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Stock Market Daily Updates: 12 Aug 2021

In the coming session, as the market has already witnessed a sharp run-up and valuations appear to be quite stretched at the current level, profit-booking at these levels cannot be ruled out and therefore traders should be cautious at these levels.

Photo Credit :

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Dear Trader…

The expected profit booking in the Indian stock market has seen decline on the overall global market sentiment. Corona's transition is again spreading alarmingly in various states of India including Maharashtra and Kerala the slump in the Indian economy. As expected, the Indian stock market bullish run stopped at a red mark due to unprofitable selling from higher levels.

FII-foreign institutional investors, foreign portfolio investors-FPIs, on Wednesday saw a net purchase of Rs 238.14 crore in the cash segment. A total of Rs 7063.17 crore was sold against a total purchase of Rs 7301.31 crore. DII-domestic institutional investors today saw a net purchase of Rs 206.28 crore in the cash segment. A total of Rs 6386.27 crore was sold against a total purchase of Rs 6592.55 crore.

Any such decision on the economic front could affect market sentiment. So in the coming days, the economy and the Indian stock market may see a major upheaval.

In the coming session, as the market has already witnessed a sharp run-up and valuations appear to be quite stretched at the current level, profit-booking at these levels cannot be ruled out and therefore traders should be cautious at these levels.

Ø INDEX MOVEMENT - 12.08.2021

  • Nifty Future closed @ 16283 as on 11.08.2021..!!

Dear Traders,

Nifty Future has resistance at 16303 – 16333 Point; above which other resistance levels are at 16373 – 16404 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 16232 – 16202 Point; below16202 Point, other support levels are at 16188 - 16160 Point.

I am positive for the next bullish trend only above @ 16373 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 @ 16373 Point, again then the upper side target is quite high and it may touch @ 16404 Point in the short term...!!!

  • Bank Nifty Future closed @ 35917 as on 11.08.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 36008 – 36188 Point; above which other resistance levels are at 36272 – 36404 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 35787 – 35606 Point; below35606 Point, other support levels are at 35474 – 35303 Point.

I am positive for the next bullish trend only above @ 36272 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 @ 36272 Point, again then the upper side target is quite high and it may touch @ 36404 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

Ø RELIANCE IND. @ Positive Trend @ Rs 2088 with Stoploss of Rs @ 2073 for the Target near @ Rs 2137 - 2150 in short term…..!!!

Ø TITAN LTD @ Positive Trend @ Rs 1770 with Stoploss of Rs @ 1747 for the Target near @ Rs 1808 – 1818 in short term…..!!!

Ø ADANI ENT. @ Positive Trend @ Rs 1427 with Stoploss of Rs @ 1407 for the Target near @ Rs 1466 – 1480 in short term…..!!!

Ø TATA CHEMICAL @ Positive Trend @ Rs 844 with Stoploss of Rs @ 837 for the Target near @ Rs 878 – 884 in short term…..!!!

Ø PIRAMAL ENT. @ Negative Trend @ Rs 2770 with Stop loss of Rs @ 2880 for the Target near @ Rs 2707 – 2688 in short term...!!!

Ø GODREJ PROP. @ Negative Trend @ Rs 1563 with Stop loss of Rs @ 1570 for the Target near @ Rs 1517 - 1500 in short term...!!!

Ø GRASIM IND. @ Negative Trend @ Rs 1530 with Stop loss of Rs @ 1537 for the Target near @ Rs 1488 - 1480 in short term...!!!

Ø HCL TECHNO. @ Negative Trend @ Rs 1083with Stop loss of Rs @ 1090 for the Target near @ Rs 1047 – 1030 in short term...!!!

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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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