The Nifty opened gap up and continued to gain strength as it closed with a gain of more than 0.71% - ICICI Direct
Daily Snapshot
* The rupee strengthened for a third straight session on Wednesday, closing 10 paise higher at 74.18 amid a rally in equities
* After volatile price action in the dollar index and US yields, the dollar index reverted from its support level of 91.80.-92.00 on the back of an unexpected weak private employment report
* The Nifty opened gap up and continued to gain strength as it closed with a gain of more than 0.71%. Thought heavyweight stocks witnessed healthy buying, broader markets witnessed profit booking. As per options data, substantial OI addition was seen at 16200, which should act as immediate support
* The Bank Nifty closed at the highest point in the past five months as it closed with a gain of more than 2.26%. Heavyweight banking stocks witnessed healthy buying while midcap and small cap banks were under selling pressure
* Foreign institutional investors (FII) turned net buyer to the tune of | 1627 crore on August 3. They bought worth | 2098 crore in the equity market and sold worth | 471 crore in the debt market
Rupee Outlook and Strategy
* The rupee is likely to trade between the level of 74.20 and 74.70 ahead of RBI’s monetary policy as further additions were seen in ATM Call, Put strikes of US$INR, which indicates consolidation around these levels
* The dollar-rupee August contract on the NSE was at | 74.34 in the last session. The open interest was up by 5% for the August series
US$INR Strategy
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