2022-08-02 13:20:53
Riddhi Siddhi Share Brokers Latest after the Bell @ 4.00 PM – Tuesday, August 2nd 2022.Nifty stays above dotted lines despite a tumbling Asia.
# Nifty (+5, 17345).
# Sensex (+21, 58136)
Despite early morning wobble, Nifty ended the day a tad above the dotted lines – taking the winning streak to five. Most importantly, bulls held to the reins – keeping recession fears at bay.
Digging deeper, we however feel the surface was bit shaky and blame the same to reports of mounting US-China tensions over Taiwan.
Honestly speaking, Taiwan is now the main event risk in the near term.
India VIX, which measures the expected volatility in the market too spiked 6.5% to 18.64 levels.
Riddhi Siddhi Share Brokers The key highlights of Tuesday’s trade:# Bank Nifty ended 0.32% higher outperforming Nifty gains of 0.03%.
# Nifty PSU Banks index was star outperformer, up 2.30% for the day. Bank of Baroda jumped 4.4% higher.
# Nifty’s Major Gainers: INDUSIND BANK (+2.79%) ASIAN PAINTS (+2.32%) NTPC (+2.04%)
# Nifty’s Major Losers: UPL (-3.58%) HERO MOTO CORP (-2.38%) SBI LIFE (-2.14%).
# Adv-Dec 24 —— 26
# Nifty PCR 1.48
# BANK NIFTY PCR 1.0
# INDIA VIX 18.62 (+6.49%)
# Nifty MidCap (-0.08%, 8293)
# NiftySmallC (+0.49%, 9383)
# BANK Nifty (+0.32%, 38024)
# Nifty IT (-0.90%, 28957)
# USD/INR (-0.38%, 78.66)
Riddhi Siddhi Share Brokers OUR VIEW FOR WEDNESDAY’S TRADE: The streets’ sentiment now primarily hinges on the RBI Policy outcome and the US NFP to trickle in on Friday, 5th August.
Technically speaking, the immediate support seen at the 17121 mark. Only below 17121, expect Nifty to quickly slip towards 16750-16800 zone. Honestly speaking, amidst overbought conditions, the perma-bulls will have to really find reasons to protect Nifty’s biggest support at 17121 mark.
Alternatively, if Nifty’s support at 17121 holds, then expect the benchmark to shoot to the moon with targets at 17557 and then at 18100 mark
Amongst stocks looking attractive on buy side are Aarti Industries, Balrampur Chinni, Balkrishna Industries and SRF with an interweek perspective.
ALL ABOUT NIFTY:Support: 17121/16821
Resistance: 17557/18117
Range: 17200-17550
21 DMA: 16448
50 DMA: 16187
200 DMA: 17017
Trend: Positive
BULLISH LOOKING STOCKS:# BALRAMPUR CHINNI
# BALKRISHNA INDUSTRIES
# AARTI INDUSTRIES
BULLISH LOOKING STOCKS (LONG TERM):# SRF
# CHAMBAL FERTILISER
# AXIS BANK
BEARISH LOOKING STOCKS:# FSL
# BIOCON
# MCX
STOCKS TO AVOID:# GMR INFRA
# IPCA LABS
# BANDHAN BANK
Stay Tuned.Disclaimer: This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Returns mentioned herein are in no way a guarantee or promise of future returns. Stock market investments are subject to market risks.
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