NIFTY FUTURE TRADING TIPS FOR MONDAY : 6th AUGUST (MONDAY)
Index started the week on positive note and was trading in a sideways movement till Thursday after RBI on Wednesday raised the repo rate by 25 basis points over concern of rising inflation.
A data released on Friday showed that India’s service sector grew for the second consecutive month in July and Nikkei India Services Business Activity Index rose from 52.6 in June to 54.2 in July, as new businesses rose at the fastest rise since June 2017. With the help of these Nifty future closes last day of the week with the gain of 113.45 points at 11395.75 and Bank Nifty future closed with a gain of 326.75 points at 27776.85. Last day of the week help index to close with some gains on this week.
Next week trend of both Bank Nifty future and Nifty future is bullish and both of the index is expected to trade in sideways to bullish movement as overall trend is positive and any dips in the market is an opportunity to buy as we saw in this week. Closing of the market is suggesting that bulls are still heavier than bears and market is in no mood to favor bears. Small correction is expected next week as it is a part of market but those who are waiting for big correction has to wait little longer. With a strong support 11230 next level of Nifty future is 11500 and Nifty future may test 11650 levels soon.