Dear Readers Quick recap of the market for the current week is enclosed.( 09th August to 15th August 2021).
We wish you a very Happy Independence Day.
This was a historical week for the Indian market, as both Nifty and Sensex made record highs. Nifty made a high of 16543.60 and close at 16529.10 levels with a gain of 1.79% week on week. Sensex made a high of 55487.79 and close at 55437.20 with a gain of 2.14% week on week. This rally is supported by many factors, the primary being the macro data, Strong inflow of funds from both domestic and foreign investors, Gradual opening of economy, favorable global cues, etc.
Nifty’s breakout is expected to sustain above the level of 16350. The market has breached an important resistance level of 16500. If the market sustains above the level of 16500, the market expects to gain momentum, leading to an upside projection till 16700-16750 level”. On Friday, Nifty formed a strong bullish candle on daily and weekly time frames and gave its highest daily close with handsome gains of around 160points.