For third successive month, Nifty ended marginally in green after trading volatile in a broader range of roughly 450 points and managed to settle above the psychological mark of 8400.
Amid volatility, stock specific move kept the participants busy and we saw move in both directions. However, majority of quality counters upheld sideways to positive bias for most part of the month.
We believe prevailing consolidation in index will continue in August month as well. The upper band is intact around 8700 so participants may book partial profit around that level while immediate support exist at 8400. Meanwhile, maintain stock specific trading approach and avoid over trading.