Dalal Street Week Ahead: August 1st Week

NiftyFuture last close: 11095.85 (-0.1%)

Very tough fight was seen bulls vs bears on last week finally bears have won

NiftyFuture has lost 0.7% for the week ended July 31st and Nifty50 has closed in the red for the consecutive six winning week

On last week I did mentioned on weekly analysis “NF facing a weekly resistance 11360 and support 11000.

Did you know? Last week NF was made a high of 11343 and low of 11025. Unable to cross given levels.

On July month Nifty rallied 7%, Small-cap and Mid-cap index closed with gains of over 5%

Nifty50 stocks Infosys rallied 31%, Wipro gained 27%, Techm added 25% and Reliance rocked 22%

Maruti reported a sales figure decline of 1.1% in YoY and grew by 88.2% on MoM basis

Covid-19 cases increased gradually and last one week cases increased around 50000 every day

Totally affected cases 17.50 lakh, 11.25 lakh recovered case, and active cases are around 5.7 lakh which including 37000 deaths

In coming week Hindpetro, Lupin, Dlf, Apollotyre, Cipla and M&M will be declaring earnings report

FIIs sold 751 crore in entire July month whereas DIIs bought marginally 55 crore

US markets has ended highers levels on 31st July. Dow Jonnes gained 115 points, S&P500 add 25 points and Nasdaq spiked 158 points

NiftyFuture weekly trend decider 10860 and 11340

Selling pressure was visible in front line stocks likes Reliance, Hdfc twins and private banks hence the index was lowered

On Friday NiftyFuture has broken recent bottom of 11050 but closed above the level

Overall, NiftyFuture seems selling pressure on last three sessions and shown weakness

Let’s see Technical levels…….. NiftyFuture considering a support at 10980 and 10860 which was Nifty 200DMA at 10860.

Once if breaks and closes below the level, Finding a next support 10730 and 10550

On another hand, NiftyFuture facing a resistance 11230 and 11345

If breaks and manages above 11345…… Then will see next major resistance at 11440 and 11650. But chances are very remote only for higher levels

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Updated: 11.31 am / 02nd Aug 2020