NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 25 AUGUST 2020

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Market built up on its opening gains, with the support of global cues, and ended the day on a strong note. Following more reopening guidelines by the government, the markets chose to ignore the rising cases of infections. Bulls pushed nifty higher on Monday as signs of progress in developing a Covid-19 treatment offset fears about resurgence in virus cases that could risk stifling an economic recovery. China has allowed locally produced vaccines to be used in emergency situations while the US is planning to allow UK-made vaccines. Meanwhile, USFDA approved blood plasma therapy to treat Covid-19 patients. Further ease in lockdown measures also boosted the sentiment back home. The government on Sunday issued guidelines for restarting its entertainment industry even as infections breached the 3 million mark.

The Sensex advanced 364 points, to 38799, forming a Golden Cross on daily charts. Private banks were the top drivers of the rally after three of them were included into FTSE global index. Financials also played a key support role. The Nifty was up 95 points, at 11466. The index formed a bullish candle on the daily scale and needs to hold above 11450 to extend gains towards 11500, and then 11550 -11600 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 11400 and then 11350 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 11200. 

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Resistance: 11500, 11600

Support: 11350, 11250