Nifty had a gap-down opening on hourly charts and remained within a range throughout the day.
On the 15-minute chart, most candles had long upper and lower shadows indicating the presence of uncertainty in the markets.
9-period SMA closed above the 12-period SMA on 15-minute charts indicating the small positive bias in the markets.
Market - Driving Factors:
Vodafone Idea declared their Q1 results and it was once again a poor show in absolute terms. The stock still ended over 7% up because the results were better than street estimates. Lupin too had a poor Q1 and the stock ended over 6% lower.
Nifty IT and Pharma indices ended lower today probably because of a strengthening rupee. The Nifty PSU Bank index broke its poor recent run and ended almost 1% in the green.
Silver continued its stellar rally and is 2% up as of 5:18pm.
Nifty - Outlook for Monday, 10th August:
A break out from the 11000-11300 range could give some certainty to the direction of markets.
Such a breakout would at least lead to a measured move if not a deeper trend change for the long term.
A weekend break might just help markets get a direction and shift sentiment to one side. So, one should avoid any huge directional bets early on Monday till a direction emerges.
Comment on this post or DM us for any queries or further analysis.
rimpy1602
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@Algokart, I am holding 11100 pe expiry 13aug @62 now its around 51,should I hold or sell
Algokart
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@rimpy1602, selling on the next dip in markets would be better. Given that the earnings season is almost over, there is no major possibility of bad news hitting markets in the short term.