Market Analysis of 2nd September 2021 and Trade Recommendations
Views On Nifty: Nifty has with fresh buying moved into new territories. Looking at the technical/s Nifty is far from 10ema, and RSI is above 80. These are typically bearish conditions.
Views on Bank Nifty: Bank Nifty too has made a huge jump in the last few days and has seen a lot of interest from buyers. However, it’s moving away from 10ema may lead to some correction in coming week.
Data Analysis: In the cash market trading data, we find that both FIIs and DIIs were net buyers. In the derivative segment FIIs are neutral while DIIs continue to hold bearish positions. We can observe that FIIs have increasing their positions in Index Futures. Though they have reduced their positions in Index Calls.
Though taper tantrum has yet not affected Indian Market in a big way, we should monitor it’s effect on Indian Stock and Bond Market.
Stock Recommendations for 03rd Sep. 2021:
1. Auropharma: Bullish. Hold Buy Positions. Fresh Buy if RSI > 60 in daily charts.**
2. McDowell_N: Bullish View. Take Fresh Position only if high volume is sustained.**
3. Procter & Gamble: Bearish. Reversing from Resistance. Take fresh shorts if RSI < 40 in Daily charts.**
4. Vedanta (VEDL): Bullish. Fresh Positions if RSI > 60 on Daily charts.**
**All Calls are for Short Term Trading
Views on Bank Nifty: Bank Nifty too has made a huge jump in the last few days and has seen a lot of interest from buyers. However, it’s moving away from 10ema may lead to some correction in coming week.
Data Analysis: In the cash market trading data, we find that both FIIs and DIIs were net buyers. In the derivative segment FIIs are neutral while DIIs continue to hold bearish positions. We can observe that FIIs have increasing their positions in Index Futures. Though they have reduced their positions in Index Calls.
Though taper tantrum has yet not affected Indian Market in a big way, we should monitor it’s effect on Indian Stock and Bond Market.
Stock Recommendations for 03rd Sep. 2021:
1. Auropharma: Bullish. Hold Buy Positions. Fresh Buy if RSI > 60 in daily charts.**
2. McDowell_N: Bullish View. Take Fresh Position only if high volume is sustained.**
3. Procter & Gamble: Bearish. Reversing from Resistance. Take fresh shorts if RSI < 40 in Daily charts.**
4. Vedanta (VEDL): Bullish. Fresh Positions if RSI > 60 on Daily charts.**
**All Calls are for Short Term Trading
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