Analysis & Key Levels for Aug 02, 2021

  1. July month has ended and we are stepping into August now.
  2. Nifty Futures has not closed below 15700 for the last 9 weeks now in the Weekly chart.
  3. Nifty Futures has also not closed below 15750 in the last 3 weeks.
  4. Hence, 15700-15750 will be an important zone in the coming week too.
  5. Any fall below 15700, might lead to a quick move towards 15500.
  6. On the upside, 15932 will be a crucial level. Once that level is taken out on the upside, we might see short covering which can propel the markets towards 16000.
  7. For now, we see huge CALL build-up at 15800, 15900, and 16000. A move or close above 15800 looks unlikely in the coming week based on the current OI. It might change during the week.
  8. FIIs sold heavily on Friday in the second half and they have added short positions on the Index.
  9. The global markets also ended in red after our market closed on Friday. Things don’t look good at the moment.
  10. With this, let us look at the key levels for Nifty Futures.

Key Levels for Nifty Futures

  • Bulls to control above 15824. Targets on the upside are 15844, 15861, 15879.

  • Bears to control below 15788. Targets on the downside are 15766, 15743, 15725 & 15704.

Note: The levels are based on Nifty Futures chart. Click here to see how to use the Key Levels.

Nifty Futures Chart (5-minute Timeframe)

All the data points are available in the Finvezto App. Check out the App here.

If you are looking for Banknifty, Reliance & Infosys Key Levels, please check here.

What is your market view for Aug 02, 2021 with respect to Nifty?

  • Bullish
  • Moderately Bullish
  • Sideways
  • Moderately Bearish
  • Bearish

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BAnk Nifty and RIL Infy levels for Aug 2nd