Market action for the day

Market action for the day

The Indian market witnessed profit-booking on August 12 as the Nifty snapped its six-day winning streak while the Sensex closed with minor losses after four days of gains.

Investors booked profits in light of weak global cues as doubts grew about whether or not the US lawmakers would reach an agreement on the coronavirus fiscal package to support its struggling economy.

On the domestic front, muted macroeconomic data and persistently rising COVID-19 cases dented market sentiment. The Sensex closed 37 points, or 0.1 percent, lower at 38,369.63 and the Nifty ended at 11,308.40, with a loss of 14 points, or 0.12 percent.

Nifty – According to pivot charts, the key support level for the Nifty is placed at 11,260.07, followed by 11,211.73. If the index moves up, the key resistance levels to watch out for are 11,339.37 and 11,370.33.

Nifty Bank – The Bank Nifty closed 0.17 percent higher at 22,264. The important pivot level, which will act as crucial support for the index, is placed at 22,060.6, followed by 21,857.2. On the upside, key resistance levels are placed at 22,397 and 22,530.

Nifty Chart

FII Activity

Stocks to watch for the day

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