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Daily Technical Report | 2nd August 2021

Nifty formed a bullish candle that resembled a Hanging Man pattern on the daily chart and Nifty continued its formation of higher lows of the last three sessions.

A Hanging Man is a bearish reversal candlestick pattern usually formed at the end of an uptrend or at the top. In a perfect ‘Hanging Man’ pattern, there is a small upper shadow or no upper shadow at all, a small body and a long lower shadow.

Nifty opened more than 100 points up at 15874 and remained in the range on the higher side. It touched an intraday high of 15892 and low of 15834, before ending the session at 15885, up 122 points.

Nifty started the week on a strong note to close more than 100 points higher, as all sectoral indices ended in the green with auto and IT emerging as the big gainers.

Indian Markets started on a positive note following upbeat Asian market peers as China’s official manufacturing PMI released over the weekend also showed factory activity growth in July. During the afternoon session the markets maintained their upward momentum following gains in Realty, Energy and Consumer Durables stocks. Healthy buying was also observed in blue-chip stocks. 

Sentiments were upbeat as India’s manufacturing sector activities witnessed the strongest rate of growth in three months in July amid improved demand conditions and easing of some local COVID-19 restrictions. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) rose from 48.1 in June to 55.3 in July, pointing to the strongest rate of growth in three months. 

Adding more positivity, Union Finance Minister Nirmala Sitharaman states that Goods and Services Tax (GST) collection for July 2021 has again crossed Rs 1 lakh crore with easing out of COVID-19 restrictions and added it indicates that the economy is recovering at a fast pace.

Nifty opened with a gap up, trading range remained extremely narrow with 58 points, which (was) depicted in an indecisive candle like Hanging Man.

In the next session, it is critical that the index sustains above 15836 to retain positive bias. In that scenario eventually a breakout above 15914 can be expected, though it is too early to forecast such a breakout when markets are moving inside a range.

In case of a strong breakout above 15914, a sustainable upswing shall emerge with targets towards 16264.

If the index breaches 158364 on the downside, it can once again lead to volatility.

Traders should wait for a strong breakout above 15914 before creating long positions in the index.

All the sectoral indices ended in the green with auto, IT, oil & gas and realty indices up 1-4.5 percent. Midcap and smallcap indices added 1 percent each.

Nifty & Bank Nifty Levels | 2nd August 2021
LevelsNiftyBank Nifty
Prev. Close1503033685
S11493833297
S21486333028
S31476532755
S41468632685
R11513333959
R21524334287
R31534034652
R41543134908

Performance Sheet

F&O (Intraday) –
March21
April-21
February-21

Positional Calls –
March21
April-21
February-21

B.RAJENDRA

B.E (Bachelor of Engineering – ECE) 1988-1992
SEBI Certified Research Analyst

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