifty manages to break above 15,960 expect the market to show a swift rally to 16,200-16,300. This could be the biggest buying opportunity in Nifty in two months.

Aug 2, 2021 3:57 PM

Rupee At Close | The Indian rupee ended higher at 74.33 per dollar, amid buying in the domestic equity market. The local currency opened marginally higher at 74.38 per dollar against Friday’s close of 74.41 and traded in the range of 74.32-74.43.

Aug 2, 2021 3:45 PM

Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed some lackluster movement and an attempt to overcome the resistance level around the Nifty 50 Index level of 15,900. The expected levels of the market are likely to be in the range of 15,800 and 15,950, and it is going to be crucial for the short-term market scenario to sustain above the 15,800 Nifty50 Index level. The technical indicator suggests, a volatile movement in the market in a small range..

Aug 2, 2021 3:44 PM

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

- Broader Markets Outperform Sensex & Nifty; Midcap Index At Record High

- Reliance & IT Majors (Infosys & TCS) Lead Market Higher

- HDFC Bank Drags Nifty Bank While Axis, Kotak Bank & SBI Support

- Sensex Rises 364 Points To 52,951 & Nifty 122 Points To 15,885

- Midcap Index Gains 435 Points To End At A Record Closing High Of 28,250

- Nifty Bank Moves 126 Points Higher To 34,710; Axis & Kotak Bank Top Gainers

- Most Auto Companies Gain After Reporting July Sales Higher YoY; Eicher Top Gainer

- Titan Closes Near Record High Ahead Of Its Earnings On Wednesday

- PI Ind Top Midcap Gainer After Ind Swift deal, Stock Surges To Record High

- Chola Investment Rises Over 10% Despite Lower-than-expected Q1

- CONCOR, Piramal, Tata Power, IRCTC, Guj Gas, Balkrishna Ind Top Midcap Gainers

- Max Fin, SAIL, Marcio, Exide & JSPL Amongst Top Midcap Losers

- Market Breadth favours advances; Advance-Decline Ratio At 2:1

Aug 2, 2021 3:35 PM

Closing Bell | Indian equity benchmarks Sensex and Nifty50 ended higher on Monday led by gains in auto, IT and realty stocks amid positive global cues. The Sensex rose 363.79 points, or 0.69 percent, to close at 52,950.63, while the Nifty ended 122.10 points, or 0.77 percent, higher at 15,885.15. Broader markets outperformed the frontliners, with the Nifty midcap and smallcap indices closing up 1.5 percent and 0.8 percent, respectively.

Among sectors, the Nifty Realty index jumped over 4 percent, followed by Nifty Auto, Nifty IT, Nifty PSU Bank and Nifty FMCG. Titan Company, Shree Cement, BPCL, Adani Ports & SEZ and Eicher Motors led gains among Nifty50 constituents, while UPL, Tata Steel, Bajaj Finserv, Bajaj Finance and Tech Mahindra led the losses.

Aug 2, 2021 3:34 PM

Zomato to launch Pro Plus; 'unlimited free deliveries' for members

All the Zomato Edition Black credit cardholders will receive an automatic upgrade to Zomato Pro Plus, while the rest will need to buy the Pro Plus upgrade from the Zomato app.

Aug 2, 2021 3:26 PM

Yash Gupta Equity Research Associate, Angel Broking

Recovery on the residential real estate market continues its momentum despite the restriction in Mumbai due to the Covid-19 second wave. We have seen strong demand in last 2 quarters and the momentum continues this quarter also. Top 10 listed players continue to gain market share in top cities in India, unorganized players finding it difficult to launch new projects due to weak launch pipeline and unavailability of capital. Listed players like Godrej, Oberoi, Sobha and brigade have a good pipeline of projects to be launch in the next 2 years. We expect the momentum in residential real-estate to continue this year. We have a buy call on Godrej Property with a target price of Rs 1,900.

Aug 2, 2021 3:25 PM

Market Watch: Sanjiv Bhasin, Director, IIFL Securities

- If Bank Nifty and Nifty are going to 16,000 and 37,000 respectively then HDFC Bank has to lead it. So keep a stop loss of Rs 1,395-1,400. I am looking at Rs 1,500 beyond on HDFC Bank in the month of August. I think HDFC Bank, the parent company HDFC, HDFC Asset Management Company and HDFC Life Insurance Company Limited – it’s time to add these 4 stocks to the portfolio.

- I wouldn’t chase diagnostic stocks. I would rather play the likes of Sun Pharma or Lupin where aside from COVID the generic business is showing a lot of traction and that’s where long-term pharma companies will be. As a disclosure, Sun Pharma and Lupin are our top picks.

Aug 2, 2021 3:19 PM

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