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Looking forward, the immediate resistance for Nifty is identified at the 21,500 levels, representing the 78.6 percent Fibonacci extension level.
Trent has continued higher highs, higher lows formation for second consecutive session, after Bullish Engulfing candlestick pattern formation, which is bullish reversal pattern, on August 8, followed by continuity in strong uptrend for next two sessions with robust volumes.
Nippon Life has seen a breakout of horizontal resistance trendline adjoining highs of June 30 and July 12, and formed a bullish candlestick pattern on the daily timeframe with above average volumes. Further, it has also seen a golden crossover this month.
Stocks like Chola Investment rose over 13 percent, ICICI Bank closed with gains of over 4 percent, and Motherson Sumi rose nearly 7 percent were some of the socks in focus.
Given that the future is uncertain, I tend to think of stocks in terms of risk-reward trade-offs. Without getting into specific names, I see favourable risk-reward in banks, industrials, IT, and certain commodity sub-sectors.