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Stock Market Daily Update: 7 July 2020

Positive macroeconomic data and hopes of a vaccine boosted sentiment that the global economy will bounce back from an expected recession this year.

Photo Credit :

1575809288_yq1JW0_BSE_India.jpg

Dear Trader

Yesterday the market ended at a four-month high, even as the country struggled to contain the rising number of corona virus cases.Despite the near-term momentum being positive, traders should be stock-specific and look at booking profits at regular intervals.

Positive macroeconomic data and hopes of a vaccine boosted sentiment that the global economy will bounce back from an expected recession this year.

On the domestic side, strong loan growth numbers from HDFC Bank and initial signs of ease in tensions between India and China boosted investor sentiment. However, India has risen to become the third-most impacted country in terms of corona virus cases after the US and Brazil,

Results on July 7
Shree Renuka Sugars, GKB Ophthalmics, Bazel International, Best Agrolife, Best Eastern Hotels, Bhanderi Infracon, Indian Acrylics, Marg Techno Projects, Polymac Thermoformers.

FII and DII data
Foreign institutional investors (FIIs) bought shares worth Rs 348.35 crore, while domestic institutional investors (DIIs) bought shares worth Rs 263.47 crore in the Indian equity market on July 6, provisional data available on the NSE showed.
NIFTY FO opened @ 10761 AS ON 07.07.2020..!!

NIFTY FO RANGE @ 10676 TO 10808 POINT IN SHORT TERM…!!!

NIFTY FO has Downside support levels are at 10707 - 10686 Point; below 10686 Point, other support levels are at 10630 - 10606 Point.

NIFTY FO has resistance at 10773 - 10808 Point; above which other resistance levels are at 10818 - 10830 Point with highly Volatile Trend,

I am positive for next bullish trend only above @ 10808 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 FO crosses @ 10808 Point, again then the upper side target is quite high and it may touch @ 10830 Point in short term...!!!

BANK NIFTY FO opened @ 22209 AS ON 07.07.2020..!!

BANK NIFTY FO RANGE @ 21808 TO 22606 POINT IN SHORT TERM…!!!

BANK NIFTY FO has Downside support levels are at 22188 - 22088 Point; below 22088 Point, other support levels are at 21970 - 21808 Point.

BANK NIFTY FO has resistance at 22303 - 22373 Point; above which other resistance levels are at 22404 - 22474 Point with highly Volatile Trend,

I am positive for next bullish trend only above @ 22404 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 FO crosses @ 22404 Point, again then the upper side target is quite high and it may touch @ 22474 Point in short term...!!

¢    LARSEN FO @ RS 950
Positive Trend @ Rs 950 / 933 with Stoploss of Rs @ 919 for the target near @ Rs 969 - 980 in short term…..!!!

¢    DIVIS LAB LTD FO @ RS 2160
Positive Trend @ Rs 2144 / 2118 with Stoploss of Rs @ 2103 for the target near @ Rs 2188 - 2208 in short term…..!!!

¢    AURO PHARMA FO @ RS 777
Positive Trend @ Rs 770 / 760 with Stoploss of Rs @ 744 for the target near @ Rs 793 - 803 in short term…..!!!

¢    KOTAK BANK FO @ RS 1360

Negative Trend @ Rs 1363 / 1377 with Stoploss of Rs @ 1383 for the target near @ Rs 1347 - 1333 in short term...!!!

¢    HDFC BANK FO CLOSED @ RS 1103
Negative Trend @ Rs 1103 / 1120 with Stoploss of Rs @ 1130 for the target near @ Rs 1088 - 1073 in short term...!!!
   
¢    INDIGO FO  CLOSED @ RS 1037

Negative Trend @ Rs 1037 / 1060 with Stoploss of Rs @ 1077 for the target near @ Rs 1018 - 1008 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.


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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