Dear Readers Quick recap of the market for the current week is enclosed.( 02nd August to 08th August 2021).
Hope You are doing well.
This was an historical week for Indian market, as both Nifty and Sensex made record highs. Nifty made a high of 16349.45 and at 16238.2 levels with the gain of 3.01% week on week. Sensex made a high of 54717.24 and closed at 54277.72 with the gain of 3.22% week on week. This rally is supported by many factors, the primary being the macro data, development in earning growth as witnessed by the result season or GST collection or PMI numbers, and foreign institutional investors jumped in on the opportunity to buy into Indian equities, and various other domestic and global cues.
Nifty’s breakout is expected to sustain at least till support levels of 16,150 isn’t broken. There seems to be a good chance that markets may continue to move higher towards levels of 16,500 with no immediate resistance in sight. Technically, on weekly charts, the Nifty formed a strong breakout formation, which indicates a further uptrend from current levels. We are of the view that the medium-term trend is bullish. Investors must book profits from the dubious companies which have risen only on fluff and remain invested only in the fundamentally strong ones whose books actually provide the safety cushion in case markets corrects due to expensive valuations.
Market Update: 06th August 2021
Sensex: 54277.72 ▼ 0.39%
Nifty: 16238.20 ▼ 0.35%