Daily Morning Report – 07/08/2026

Date 07.08.2026

NIFTY OUTLOOK: 24636.00   FII -17.86 cr    DII 4013.60 cr

As discussed yesterday market behaviour remained on the expected lines during the day, nifty reach near to breakout of 24683 i.e. made a day High of 24677 but failed to surpass, slide from there and gave closing near to its previous closing i.e. closed at 24636.

Further a doji candle appeared on daily chart of nifty suggest indecision about nifty direction, past three days movement show a market pause, range bound movement, buyers and sellers balance before a price breakout or breakdown.

Back to back bearish candle with identical high suggest bulls are losing the movement and facing the resistance, these favour the bears and hence if nifty decisively breakdown 24583 then it may slide upto 54530 to 24477. If more supply will accentuate then it may have chances to test 24423.

Furthermore positive trend is active and these candles safeguard the previous low suggest subdued the selling pressure, these favour the bulls hence if nifty successfully taken out 24689 it may rally upto 24743 to 24795. If more demand will accentuate then it may have chances to test 24848.

Bank Nifty OUTLOOK:                                                                                             

SPOT:  58063.65  Pcr: 0.96 Max Ce OI on 58000 & Max Pe OI on 58000

On August 6, 2026, a Bank Nifty index was closed at 58063.65 (323.70) (0.56%). The total movement in the index was 362.15 during the trading session.  The index made a high of 58076.85 and a low of 57714.70.

Technical view

Important support and resistance level of Bank Nifty Future are 57670 and 58330 respectively.

Intra Day support and resistance level of Bank Nifty Future are 58080 and 58280 respectively.

The Relative Strength Index (RSI) for the Nifty Bank index at 56.3. Below 30 is considered oversold and above 70 overbought.

Bank nifty Day SMA Analysis:

Bank nifty is trading above 8 out of 8 SMA’s  (5, 10, 20, 30, 50, 100, 150, 200 Day).

Bank nifty is trading below 0 out of 8 SMA’s.

One Bullish active Candlestick Pattern was identified in bank nifty on daily chart.

• Closing Marubozu Uptrend

Important Pivot Point Levels for Today          

Nifty (Spot)

Bank Nifty (Spot)

By Ashok Bhandari (RA)

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