Market Analysis of 3rd September 2021 and Trade Recommendations
Views On Nifty & Bank Nifty : Both the indices saw some weakness in the morning session but recovered soon.Nifty50 recovered to close high but Bank Nifty could not sustain the strength and closed in the negative.
As informed yesterday, RSI > 80 in NIFTY50.This is an Overbought indication and along with other technical factors this could indicate a short-term correction.
As we witnessed in the morning session, we may have some profit booking taking places intermittently.
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 reduced their positions in both Index Futures and Index Calls. However, they have added to Index Puts.
Trade Recommendations for 06th -10th Sep. 2021:
1. Auropharma: Bullish. Hold Buy Positions. Fresh Buy if RSI > 60 in daily charts. (Went up by 1.48%)
2. Procter & Gamble: Bearish. Reversing from Resistance. Take fresh shorts if RSI < 40 in Daily charts. (Down by 1.85 points)
• All Calls are for Short Term Trading and valid between 06th – 10th September 2021.
NIFTY
BANKNIFTY
AUROPHARMA
PGHH
As informed yesterday, RSI > 80 in NIFTY50.This is an Overbought indication and along with other technical factors this could indicate a short-term correction.
As we witnessed in the morning session, we may have some profit booking taking places intermittently.
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 reduced their positions in both Index Futures and Index Calls. However, they have added to Index Puts.
Trade Recommendations for 06th -10th Sep. 2021:
1. Auropharma: Bullish. Hold Buy Positions. Fresh Buy if RSI > 60 in daily charts. (Went up by 1.48%)
2. Procter & Gamble: Bearish. Reversing from Resistance. Take fresh shorts if RSI < 40 in Daily charts. (Down by 1.85 points)
• All Calls are for Short Term Trading and valid between 06th – 10th September 2021.
NIFTY
BANKNIFTY
AUROPHARMA
PGHH
Billionaire Trader