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Stock Market Daily Update: 6 Sep 2021

As the market has been in the overbought zone it will not take long for the scenario to become difficult to sell again in a sudden correction. So that caution will be necessary. Investors can book profit in a small portion of their portfolio.

Photo Credit :

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Dear Trader…

Indian equity benchmarks ended the Last week on a record high as momentum continued in blue chip large caps. Sensex crossed the 58,000-level for the first time while Nifty made a new high of 17,340, led by gains in index heavyweights like Reliance Industries, ONCG, Coal India, Titan amidst positive trend in global markets and sustained foreign fund inflows. 

Reliance Industries led from the front as the top gainer today gaining 4.1% to close at record levels of Rs2390. L&T Technology gained over 7% after the company spelt out its aspiration of achieving FY25 revenue of USD1.5b, along with 18% EBIT margin in an analyst meet yesterday.  Earlier during the day, HDFC Life Insurance announced the 100% acquisition of Exide Life for Rs6687 crore through a mix of cash consideration and share issue.

FII and FPIs, on Friday saw a net purchase of Rs 768.58 crore in the cash segment. A total of Rs 6723.91 crore was sold against a total purchase of Rs 7492.49 crore. Domestic institutional investors saw a net purchase of Rs 668.60 crore in the cash segment. A total of Rs 5729.18 crore was sold against a total purchase of Rs 6397.78 crore.

Friends, the Indian stock market is booming in every sector due to the relentless influx of foreign investors. Traders with a stock specific approach are more likely to book profits through intraday trading. In a bullish mood in the Indian stock market, investors as well as traders are showing a cautious attitude with enthusiasm.

We are bullish on the market although after the sharp correction, we are concerned about the valuation of the market. As the market has been in the overbought zone it will not take long for the scenario to become difficult to sell again in a sudden correction. So that caution will be necessary. Investors can book profit in a small portion of their portfolio.

  • INDEX MOVEMENT – 06.09.2021


  • Nifty Future closed @ 17329 as on 03.09.2021..!!

Dear Traders,

Nifty Future has resistance at 17373 – 17404 Point; above which other resistance levels are at 17434 - 17474 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 17288 – 17232 Point; below17232 Point, other support levels are at 17202 – 17170 Point.

I am positive for the next bullish trend only above @ 17404 Point but be with the trend. Let the market decide further moves. 

As we are saying from many days, Buying is suggested in falls only...and it’s still a better strategy in the given Scenario, regarding Long term positions, it is preferable to remain cautious now...!!

If Nifty Future crosses @ 17404 Point, again then the upper side target is quite high and it may touch @ 17474 Point in the short term...!!!

  • Bank Nifty Future closed @ 36899 as on 03.09.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 37007 – 37077 Point; above which other resistance levels are at 37177 – 37303 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 36888 – 36676 Point; below36676 Point, other support levels are at 36577 – 36474 Point.

I am positive for the next bullish trend only above @ 37177 Point but be with the trend. Let the market decide further moves. 

As we are saying from many days, Buying is suggested in falls only...and it’s still a better strategy in the given Scenario, regarding Long term positions, it is preferable to remain cautious now...!!

If Bank Nifty Future crosses @ 37177 Point, again then the upper side target is quite high and it may touch @ 37303 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

  • BATA INDIA @ Positive Trend @ Rs 1760 with Stoploss of Rs @ 1744 for the Target near @ Rs 1808 - 1818 in short term…..!!!
  • TATA STEEL @ Positive Trend @ Rs 1424 with Stoploss of Rs @ 1404 for the Target near @ Rs 1463 – 1470 in short term…..!!!
  • AURO PHARMA @ Positive Trend @ Rs 727 with Stoploss of Rs @ 717 for the Target near @ Rs 774 – 780 in short term…..!!!
  • DABUR INDIA @ Positive Trend @ Rs 626 with Stoploss of Rs @ 616 for the Target near @ Rs 653 – 660 in short term…..!!!
  • KOTAK BANK @ Negative Trend @ Rs 1818 with Stop loss of Rs @ 1833 for the Target near @ Rs 1780 – 1767 in short term...!!!
  • ADANI ENTERPRISE @ Negative Trend @ Rs 1606 with Stop loss of Rs @ 1620 for the Target near @ Rs 1560 - 1527 in short term...!!!
  • CIPLA LTD @ Negative Trend @ Rs 970 with Stop loss of Rs @ 980 for the Target near @ Rs 927 - 919 in short term...!!!
  • JSW STEEL @ Negative Trend @ Rs 707with Stop loss of Rs @ 717 for the Target near @ Rs 680 – 667 in short term...!!!

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Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.


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Nikhil Bhatt | Research Analyst - SEBI

The author is a well established entrepreneur having a more than 16 years of experience in the field of stock market and financial management.

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