Sunday, August 29, 2021

Stock Market Tomorrow | Nifty Pre Market Strategy | 30 Aug


Stock Market Tomorrow | Nifty Pre Market Strategy |

Nifty Analysis

Key  Data to watch

On Monday, the market will first react to the statement made by the US Federal Reserve Chairman Jerome Powell in the Jackson Hole symposium in which he also hinted about tapering by end of 2021. Investors will also eye Q2 GDP print, auto sales numbers and global cues.

 Nifty is inching towards the next milestone of '17,000', the recent surge lacks decisiveness due to the continuous underperformance of the banking index. But, participants should prefer index majors and other heavyweights as any correction in markets may again derail the recovery in midcap and smallcap space.

The market not showing any sharp profit booking after a new high formation on Friday could signal a chances of more upside in the short term. The lack of strong selling enthusiasm at the new highs has resulted in a range bound action.

Chart & Levels

F&O Cues

Option data indicated that the Nifty50 could see a broader trading range of 16,000 to 17,000 levels while an immediate trading range for the index could be 16,500 to 17,000 levels.  

Maximum Put open interest was seen at 16600 followed by 16500 & 16700 strikes while maximum Call open interest was seen at 17000 followed by 16700 & 16800 strikes.

Nifty still looks strong but will trade in a narrow zone .  But still prefer buy on dips and avoid short position. Stay with trend and that is upside.

Thanks for your Precious Time.

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Disclaimer- The information on this blog are based on my personal opinion and experience, it should not be considered professional financial investment advice and in no way it should be considered as a tip. We does not take any compensation of any kind whatsoever from any reader, user and company that are mention on this website. We are not SEBI registered financial advisor or analyst.

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