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Indian markets ended higher on Thursday led by gains in metals and IT stocks amid positive global cues. Today, the markets are likely to trade lower following losses in Asian peers. There will be some cautiousness as 3 southern states report spike in new infections.
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Dear Trader…
Indian equity benchmarks snapped their three-day losing streak and ended higher by around half percent on Thursday led by strong buying interest in Metal, Basic Materials and Realty stocks. Strong global cues also helped the sentiments.
Sentiments remained positive as Securities and Exchange Board of India’s (SEBI) Chairman, Ajay Tyagi asserted that a large part of the non-banking financial intermediation is happening through the capital markets. Going forward, the capital markets are going to play a bigger role in funding the economic growth.
FII and FPIs, on Thursday saw a net sold of Rs 866.26 crore in the cash segment. A total of Rs 9239.98 crore was sold against a total purchase of Rs 8373.72 crore. Domestic institutional investors today saw a net purchase of Rs 2046.96 crore in the cash segment. A total of Rs 5134.62 crore was sold against a total purchase of Rs 7181.58 crore.
Today will be some cautiousness as 3 southern states report spike in new infections. Kerala reported more than 22,000 fresh Covid-19 cases for the third day straight: the spike prompting the state to announce a weekend lockdown. Karnataka and Tamil Nadu recorded a rise in new infections on Thursday as well, taking India’s daily case count to nearly 45,000, the highest in 22 days.
Some support may come as Chief Economic Advisor K V Subramanian said headline inflation will come down under the 6 percent mark in July itself but will stay at an elevated level of over 5 percent for some time. Meanwhile, some interest is likely in the primary markets as Rolex Rings IPO closes today. The IPO has been subscribed 9.2 times so far.
Ø INDEX MOVEMENT – 30.07.2021
Dear Traders,
Nifty Future has resistance at 15838 – 15888 Point; above which other resistance levels are at 15909 – 15919 Point with highly Volatile Trend,
Nifty Future has Downside support levels are at 15777– 15737 Point; below15737 Point, other support levels are at 15707 - 15676 Point.
I am positive for the next bullish trend only above @ 15888 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 @ 15888 Point, again then the upper side target is quite high and it may touch @ 15909 Point in the short term...!!!
Dear Traders,
Bank Nifty Future has resistance at 34930 – 35008 Point; above which other resistance levels are at 35088 – 35188 Point with highly Volatile Trend,
Bank Nifty Future has Downside support levels are at 34808 – 34676 Point; below34676 Point, other support levels are at 34606 – 34474 Point.
I am positive for the next bullish trend only above @ 35008 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 @ 35008 Point, again then the upper side target is quite high and it may touch @ 35188 Point in the short term...!!
Ø Trading Idea for the derivative stocks….
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