What is your trading view for the 11th August for Nifty and for specific stocks? Do you have any stock ideas for the day?

Tuesday was a relatively quiet day in the markets with the Nifty closing just about 21 points higher. The markets remained ambiguous through most of the day. However, advance / decline ration at 20:29 is clearly favouring the declines showing weakening momentum. In addition, a number of mid-caps and small caps have come under pressure.

In fact, one of the smartest commodity stories in the last few days; cement and steel came under pressure on Tuesday. It started with the numbers of Shree Cements being lower than expectations. However, steel and other metal companies also joined in the fall. Response to IPOs this week has not been too encouraging with no IPO managing to fill the book.

Foreign investors sold Rs.179 crore on 10 Aug, while DFIs bought Rs.689 crore of equities. The enthusiasm of FPIs last week has not carried forward. Meanwhile, the Dow closed sharply higher by 162 points at an all-time peak and that is normally positive for India. SGX Nifty continues to be cautious in early trades, even as Europe was flat.

It would be slightly tough to take a call as the first target of 16,000 has been breached on the Nifty. I suggest traders to start accumulating Zomato at around the Rs.120-125 range. Yes, the losses widened, but the market is prepared for another couple of years losses in Zomato and June was a weak quarter due to COVID 20. Here is a good opportunity.