NIFTY OUTLOOK & CALLS FOR F&O 8 SEPTEMBER 2020

Indian markets traded with volatility and finally ended the day with a positive bias. Virus infections continued to rise unabated and this fear combined with a sell off seen in the US markets, served to bring in doubts regarding the continuation of the momentum seen in recent times in the market. A rebound is European stocks and development on the vaccine front lifted market sentiment in late trade but gains were checked by lower than expected job growth in the US and weak Asian markets. US employment growth slowed further in August and permanent job losses increased as money from the government started running out, raising doubts on the sustainability of the economy's recovery. Meanwhile, India became the second most affected country from Covid19, surpassing Brazil. The Sensex settled up 60 points at 38417. Nifty was up 21 points to 11355.

Market is more or less in a consolidation phase after a huge rally in the last few months, analysts believe. In an eventless week, traders are likely to look at global cues to decide the direction of the market. Now index has established an immediate support near to 11250 and 11200 while a hold above 11350 zones could again give an upper hand to bulls to drive the move towards 11400 and 11450-11500 zones.

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Resistance: 11400, 11500

Support: 11250, 11150