NIFTY OUTLOOK & RESULT AHEAD ON 10 AUGUST 2022

10-Aug-22
COMPANY NAME	ANNOUNCEMENT DATE
3M India Ltd	01-Aug-22
Aarti Industries Ltd	02-Aug-22
Abbott India Ltd	29-Jul-22
Allcargo Logistics Ltd	04-Aug-22
Avanti Feeds Ltd	15-Jul-22
CESC Ltd	03-Aug-22
Cholamandalam Financial Holdings Ltd	12-Jul-22
Coal India Ltd	02-Aug-22
Cochin Shipyard Ltd	04-Aug-22
Cummins India Ltd	28-Jul-22
Eicher Motors Ltd	03-Aug-22
Endurance Technologies Ltd	13-Jul-22
Equitas Holdings Ltd	02-Aug-22
General Insurance Corporation of India	02-Aug-22
Glenmark Pharmaceuticals Ltd	29-Jul-22
Gujarat Narmada Valley Fertilizers & Chemicals Ltd	19-Jul-22
HEG Ltd	20-Jul-22
Hikal Ltd	03-Aug-22
Hindalco Industries Ltd	01-Aug-22
HLE Glascoat Ltd	02-Aug-22
Indiabulls Housing Finance Ltd	03-Aug-22
Indian Railway Catering & Tourism Corporation Ltd	30-Jul-22
Indian Railway Finance Corporation Ltd	01-Aug-22
Ipca Laboratories Ltd	28-Jul-22
ITI Ltd	03-Aug-22
Krishna Institute of Medical Sciences Ltd	02-Aug-22
Max Healthcare Institute Ltd	27-Jul-22
Mazagon Dock Shipbuilders Ltd	02-Aug-22
Medplus Health Services Ltd	04-Aug-22
Metropolis Healthcare Ltd	04-Aug-22
NBCC (India) Ltd	26-Jul-22
New India Assurance Company Ltd	01-Aug-22
NHPC Ltd	20-Jul-22
Oil India Ltd	01-Aug-22
Patanjali Foods Ltd	01-Aug-22
PB Fintech Ltd	03-Aug-22
Pidilite Industries Ltd	11-Jul-22
Privi Speciality Chemicals Ltd	02-Aug-22
Radico Khaitan Ltd	02-Aug-22
RHI Magnesita India Ltd	02-Aug-22
Steel Authority of India Ltd	04-Aug-22
Suzlon Energy Ltd	04-Aug-22
Tata Consumer Products Ltd	18-Jul-22
Uflex Ltd	02-Aug-22
Zydus Lifesciences Ltd	03-Aug-22

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Despite a minor blip in the early trades, the bulls quickly rebounded and maintained their stranglehold even as other Asian peers ended mixed. FIIs that have been absent from the action in recent months have started to get exposure to local equities again, giving a major boost to the markets. The positive takeaway from today's trading session was that Nifty bulls clawed their way out of the hole, particularly after SGX indicated Nifty morning drubbing. Markets surge during intraday trade as Nifty ended well above the psychological 17500 level. For the past few sessions, the Nifty has been hovering around the 78.6% retracement of the April-June decline, which is close to 17500. On August 8th, the Nifty crossed this key Fibonacci level on a closing basis. This shows that the index continues to extend its upward movement. Benchmark indices closed higher on August 8th with Nifty closing above 17500. Finally, the Sensex was up 465.14 points, to 58853 and the Nifty was up 127 points to 17525.

It is heading for a falling trendline drawn from the previous crucial swing highs. Thus, 17700-17800 will be the short-term target area on the upside. On the other hand, the short-term support zone is also shifting north and now stands at 17350-17250. The biggest positive catalyst is that oil is hovering around the 6-month low at $88.35 a barrel. The technical landscape for Nifty should be positive as long as the benchmark trades above its major support at 17125 with targets at 17750 and then all optimistic eyes are on Nifty's psychological 17800-1800 level.  Technically, after a subdued open, the market successfully cleared the short-term resistance at 17525, which is broadly positive. A bullish candle on daily charts and an intraday breakout formation are suggesting further upside from the current levels. For the benchmark Nifty, the key support level lies at 17450 and above that, the breakout pattern is likely to continue to 17600-17700. On the other hand, the index could slip below 17450-17350-17250.

Resistance: 16675, 16775, 16875

Support: 16575, 16475, 16375