Indian Stock Market News- August 2

Today morning both major US index futures are stronger with 150 and 70 points respectively and hence Singapore nifty (SGX NIFTY) is trading 100+ points which indicates a gap up in the Indian market.

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The US market on Friday was down i.e. Dow jones was -149 points(-0.42%) whereas the IT index i.e. Nasdaq was negative by 105 points(-0.71%).

Following are the supports and resistance for two major indexes of INDIA.

Nifty support – 15700-15725 & 15600-15650
Nifty resistance – 15800-15850 & 15900-15950
Bank nifty support – 34350-34450 & 33925-34125
Bank nifty resistance – 34775-34900 & 35000-35175

Some positive news over the weekend – GST collection for July month came at 1.16 lakh crore (3rd highest). Auto companies reported good sales numbers for July month.
On Friday (Foreign institutional investors)FII were net sellers and have sold around 3800 crores in the cash market which will stop the market from making a breakout above 16000(Nifty). On the other hand (Domestic institutional investors) DII were net buyers and have bought around 2900+ crore in the cash market which caps the downside risk of the market below 15600(Nifty).
The July month market was stuck in a big range of 15500-16000 with big volatile moves in intraday. The market can break this big range on either side in the second half of august month.
The METAL index looks strong due to the global market whereas the BANKING industry looks weak as the results of Q1 were not unto expectations as there was an increase in provisions due to the 2nd wave of COVID.
On Friday in the US there was the 5 month highest data of more than 1 lakh COVID positive data which indicates that the market won’t make a TOP in the near term as stimulus package will continue and interest rate will be 0% until an unless there is no fear of COVID.
(IF THERE IS A PROBLEM WITH HEALTH THEN THERE IS NO PROBLEM WITH WEALTH IS THE FUNDA OF US MARKETS)