NIFTY CHART & DAILY NIFTY BANKNIFTY UPDATES FOR 4 AUGUST 2023

RESULT ON 4 AUGUST

Bharat Heavy Electricals Ltd

IDFC Ltd

Mahindra & Mahindra Ltd

Rain Industries Ltd

State Bank of India

Tata Investment Corporation Ltd

TO GET LIVE TRADING TIPS WHATSAPP YOUR NAME SEGMENT ON 9039542248 OR FILL THE FORM VISIT https://niftytipsniftylevels.blogspot.com/p/enter-mobile-number-for-2-days-trial.html

Global markets are still grappling with the impact of the US rating downgrade as bond yields soar and the dollar index rises. However, the pharmaceutical sector weathered the storm thanks to strong earnings results, while mid and small cap stocks outperformed the benchmark index. The domestic services PMI beat market expectations, hitting a 13-year high on a surge in new orders, particularly in international sales. Indian benchmark indices closed lower on August  3 with the Nifty below 19400. At the close, the Sensex was down 542 points, to 65240 and the Nifty was down 144 points to 19381.

The Nifty opened a gap on the downside today and continued to drift lower throughout the day to close 145 points down. Looking at the daily charts, we can observe that the Nifty has faced sustained selling pressure, ending in the red for the second consecutive day. On the upside, it has moved towards a 40-day moving average (19285), which can serve as an immediate support zone to watch out for. On the other hand, the key hourly moving average in the 19550-19575 range is likely to act as an immediate hurdle zone from a short-term perspective. Given the sharp decline over the past few trading sessions, we can expect a drop/consolidation in the next few trading sessions. Overall the trend is still negative and we expect levels of 19150 in the near term. Bank Nifty has also seen a continuation of the decline. It has closed below the 40-day moving average (44850), which is a sign of weakness. On the downside, the decline appears to be overextended, so a pullback cannot be ruled out. It can bounce to 45,000-45500 where the major hourly moving averages are placed. Overall, the trend is still negative and we expect it to drop to 44000 in the near term.