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Stock Market Daily Updates: 11 Oct 2021

In this environment of global uncertainty and sector specific action, Investors should make use of small dips in the market to accumulate fundamentally strong stocks.

Photo Credit :

1575809288_yq1JW0_BSE_India.jpg

Dear Trader…

Indian equity benchmarks extended gains to a second straight day, with Nifty 50 closed at record closing high while Sensex ended a few points shy of an all-time high on Friday after the Reserve Bank kept the key benchmark rates unchanged for the eighth consecutive time and promised to maintain the status-quo on rates as long as necessary to revive growth.

FII and FPIs, on Thursday saw a net sold of Rs 1764.25 crore in the cash segment. A total of Rs 8498.85 crore was sold against a total purchase of Rs 6734.60 crore. Domestic institutional investors saw a net purchase of Rs 2528.64 crore in the cash segment. A total of Rs 5364.03 crore was sold against a total purchase of Rs 7892.67 crore.

Domestic markets are holding up strong on the back of several positive factors including macro data, strong pre-quarterly numbers and healthy commentary from corporates for the festive season. Although volatility has increased due to global factors as well as elevated valuations. In this environment of global uncertainty and sector specific action, Investors should make use of small dips in the market to accumulate fundamentally strong stocks. 

  • INDEX MOVEMENT – 11.10.2021
  • Nifty Future closed @ 17900 as on 08.10.2021

Dear Traders,

Nifty Future has resistance at 17970 – 18008 Point; above which other resistance levels are at 18088 - 18108 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 17878 – 17838 Point; below17838 Point, other support levels are at 17808 – 17770 Point.

I am positive for the next bullish trend only above @ 18008 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 @ 18008 Point, again then the upper side target is quite high and it may touch @ 18108 Point in the short term.

  • Bank Nifty Future closed @ 37917 as on 08.10.2021

Dear Traders,

Bank Nifty Future has resistance at 38008 – 38108 Point; above which other resistance levels are at 38232 – 38373 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 37808 – 37676 Point; below37676 Point, other support levels are at 37505 – 37272 Point.

I am positive for the next bullish trend only above @ 38373 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 @ 38373 Point, again then the upper side target is quite high and it may touch @ 38404 Point in the short term..

Ø Trading Idea for the derivative stocks….

  • KOTAK BANK @ Positive Trend @ Rs 1919 with Stoploss of Rs @ 1909 for the Target near @ Rs 1963 - 1970 in short term…..!!!
  • GRASIM IND. @ Positive Trend @ Rs 1580 with Stoploss of Rs @ 1566 for the Target near @ Rs 1623 – 1640 in short term…..!!!
  • TECHM @ Positive Trend @ Rs 1424 with Stoploss of Rs @ 1408 for the Target near @ Rs 1457 – 1464 in short term.
  • CIPLA LTD @ Positive Trend @ Rs 898 with Stoploss of Rs @ 891 for the Target near @ Rs 933 – 940 in short term.
  • HDFC LTD @ Negative Trend @ Rs 2770 with Stop loss of Rs @ 2808 for the Target near @ Rs 2707 – 2686 in short term.
  • INDIGO @ Negative Trend @ Rs 2008 with Stop loss of Rs @ 2018 for the Target near @ Rs 1960 - 1933 in short term..
  • TATA STEEL @ Negative Trend @ Rs 1347 with Stop loss of Rs @ 1354 for the Target near @ Rs 1288 - 1273 in short term..
  • TATA CHEMICAL @ Negative Trend @ Rs 979 with Stop loss of Rs @ 990 for the Target near @ Rs 947 – 930 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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