Nifty index opened on a flat note around the 24730 level but faced strong selling pressure in the first hour, dragging it down towards the 24600 zone. For the rest of the day, the index traded in a narrow range of 60 to 70 points, showing a clear lack of momentum. Bears tried multiple times to break below the 24600 level but bulls managed to defend it and pushed the index slightly higher.
On the daily chart, Nifty formed multiple inside bars, which signals indecision and a lack of strong direction on either side. The index is currently hovering around its 100 day EMA and any close below this level may lead to further weakness. Now if it holds above 24600 zones, then bounce could be seen towards 24800 then 24900 zones else weakness can be seen towards 24550 and 24442 zones.
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On option front, Maximum Call OI is at 24700 then 25000 strike while Maximum Put OI is at 24600 then 24500 strike. Call writing is seen at 24600 then 24700 strike while Put writing is seen at 24600 then 24500 strike. Option data suggests a broader trading range in between 24200 to 25200 zones while an immediate range between 24400 to 24900 levels.
S&P BSE Sensex opened on a flattish note and witnessed selling pressure during the initial half hour of trade. In the latter part of the session the index traded in a narrow range of 300 points. It managed to hold the strong support of 80500 levels and staged a mild recovery towards the 80800 mark in the final half hour. It formed an inside bar on daily frame suggesting lack of momentum on either side. It finally closed with a loss of around 250 points. Now if it manages to cross and hold above 81000 zones strength can we seen towards 81300 and 81500 zones, else weakness can be seen towards 80500 and 80200 zones.
Bank Nifty index opened on a negative note and gradually drifted lower towards 55200 zones at latter part of the session. It formed a small Bearish candle on daily scale and forming lower highs from last few sessions as selling pressure is seen at higher zones. Rate sensitive Index has seen corrective move of more than 1000 points in last few days as banking heavyweights continues to underperform. Now till it holds below 55555 zones some weakness could be seen towards 55000 then 54750 zones while on the upside hurdle is seen at 55555 then 55750 levels.
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Nifty future closed negative with losses of 0.31% at 24716 levels. Positive setup seen in Pidilite Industries, UNO Minda, MAX Healthcare, SBI Life, Hero Moto, AB Capital, GMR Airport, TVS Motors, Eicher Motors, and Jindal Steel while weakness in BSE, Biocon, Britannia, Adani Port, Coforge, Godrej CP, Petronet, Naukri, Granules and DLF.
ABCAPITAL - TECHNICAL CALL OF THE DAY
Aditya Birla Capital has rallied 10%, rebounding from its earlier breakout zone following strong Q1 results. The stock is trading above its 40/100/200-day EMAs with a positive Super Trend indicator, signaling a strong bullish trend. A sharp rise in volume (17.51M) and options data showing short covering further support the upmove. Immediate support lies near Rs 235. Overall, the trend remains positive with potential for further upside.
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BUY ABCAPITAL CMP 282.00 SL 235.00 TGT 335.00
Top stocks to watch out for 6th Aug
Sudarshan Pharma:
The company has informed exchanges that it has acquired 300 shares of Cibachem General Trading L.L.C. (Cibachem). It was established to carry on the business of general trading which shall include the carrying on of all activities as are related or ancillary thereto except that Cibachem cannot carry on the business of insurance, banking or investment of funds for the account of third parties. The acquisition of Cbachem will enable Suarshan Pharma to enlarge its customer base in the Middle East Region.
Astra Microwave:
Astra Microwave Products has received an order for a total consideration of Rs 135 crore inclusive of taxes for upgradation of Ground based Radar system from DRDO, to be delivered within a period of 18 months.
Britannia Industries:
Britannia Industries reported a 3% YoY growth in Q1FY26 net profit to Rs 520 crore, missing consensus estimates of Rs 566 crore. Revenue grew 8.8% YoY to Rs 4,622 crore, beating expectations. However, EBITDA at Rs 757 crore and margin at 16.4% both fell short of projections. CEO Varun Berry highlighted improving consumption trends and reaffirmed focus on growth, brand building, and innovation amid rising competition.
Indo Tech Transformers:
The company has received Letter of Award (LoA) for supply of 6 Nos of 175, 220/33-33kV MVA transformers. The aggregate value of the order under the said LoA is Rs 62.93 crore plus applicable taxes. In terms of timeline, 4 Nos to be executed within July 2026 and 2 Nos till October 2026. Further, the order value being significant compared to the transactions in the ordinary course of business.
Sheela Foam:
The company reported a revenue increase from Rs 810 crore in Q1FY25 to Rs 821 crore in Q1FY26, driven by higher volumes in mattress and foam segments. Core EBITDA margins improved to 10.4% from 7.4%, aided by Kurlon’s integration and cost optimization. Reported PAT stood lower at Rs 7 crore due to mark-to-market losses on forex and government bonds.
Executive Chairman Rahul Gautam attributed growth to operational efficiencies post-integration, while MD Tushaar Gautam highlighted strong gains in E-Commerce and network expansion under the STI initiative.
