Stock Market Daily Updates: 4 Aug 2020

Dear Trader…

On the second day of the week, the Indian stock market started trading with a positive due to trends on SGX Nifty indicating a positive. European shares rallied on Monday, reversing last week’s losses, as data showing U.S. manufacturing expansion added to the optimism over euro-area factories returning to growth.

U.S. manufacturing activity accelerated to its highest level in nearly 1-1/2 years in July as orders increased despite a resurgence in new COVID-19 infections, which is raising fears about the sustainability of a budding economic recovery. Oil prices were up more than 1% on Monday on positive economic data from the United States, Europe and Asia, but investors remained concerned about rising COVID-19 cases globally and oversupply as OPEC begins to lift supply cuts. Brent crude settled at $44.15 a barrel, rising 63 cents, or 1.5%. U.S. West Texas Intermediate (WTI) crude rose 74 cents, or 1.8%, to end at $41.01 a barrel.

DAX, CAC and FTSE Index surged over 2% each led by the auto, media and construction sectors after the euro-area posted its first manufacturing expansion in one-and-a-half years on Monday.

Friends, Some economic indicators are improving as pointed to lower unemployment, higher e-toll and e-way bill collection, digital transaction and GST collection, which has returned to an estimated Rs 90,000 crore. Central banks around the world are implementing zero interest rates and other unconventional monetary policies and this has led to huge liquidity in the system.

This will start a new earning growth cycle in India,The recent move by the regulatory body will have a severe impact on liquidity in the Indian stock market. However in the long run regulators will increase liquidity in the Indian market. The government will spend huge money to boost economic growth in the next few quarters after the Corona virus problem is resolved.

Today Results are Marksans Pharma, MRPL, Godrej Consumer Products, Gujarat Gas, Century Enka, Astral Poly Technik, Apollo Pipes, Dixon Technologies, Eris Lifesciences, Geojit Financial Services, Hikal, Igarashi Motors, Jindal Saw, JMT Auto, Neuland Laboratories, Sun Pharma Advanced, Taj GVK and Tata Consumer Products, etc.

Foreign institutional investors (FIIs) bought shares worth Rs 7,818.49 crore while domestic institutional investors (DIIs) sold shares worth Rs 135.55 crore in the Indian equity market on August 3, as per provisional data available on the NSE.

Nifty Future opened @ 10940 as on 04.08.2020

For Intraday, Nifty Future has resistance at 10960 – 10988 Point; above which other resistance levels are at 11008 – 11033 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 10919 – 10909 Point; below 10909 Point, other support levels are at 10898 – 10880 Point.

I am positive for the next bullish trend only above @ 11008 Point but be with the trend. Let the market decide further moves. As we are saying from many days, Buying is suggested in falls only...and it’s still a better strategy in the given Scenario

Regarding Long term positions, it is preferable to remain cautious now

If Nifty Future crosses @ 11008 Point, again then the upper side target is quite high and it may touch @ 11033 Point in the short term

Bank Nifty Future opened @ 21299 as on 04.08.2020

For Intraday, Bank Nifty Future has resistance at 21333 – 21393 Point; above which other resistance levels are at 21444 – 21505 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 21188 – 21101 Point; below 00000 Point, other support levels are at 20960 – 20909 Point.

I am positive for the next bullish trend only above @ 21505 Point but be with the trend. Let the market decide further moves. As we are saying from many days, Buying is suggested in falls only...and it’s still a better strategy in the given Scenario

Regarding Long term positions, it is preferable to remain cautious now

If Bank Nifty Future crosses @ 21505 Point, again then the upper side target is quite high and it may touch @ 21575 Point in the short term

Prediction on Stock specific Movement as on 04.08.2020 

MUTHOOT FINANCE FO @ RS 1297

Positive Trend @ Rs 1297 / 1280 with Stop loss of Rs @ 1270 for the target near @ Rs 1313 - 1320 in short term

ACC LTD FO @ RS 1422

Positive Trend @ Rs 1414 / 1404 with Stop loss of Rs @ 1390 for the target near @ Rs 1440 - 1455 in short term 

HDFC BANK FO @ RS 1010

Positive Trend @ Rs 1003 / 990 with Stop loss of Rs @ 977 for the target near @ Rs 1023 - 1030 in short term

INFOSYS FO @ RS 969

Positive Trend @ Rs 966 / 950 with Stop loss of Rs @ 944 for the target near @ Rs 988 - 993 in short term 

HCL TECHNO FO @ RS 712

Negative Trend @ Rs 712 / 722 with Stop loss of Rs @ 733 for the target near @ Rs 696 – 690 in short term

INDUSIND BANK FO @ RS 508

Negative Trend @ Rs 508 / 520 with Stop loss of Rs @ 533 for the target near @ Rs 498 – 490 in short term 

BERGER PAINTS FO @ RS 525

Negative Trend @ Rs 525 / 537 with Stop loss of Rs @ 545 for the target near @ Rs 513 – 508 in short term

TECH MAHINDRA FO @ RS 678

Negative Trend @ Rs 678 / 690 with Stop loss of Rs @ 696 for the target near @ Rs 663 – 650 in short term 

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