NiftyFuture last close: 11226.20
On last week bulls have dominated 4 days except on Monday
On Monday NF was dropped 1.6% and made a low of 10883 which was near by 200 DMA. ( What I did mention on last week Dalal Street Week Ahead of Aug 1st week ? Click here )
I have said boldly NF considering strong support at 200 DMA 10860. On Monday NF made a low of 10883 then bounced up to 11250 in end of the week.
On last four trading session bulls was dominated and climbed over a 1.3 percent in the week ended August 7
Supported global cues and RBI policy to index managed above 11200 mark
Midcap index gained 4% while Small-cap index surged 5% in the week ended 07th Aug
Covid-19 infections have been increasing rapidly. As on date 08th Aug the total count over to 21 lakh, We crossed 60,000 mark in a day for the first time.
Positive news is recovered case increasing rapidly and active cases around 6 lakh while 43000 deaths
The hearing in SC on the adjusted gross revenue (AGR) dues will be held on Aug 10
USA is expected to finalize a second round of stimulus package in the coming week
FIIs have net bought 9496 crore worth of stocks in cash segment in last 5 sessions whereas DIIs have net sold 2133 crore which could be due to profit booking and redemption pressure as the market rallied 50% from March 23’s low
Upcoming data. June industrial output will be released on Aug 11 and CPI Inflation on Aug 12.
Whole sale price inflation will be declaring on Aug 14
Focus on coming week earnings reports stocks BOB, Titan, Ujjivan, Bosachltd, Mothersumi, Auropharma, Bharatforg, Bpcl, Eichermot, Gail, Grasim, Heromotoco, Pfc, Bergepaint, Glenmarket, Hindal and Voltas
NiftyFuture week trend decider 10880 and 11340
NiftyFuture is facing a strong resistance at 11340 which is the recent high. Once if breaks and closes above the level
Further rally will be expected up to 11430, 11570 and 11680
NiftyFuture was rebounded from near by 200 DMA 10880 levels during the last week
Which is the very strong support in coming days and before that NF will take minor support around 11050
Hence buy on declines with a stop of 10880 for short term.
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Updated: 10.58 am / 09th Aug 2020