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We are bullish on the market although after the sharp correction, we are concerned about the valuation of the market. As the market has been in the overbought zone it will not take long for the scenario to become difficult to sell again in a sudden correction.
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Dear Trader…
On the first day of the week, the Indian stock market started trading with a rally after a significant decline last week. Foreign funds, which have been booming for a long time, are seeing heavy sell-offs last week with volatility on the back of a worrying rise in the transition of corona to India.
FII and FPIs, on Monday saw a net sold of Rs 1539.88 crore in the cash segment. A total of Rs 8090.77 crore was sold against a total purchase of Rs 6550.89 crore. Domestic institutional investors saw a net purchase of Rs 1505.82 crore in the cash segment. A total of Rs 4972.36 crore was sold against a total purchase of Rs 6478.18 crore.
We are bullish on the market although after the sharp correction, we are concerned about the valuation of the market. As the market has been in the overbought zone it will not take long for the scenario to become difficult to sell again in a sudden correction. So that caution will be necessary. Investors can book profit in a small portion of their portfolio.
Ø INDEX MOVEMENT – 03.08.2021
Dear Traders,
Nifty Future has resistance at 15939 – 15977 Point; above which other resistance levels are at 16008 – 16033 Point with highly Volatile Trend,
Nifty Future has Downside support levels are at 15888– 15838 Point; below15838 Point, other support levels are at 15808 - 15777 Point.
I am positive for the next bullish trend only above @ 16008 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 @ 16008 Point, again then the upper side target is quite high and it may touch @ 16088 Point in the short term...!!!
Dear Traders,
Bank Nifty Future has resistance at 34909 – 35008 Point; above which other resistance levels are at 35088 – 35202 Point with highly Volatile Trend,
Bank Nifty Future has Downside support levels are at 34770 – 34606 Point; below34606 Point, other support levels are at 34474 – 34303 Point.
I am positive for the next bullish trend only above @ 35088 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 @ 35088 Point, again then the upper side target is quite high and it may touch @ 35202 Point in the short term...!!
Ø Trading Idea for the derivative stocks….
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