Analysis & Key Levels for Aug 06, 2021

The RBI Monetary policy announcement is at 10 AM tomorrow. So, we can expect consolidation in the first hour followed by volatility. The US market is trading in green. FIIs have net long positions on the Index. All seems to be good for now. Nifty is trading near a new all-time high. But, Banknifty is still lagging. If Banks shoot up and reach their all-time high, we could easily see Nifty at 16500. With this, let us look at the key levels.

Key Levels for Nifty Futures

  • Bulls to control above 16340. Targets on the upside are 16371 and 16400.

  • Bears to control below 16313. Targets on the downside are 16289, 16257, 16223.

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 06, 2021 with respect to Nifty?

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

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