Dear Readers Quick recap of the market for the current week is enclosed.( 16th August to 22nd August 2021).
Hope You are doing well.
This was a historical week for the Indian market, as both Nifty and Sensex made record highs but not able to hold the levels. Nifty made a high of 16701.85 and close at 16450.50 levels with losing its entire gain from record highs. Sensex made a high of 56118.57 and close at 55329.32 with losing its entire gain from record highs. This decline is due to Weak global cues, Fast-spreading Delta virus, the Fed’s taper plans, and China’s regulatory crackdown, Asian shares extended losses on a strong dollar, which is sitting at a nine-month high, after the prospect of the Federal Reserve cutting back bond purchases.
After a long time on the daily charts, the Nifty has formed a bearish candle and intraday charts are also indicating a further weakness from the current levels. In the near future, the benchmark index may consolidate between the 16,420-16,700 levels. On the downside, 16,500-16,450 could be the key support levels. We currently maintain a neutral stance on the range with a trading range of 16,300-16,800. IT and FMCG stocks are trading with a positive bias while profit-booking is seen in high beta sectors, metals and realty.
Market Update: 20th August 2021
Sensex: 55,329.32 ▼ 0.54%
Nifty: 16,450.50 ▼ 0.71%