Analysis & Key Levels for August 05, 2021

  1. Banks & Financial Services were solely responsible for the move in Nifty today.
  2. HDFC twins alone contributed close to 70 points today. ICICI Bank also played its part contributing close to 30 points.
  3. Two days back, Nifty Futures was hovering around 15900. Today, it almost touched 16300. That was quick.
  4. The Banks and Financial Services stocks in the Nifty 50 were the main reason for the Nifty ending in green today.
  5. All other sectors were down mostly. Even the Nifty Next 50 and Mid Cap 50 stocks were down.
  6. Within Nifty 50 also, only 19 stocks ended in green. So, the broader market is still negative.
  7. FIIs have bought for about 2800 crores and they still continue to hold long positions on the Index.
  8. If you look at the option build-up for this expiry 16300 and 16400 have the highest CALLs built. It is unlikely for the market to break 16300 and 16400 tomorrow. If it breaks, then there will be a very quick move on the upside towards 16500.
  9. The Global Markets are trading mixed. The Dow is down by 0.8% as I am writing this. The SGX Nifty is trading in green.
  10. With this, let us move to the Key Levels.

Key Levels for Nifty Futures

  • Bulls to control above 16269. Targets on the upside are 16295, 16327, 16353.

  • Bears to control below 16237. Targets on the downside are 16203, 16163, 16130.

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 05, 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.

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