Nifty above 15,900 remains bullish, D-St ends volatile session in green; what experts make of today’s trade

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August 09, 2021 4:05 PM

As long as Nifty remains above 15900 its trend will remain bullish, said an analyst.

Nifty, Bank Nifty, stock market, BSE SensexNifty traded between its support of 16150 and resistance of 16350 on Monday. Image: Reuters

BSE Sensex and Nifty 50 ended mildly higher following a volatile session on Monday. BSE Sensex ended 125 points or 0.23 per cent at 54,403, while the Nifty 50 index gained 20.05 points or 0.12 per cent to settle at 16,258. Broader markets continued to underperform equity benchmarks. BSE MidCap index fell 1.07 per cent or 248 points to 22,956.59 and BSE SmallCap index was down 0.72 per cent or 194.30 points to 26,612. India VIX, the volatility index, ended flat at 12.61 levels. The newly-listed Rolex Rings share price ended 6.60 per cent down from the opening price, while 29.62 per cent up from issue price.

Gaurav Udani, CEO & Founder, ThincRedBlu Securities

Nifty traded between its support of 16150 and resistance of 16350 today. It made a high of 16320 and a low of 16180 and closed flat with 20 points in positive. The next up move in Nifty will be seen once it closes above 16350. The up move can extend to 16400 and 16450 in the next few sessions. As long as Nifty remains above 15900 its trend will remain bullish.

Rohit Singre, Senior Technical Analyst, LKP Securities

Mild positive session witnessed at the start of the week as the index closed a day at 16258 and formed a Doji candle pattern on the daily chart which represents indecision in the markets. The index managed to survive above its immediate support zone of 16200 zone also we have been witness good buying interest around said levels which make 16200 immediate and good support zone going forwards followed by 16100 zone & holding above said levels structure will be positive which can push the index to its immediate hurdle zone of 16320-16400 zone.

S Ranganathan, Head of Research, LKP securities

We witnessed profit booking in Metal stocks today as the street reacted to the earnings released post-market on Friday. Accumulation was seen in many high-quality Midcaps on positive tailwinds despite Inflation figures expected this Thursday. Interesting to note that the holding of Retail Investors in NSE listed companies have reached close to 7.2% as of June 30.

Binod Modi, Head Strategy, Reliance Securities

Domestic equities traded sideways today, and profit booking was seen at tops. Notably, financials and IT supported market and arrested fall, while most key sectoral indices traded in red today. Visible economic recovery indicating strong credit growth in subsequent months and likely opening of complete economy eased concerns with regards to asset quality of banks, which essentially aided financials today. However, selling pressure in midcap and smallcap stocks continued.

Vinod Nair, Head of Research, Geojit Financial Services

The domestic broad market reversed its early gains following weak global trends and continued selling in mid and small caps. However, main indices managed to close near last week’s closing due to stability in large-cap stocks. Specifically, optimism was noticed in media stocks, especially multiplex, on the expectation of unlocking in major cities. And PSU Banks have been witnessing correction due to delays in privatization while selling pressure forced metal stocks to trade low.

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