Analysis & Key Levels for Aug 03, 2021

Analysis for 03-Aug

Written on 02-Aug, 7:42 PM

  1. FIIs are selling on any rise and DIIs are buying aggressively on every dip. This continues to be the trend.
  2. Nifty Futures opened gap-up today and closed strongly above the open price. Now we are close to the crucial level of 15932. Remember, Nifty Futures has not closed above 15932 in the Weekly timeframe.
  3. Hence, any move above 15932 will trigger short covering and there could be a quick move towards 16000.
  4. Now, we are on the upper end of the broad range (15500 - 16000). It will be quite interesting to see what the FIIs do tomorrow. Although they are still selling in the cash market, they have closed their short positions on the Index.
  5. On top of it, we see good PUT build up near 15800 and 15900 indicating strong support.
  6. All the broad market indices ended in green which is a positive signal. Over the last 2 weeks, one or the other index used to be in red. But today, all (Nifty 50, Next 50, Mid Cap 50, Nifty 500 ) ended in green.
  7. REALTY and INFRA stocks continued their good run. AUTO & ENERGY stocks staged a comeback.
  8. Reliance alone contributed ~25 points to the Nifty today. Reliance and HDFC twins will have to step up if Nifty has to scale 16000.
  9. World markets are back in green and US market is trading near record highs as I am writing this.
  10. The market participants have written PUTs confidently at 15800 and 15900. This is a good signal.

With this, let us move to the Key Levels.

Key Levels for Nifty Futures

  • Bulls to control above 15918. Targets on the upside are 15932, 15949, 15967.

  • Bears to control below 15902. Targets on the downside are 15881, 15866, 15843.

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)

What is your market view for Aug 03, 2021 with respect to Nifty?

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

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PS: 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.

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