InvestorQ : Hi Diksha, what is your trading view for Tuesday 10 August? What direction for Nifty you see?
ishika Banerjee made post

Hi Diksha, what is your trading view for Tuesday 10 August? What direction for Nifty you see?

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diksha shah answered.
4 months ago
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I had mentioned on Monday that this could be a week of consolidation in the markets after the sharp rally in the previous week. On Monday, the Nifty struggled through the day between gains and losses but finally closed with gains of a very marginal 20 points. The advance decline ratio at 23:27 was unfavourable in terms of breadth.

The two IPOs of CarTrade Tech and Nuvoco Vistas, that opened for subscription on 09 August got tepid response. However, we need to focus more on the second and third days and also the IPOs of Chemplast Sanmar and Aptus Value Housing that are opening for subscription on Tuesday 10 August. There could be an overdose problem for retail.

Foreign investors were net buyers worth Rs.212 crore in the equity markets on 09 Aug, but domestic institutions like the mutual funds and DFIs sold Rs.716 crore of equities on Monday. FIIs had shown a lot of aggression on Tuesday and Wednesday last week by infusing close to Rs.5,000 crore in 2 days. It remains to be seen if this can sustain.

On Monday, global markets were largely mixed. Dow closed 106 point lower but NASDAQ was marginally higher while Europe was flat. SGX Nifty is absolutely flat in early trades. For the Nifty, as long as 16,200 holds, the up move in the index is still intact and it could test higher levels of 16,500 and 16,600 on the Nifty index.

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