Nifty needs to go past 8,670 for strong August expiry -:- Equity Research

The 50-share Nifty needs to get past 8660-8670 zone to build some momentum and ensure stronger expiry for August futures series, says Mitesh Thacker of miteshthacker.com speaking to CNBC-TV18 in its Closing Bell segment. Nifty ended today's trade with mere 18 points gain at around 8650, while Sensex ended about 70 points higher at 28060. Ashwani Gujral of ashwanigujral.com notes the indices are trading in an extremely narrow range now even on an intra-day basis which indicates there could be a breakout most likely on the upside soon. "Nifty has been trading in a 20-25 points range since a gap up in the morning," says Ashwani Gujral of ashwanigujral.com speaking to CNBC-TV18 in its Closing Bell segment. "So, we are extremely close to a break out and on Friday after (Federal Reserve Chief) Yellen's speech, we could see fresh range expansion," he adds. On Friday, Federal Reserve Chief Janet Yellen will deliver the keynote speech at Jackson Hole, Wyoming at a global central banking conference, a platform traditionally used by Fed chiefs to hint monetary policy direction. Gujral also points that Nifty futures, which were trading at 5-point discount mid- day in today's trade went up to near 10-point premium, which indicates shorts did not get follow through at lower levels, he says. SP Tulsian of sptulsian.com, Gautam Sinha Roy of Motilal Oswal Mutual Fund and Prakash Diwan of prakashdiwan.in also shared their view on specific sectors and stocks.