Market Prediction for Tomm| Bank Nifty Analysis Thursday|3 August 2023 | Stocks to Buy | GoodReturns
Stock Market Highights: Domestic indices crashed over 1% on Wednesday amid negative global cues. The NSE Nifty 50 sank 207 points or 1.05% to settle at 19,526.55 and BSE Sensex tanked 676.53 points or 1.02% to 65,782.78. What should be you strategy for 3 August 2023 Stock Market, let's know in this video.
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#StockMarket #Nifty #saudakharakhara
~HT.99~PR.147~PR.100~
Disclaimer: The views and investment tips expressed by experts on GoodReturns are their own and not those of the website or its management. GoodReturns advises users to check with certified experts before taking any investment decisions.
#StockMarket #Nifty #saudakharakhara
~HT.99~PR.147~PR.100~
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NewsTranscript
00:00 [Intro Music]
00:05 Today, after the indication of international markets, the Indian markets are seen to be struggling here.
00:13 And we saw a big fall in Sensex, Nifty, and Bank Nifty.
00:17 Nifty is 1% down, Sensex is 1% down, and Bank Nifty is 1.25% down.
00:24 At one time, Sensex had shown a correction of more than 1000 points.
00:28 Nifty had shown a correction of more than 300 points.
00:31 But, it was a little cautious in the closing.
00:34 If we go to the reason behind this, the way Fitch has downgraded the sovereign bond rating,
00:42 its impact, and along with that, the manufacturing data there has come down a lot.
00:48 Due to the US's downfall, this fall trend has started.
00:51 Now, it is spreading because geopolitical tensions, especially in Russia, have increased again.
00:57 On the other hand, due to the currency fluctuations, the equity market is seen to be declining.
01:03 According to the closing, Nifty is at 207 points, Sensex is at 676 points, and Bank Nifty is at around 600 points.
01:14 Even now, the sentiment is very poor.
01:17 If we look at Nifty's 50 stocks, we can see it falling from a high.
01:22 Out of Sensex's 30 stocks, 29 stocks have fallen.
01:27 In fact, if we go to the sector specific, we can't see a single sector supporting the bull side.
01:35 Auto, cement, FMCG, construction, energy, fertilizer, banks, IT, media, metal, pharma, service industry, telecom,
01:44 all these sectors have seen a sharp selling.
01:47 In fact, according to Nifty's weightage, out of 100, 100 have seen a decline.
01:55 Even among the top losers and gainers, there was a lot of pull.
02:00 But today, we can see losers winning and many stocks have seen a drop of more than 4%.
02:09 Hero Motocorp, Tata Steel, Tata Motors, Bajaj Finance, which has seen a drop of 3% to 3.5%.
02:17 The only ones that have increased are Asian Paint, Dehundhavani Liver, SDFC Tech, Mahindra, UltraTec Cement,
02:25 which has seen a positive trend for the name alone.
02:28 Otherwise, the entire market has seen a complete sell trend.
02:32 And in the current situation, if we visit FNO's data today, we can see big changes.
02:40 There was a time when the support of Rs.19,500 was working, WISE was trusting Put.
02:48 But as soon as the level of Rs.19,500 fell, there was a big drop in the market.
02:53 And today, the market has seen a drop of up to Rs.19,423.
02:58 If we look at the resistance, we can see a resistance from the WISE buildup call side.
03:07 And if we look at the support, we can see support of Rs.19,400.
03:12 Overall, there is still a lot of pressure.
03:16 Despite the signs of international markets, there will be a trend of a drop in the Indian market.
03:21 Most of the stocks will see profit booking, whether it is a banking counter or an auto counter.
03:27 In these big stocks, the drop can be up to 2-3%.
03:31 And especially those who are making a strategy based on trading should be careful while buying.
03:37 If we activate the strategy on the sell side, you can see a big drop in the big counters.
03:44 If we look at the future data, we can see a big drop in the losers.
03:51 Like Bandhan Bank, there can be a drop of up to Rs.225.
03:56 But it can show a drop of up to Rs.210.
04:00 Hind Copper, there can be a drop of up to 5-7%.
04:04 There can be a drop of up to Rs.140.
04:07 Petrol Net Energy, there was a drop of up to 4%.
04:11 There can be a drop of up to 2-3%.
04:14 You can see a drop of up to Rs.215.
04:17 The market was a little positive because of the results.
04:22 It is also changing.
04:24 If we focus on the results of tomorrow, we have Bharti Airtel, Adani Enterprises, Sun Pharma, Adani Power, Varun Beverages, Dabur, Aishwarya Motor, Cummins India, Lupin, MRF.
04:37 These are the counters whose results will be seen tomorrow.
04:40 Because of these results, the sentiment will be positive or not.
04:47 But right now, the international market is in a strong position.
04:51 Looking at the current situation, there are chances of another drop in Nifty.
04:55 If we understand the chart, the first high in Nifty was around Rs.20,000.
05:02 The second high was around Rs.19,900.
05:07 If we look at the low after that, the lows are continuously increasing.
05:11 According to the range, if you look at the moving averages or RSI, MSED,
05:17 it is indicating that the market will soon be able to see a trend of Rs.19,200.
05:24 [Outro Music]