A Flat to Negative Opening Will Expect for the Day...

WEEKLY EQUITY BULLETIN 07 AUGUST TO 11 AUGUST 2023 Market sentiment turned bearish as upside momentum waned, leading to a sharp decline in the past week. However, a glimmer of hope emerged with a rebound during the last trading session. The investor sentiment was dampened due to mixed earnings by corporates, increasing bond yields, and surging inflation.

Sensex faced a correction of 439 points, closing the week at 65,721, while Nifty50 saw a decline of 129 points, settling at 19,517. This downturn was primarily attributed to selling in auto, banking & financial services, FMCG, and oil & gas stocks. However, technology stocks limited losses by witnessing some buying interest.

The eagerly awaited Monetary Policy Committee (MPC) meeting on August 10 will be the key focus for market participants. Most experts anticipate the RBI to maintain its repo rate at 6.5 percent and uphold its current policy stance. This cautious approach is driven by concerns over rising inflation, especially due to escalating vegetable prices.

Nifty

On a weekly basis, the Nifty shows slight weakness but managed to hold onto its significant support zone. The major support level lies around 19,350. A close below this level could trigger a test of 19,200, and further weakness may lead it to 19,000 levels in upcoming sessions.

The crucial hurdle for Nifty is around 19,700. A close above this level might indicate a fresh upside move, potentially reaching 19,850-19,950 levels in the near future.

Intraday Levels

For intraday trading, Nifty Future is expected to find support around 19,500. A break below this level could lead to downside movement to 19,440-19,400 levels. On the other hand, resistance is seen around 19,620. A break above this level might trigger an intraday upside move to 19,700-19,750 levels in the upcoming Monday trading session.

Bank Nifty

On a weekly basis, Bank Nifty closed on a bearish note. It is now hovering near resistance around 45,500. If it breaks and trades above 45,500, we might witness an upside rally, possibly reaching 45,800 and even 46,200 levels in the upcoming trading sessions.

On the downside, major support is seen around 44,400. A break and close below this level could lead to a downward movement till 44,000, and further weakness might take it to 43,800 levels in the coming trading sessions.

Intraday Levels

For intraday trading, Bank Nifty Future has resistance around 45,250. A break above this level could lead to an intraday upside movement till 45,450 levels. On the downside, support is observed at around 44,750. A break below this level might trigger intraday selling pressure, taking it to 44,500-44,400 levels on the Monday trading session. Weekly Top Pick Stock

Buy Swan Energy around 238. Stop loss-223. Target-254-265.

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