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NIFTY WRAP UP & FORECASTING

August 11, 2021

The BSE ended at 54,525 levels, down 29 point or 0.05 % , while the NSE’s Nifty 50 index closed at 16,276 mark, down by 4 points or 0.03 per cent.

On the Upside: Tatasteel, JSW steel, IOC, NTPC, Hindalco, Powergrid

On the Downside- Shreecem, Kotakbank, Sunpharma, BajajAuto, ICICI bank.

Tech View:- Index managed to hold 16200 and closed on negative note at 16276 and Formed Hanging man sort of candle pattern on daily chart, Which represent bearish reversal 16200-16150 will be a support zone, and 16350 will be the resistance.

European & USA markets:
@ IST 5:00 European markets were trading with a Positive note. Germany’s DAX trading 0.02 %, France’s CAC40 index UP by 0.30% and England’s FTSE100 index UP by 0.51 %.
Where; wall street @ IST 5:00 The DOW future contract trading Positive 13 points, or 0.04%, S&P 500 Future trading in negative note @ 3.50 points, or 0.08%, and Nasdaq100 future trading Negative 27 points, or 0.18%.

Global News Analysis:

USA- U.S. stocks are seen opening mixed Wednesday, with investors digesting the news of the passage of a $1 billion infrastructure bill while awaiting the latest consumer inflation data.
China-The regulatory storm that washed billions from Chinese corporate valuations in the name of curbing excesses exposes not only the policy risk under President Xi Jinping’s increasingly activist tenure, but also the uncertainty over implementation.

USA- Senate approved a $3.5 trillion spending blueprint for President Joe Biden’s top priorities early on Wednesday morning in a 50-49 vote along party lines, after lawmakers sparred over the need for huge spending to fight climate change and poverty.