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NIFTY WRAP UP & FORECASTING

August 5, 2021

The BSE ended at 54,493 levels, up 123 point or 0.23 % , while the NSE’s Nifty 50 index closed at 16,295 mark, up 36 points or 0.22 per cent. Earlier today, the Sensex and the Nifty claimed new lifetime high of 54,717 and 16,349, respectively.

On the UP side: Bharti Airtel 4 % . Eicher Motors, ITC, Tech Mahindra, JSW Steel, Tata Steel, Tata Consumer Products and Reliance Industries also rose between 1-2%.

On the downside- State Bank of India, IndusInd Bank, ICICI Bank, Bajaj Finance, Bajaj Finserv, NTPC, UPL, Grasim Industries and UltraTech Cement were among the losers.

Tech View:- Index managed positive note at 16295 and formed Doji candle pattern on the daily chart. Going forward 16300 will be very quick resistance if managed to sustain above 16300 zone we may see the index to march towards 16400 zone quickly but if fails to manage then some profit booking may be seen towards 16200-16100 which are immediate supports & major support is 16000 this is the level will create new buying opportunity.

European & USA markets:
@ IST 4:40 European markets were trading with a Negative note. Germany’s DAX trading in Red 1.18 %, France’s CAC40 index UP by 15.52% and England’s FTSE100 index DOWN by 17..81 %.
Where; wall street @ IST 4:51 The DOW future contract trading Positive 41 points, or 0.12%, S&P 500 Future traded UP @ 7.50 points, or 0.17%, and Nasdaq100 future trading at 27.25 points, or 0.17%.

Global News Analysis:

USA A $1 trillion bipartisan infrastructure bill on Thursday faces its biggest test of this week’s U.S. Senate debate when the nonpartisan Congressional Budget Office delivers its judgment on whether the measure fulfills a promise of not adding to Washington’s budget deficits.
China imposed new travel and movement restrictions across the nation, including in its highly protected capital of Beijing, as a delta-driven outbreak grew to over 500 symptomatic cases scattered across 15 provinces and municipalities.