Yesterday i.e. 4th August, Nifty breaks another record and ended at 16258 levels. For the three successive sessions, Nifty is performing tremendously. Thus, Bull Run continues in yesterday’s trading session. Moreover, a smooth rally is seen in Banking and Financial stocks headed by the quarterly earnings results.
Furthermore, Nifty50 upsurges by 128 points and ended at 16258. On the contrary, the Sensex raised 546 points and ended at 54,369.
If we converse about yesterday’s trading session then banks and financial stocks seem powerful. Whereas, wider profit booking is seen in user durables, telecom, realty, and FMCG shares.
Moreover, Bank Nifty after a long time beats the resistance zones and ended 820 points higher which stood at 36,028.
Indices still underperformed thereby falling 1 percent each in BSE small-cap and mid-cap index.
India VIX dips 3.91 percent and stood at 13.21 levels. Firmness in volatility reflects that Bull Run is in control.
Trendy Nifty
As expected, we have seen a good upside move above 16000 levels.
A gap up opening above 16300 will take Nifty to 16380—16450 levels.
Immediate support and stop loss below 16140 on a closing basis.
Three consecutive close + weekly close above 16000 will take it to 16800—17500 levels in days to come.
Trade safely, if any reversal seems then surely we will update on Whatsapp.
Trendy Bank Nifty
On the other hand, Bank Nifty is hovering around 36000 levels.
Three consecutive closes + weekly close above 36100 will take Bank Nifty to unexpected levels in days to come.
Bank Nifty has immediate support at 35500 while resistance at 36300.
Decisive break and sustain above 36300 will take it to 36900—37200 levels in days to come.
Traders can trade safely as per the levels given above. Anything major seems then surely we will update via Whatsapp
Happy Trading…