NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 14 AUGUST 2020

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Sideways trend continue in the market. On account of neutral global sentiments, the Indian indices trade sideways throughout the intraday trade and closed around 0.10% lower after the closing bell. Bulls tried hard to cross 11360 mark buy failed & closed the day at 11300. The Sensex lost 59 points and closed at 38310 mark. Bank Nifty index went down 67 points and closed at 22196 mark.

Current period is of quarterly result announcement and hence there will be more stock specific trends than index specific movement. Hence, the sideways trend in the markets is expected to remain maintained for next few trade sessions as well. Apart from that, there is second stimulus package expected from the US this week and hence overall trend for the market is bullish. Since the past four consecutive sessions, Nifty continues to consolidate in the 11375 -11250 range, indicating a short term sideways trend. Hence, any either side range violation will signal further direction. On the upside, any sustainable move above 11350 -11375 levels will cause an upward breakout and Nifty may scale towards 11400-11455 levels. On the downside, any breach of 11250 -11200 levels may signal profit booking towards 11150 -11100 levels. The daily strength indicator RSI continues to remain in a positive zone, indicating sustained strength, whereas the momentum indicator Stochastic has turned bearish from overbought zone indicating a possible consolidation going ahead.