• Invest
    Investment Suite
    Stocks
    Mutual Funds
    Future and Options
    IPO
    Exchange Traded Funds
    Commodity
    Stockcase (Stock Baskets)
    Currency
    Non Convertible Debentures
    Sovereign Gold Bond
    Exclusive
    NRI Account
    Private Client Group
    Features
    SipIt
    MTF
    Investment Suite
    Exclusive
    Features
  • Platform
    Product Suite
    Kotak Neo App & Web
    Nest Trading Terminal
    NEO Trade APIs
    Features and Tools
    MTF
    Securities Accepted as Collateral
    Margin Requirements
    Payoff Analyzer
    Calculators
    SIP Calculator
    Lumpsum Calculator
    Brokerage Calculator
    Margin Calculator
    MTF Calculator
    All Calculators
    Product Suite
    Features and Tools
    Calculators
  • Pricing
  • Research
    Research Calls
    Long Term calls
    Short Term calls
    Intraday calls
    Derivatives calls
    Pick of the week
    Top Monthly Picks
    Research Reports
    Fundamental Research Report
    Technical Research Report
    Derivative Research Report
    Research Calls
    Research Reports
  • Market
    Stocks
    Market Movers
    Large Cap
    Mid Cap
    Small Cap
    Indices
    Nifty 50
    Bank Nifty
    FinNifty
    Nifty Midcap India
    VIX
    All Indian Indices
    Mutual Funds
    SBI Mutual Funds
    HDFC Mutual Funds
    Axis Mutual Funds
    ICICI Prudential Mutual Funds
    Nippon India Mutual Funds
    All AMC's
    IPO
    Upcoming IPO
    Current IPO
    Closed IPO
    Recently Listed IPO
    Stocks
    Indices
    Mutual Funds
    IPO
  • Learn
    Resource
    Market Ready
    Kotak Insights
    Infographic
    Podcast
    Webinars
    Youtube Channel
    Quarterly Results
    Investing Guide
    Demat Account
    Trading Account
    Share Market
    Intraday Trading
    IPO
    Mutual Funds
    Commodities
    Currency
    Futures & Options
    Derivatives
    Margin Trading
    Events
    Budget 2024
    Muhurat Trading
    Share Market Holiday
    Market Outlook 2024
    Resource
    Investing Guide
    Events
  • Partner
    Business Associates
    Fund Expert
    Kotak Connect Plus
    Startup connect
  • Support
    FAQs
    Circulars
    Bulletins
    Contact Us
    Forms Download
    Get your Statement
​

Nifty Strategy for 2nd August | Sensex Down Over 200 Points, Tata Steel Top Loser

  •  3m
  • 0•
  • 02 Aug 2023

On Tuesday, the benchmark indices showed limited activity, with the Nifty closing 20 points lower and the Sensex down by 68 points.

The IT and Digital sectors rallied by over 1%, while the Realty index fell by over 1.5%.

Looking at the daily chart, a small bearish candle has formed, indicating uncertainty between the bulls and bears.

Check out this short video for detailed market update: Market Ready by Kotak Securities

Today, Indian share markets are trading on a negative note.

At the time of writing, the BSE Sensex is trading lower by 260 points. Meanwhile, the NSE Nifty is trading down by 78 points.

Among stocks, ONGC and Coal India are the top gainers from the Sensex, while Tata Steel and Hindalco are the top losers.

Here’s a rundown of today’s expected market movements…

Nifty Technical Analysis:

Our analysis suggests that the market may retest the levels of 19600-19560 if it falls below 19700.

A new uptrend rally can only occur if 19800 is dismissed. If this happens, the index might rally up to 19840-19875.

Trading Strategy for Nifty:

For the Nifty, watch the key support level of 19700.

Consider short positions if the index falls below this level with targets around 19600-19560 levels.

On the upside, long positions can be considered if the index dismisses the resistance at 19800 with targets near 19840-19875 levels.

Bank Nifty Analysis:

The Bank Nifty is expected to remain in a tight trading range today between 45350 and 45750.

Be cautious with a narrow trading range expected. Look for opportunities within the range of 45350 to 45750.

Nifty IT Index:

The Nifty IT index performed well, closing above 30200. If it rises above 30350, it may attract short covering up to 30550 or 30700 levels.

For the Nifty IT index, consider long positions if it rises above 30350 with targets around 30550-30700 levels.

To learn effective trading strategies, check out our courses by clicking HERE.

All in all, caution is advised for day traders, and monitoring the key support and resistance levels is crucial for making trading decisions. Stay alert for potential movements in the IT sector. See you tomorrow!

Kotak Securities

Disclaimer: The information provided in this article is based on technical analysis and does not constitute financial advice. Traders should exercise their own judgement and consult with financial professionals before making any investment decisions.

Did you enjoy this article?

0 people liked this article.

What could we have done to make this article better?

Read Full Article >
Enjoy Zero brokerage on ALL Intraday Trades
+91 -

personImage
Enjoy Zero brokerage on ALL Intraday Trades
+91 -