On August 5, the Sensex and Nifty are expected to be influenced by a global market sell-off driven by geopolitical tensions and economic concerns. Here are the key levels and factors to watch:
Table of Contents
Key Indices and Performance
Sensex and Nifty Performance:
- The Sensex fell by 168 points, closing at 60,093.
- The Nifty declined by 62 points to end at 17,895
Sectoral Performance:
- Heavyweights such as Reliance Industries, HDFC twins, Sensex and Axis Bank led the declin
Key Levels for Nifty and Nifty Bank
Nifty:
- Support Levels: 17,850 and 17,750. Falling below 17,750 could Sensex lead to a deeper correction.
- Resistance Levels: 18,000 and 18,100
Nifty Bank:
- Support Level: 42,000, with further selling pressure likely if breached.
- Resistance Levels: 42,500 and 42,800
Market Sentiment and Influences
Global Market Cues:
- US stock futures showed minimal movement with major indexes facing losses due to geopolitical tensions and economic reports.
- European markets closed with mixed sentiments amidst geopolitical concerns, particularly in the Middle East
US Market Recap:
- The Dow Jones Industrial Average futures edged lower, while S&P 500 and Nasdaq futures hovered near the flatline.
- US Treasury yields saw a significant jump due to a hotter-than-expected retail sales report and geopolitical tensions
Oil Prices:
- Continued to rise on strong demand in the US, with Brent futures and US West Texas Intermediate crude showing gains.
Stocks to Watch
Reliance Industries, HDFC, and Axis Bank: Major contributors to the market’s decline.
Other Notable Stocks:
- Dixon Technologies: Strong financial performance despite margin pressures.
- Berger Paints: Volume growth but value sales impacted by subsidies and ad expenses.
- Mankind Pharma: Surpassed profit and margin estimates with significant expansion plans.
- NCC Limited: Robust profit growth and substantial order inflows
Strategic Recommendations
- Monitor the support and resistance levels for Nifty and Nifty Bank closely.
- Be cautious of global geopolitical events and economic indicators that may impact market sentiment.
- Keep an eye on key sectors and heavyweight stocks for potential movements.
For detailed insights and updates, you can refer to sources like Business Today and Goodreturns
