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Stock Market Daily Updates: 13 Aug 2021

The Indian stock market is trading at a high valuation. In addition currently, stocks based bullish trend on the local economy.

Photo Credit : Subhabrata Das

1459337783_YBVYmn_stockmarket-Dealing-room_SD2-870.jpg

Dear Trader…

The market continued its upward trend with Supportive global cues led to a positive start which was further fuelled by the buying in index majors. Consequently, markets touched a high largely led by healthy buying in Utilities, Power and IT counters except Energy, ended in the green. Market has been moving in a consolidative manner from the last few sessions and not emerging in a clear direction initially, upbeat global cues triggered a firm start in the benchmark but lack of follow-up buying and profit-taking in the index majors capped the upside.

FII and FPIs, on Monday saw a net sold of Rs 212.11 crore in the cash segment. A total of Rs 5902.28 crore was sold against a total purchase of Rs 5690.17 crore. Domestic institutional investors saw a net purchase of Rs 307.75 crore in the cash segment. A total of Rs 5282.72 crore was sold against a total purchase of Rs 5590.47 crore.

The Indian stock market is trading at a high valuation. In addition currently, stocks based bullish trend on the local economy. The market may show a decline in the coming days, but apart from that the market structure is made up of bulls. The market is booming due to the success of vaccines and the steady influx of FIIs, but there have been corrections in the bullish phase in the past as well. This time too, along with the positive factors, the bullish trade in stocks is likely to ease, so caution will be required.

Ø INDEX MOVEMENT – 13.08.2021

  • Nifty Future closed @ 16358 as on 12.08.2021..!!

Dear Traders,

Nifty Future has resistance at 16388 – 16404 Point; above which other resistance levels are at 16434 - 16474 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 16303 – 16272 Point; below16272 Point, other support levels are at 16232 - 16202 Point.

I am positive for the next bullish trend only above @ 16404 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 @ 16404 Point, again then the upper side target is quite high and it may touch @ 16434 Point in the short term..

  • Bank Nifty Future closed @ 36063 as on 12.08.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 36373 – 36434 Point; above which other resistance levels are at 36474 – 36606 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 36006 – 35808 Point; below35808 Point, other support levels are at 35737 – 35676 Point.

I am positive for the next bullish trend only above @ 36474 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 @ 36474 Point, again then the upper side target is quite high and it may touch @ 36606 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

  • TITAN LTD @ Positive Trend @ Rs 1788 with Stoploss of Rs @ 1770 for the Target near @ Rs 1848 - 1855 in short term…..!!!
  • INFOSYS LTD @ Positive Trend @ Rs 1670 with Stoploss of Rs @ 1644 for the Target near @ Rs 1703 – 1713 in short term…..!!!
  • HCL TECHNO. @ Positive Trend @ Rs 1077 with Stoploss of Rs @ 1060 for the Target near @ Rs 1108 – 1120 in short term…..!!!
  • RAMCO CEMENT @ Positive Trend @ Rs 970 with Stoploss of Rs @ 963 for the Target near @ Rs 1012 – 1027 in short term…..!!!
  • BATA INDIA @ Negative Trend @ Rs 1707 with Stop loss of Rs @ 1717 for the Target near @ Rs 1660 – 1644 in short term...!!!
  • ADANI ENT. @ Negative Trend @ Rs 1466 with Stop loss of Rs @ 1474 for the Target near @ Rs 1424 - 1404 in short term...!!!
  • ESCORTS LTD @ Negative Trend @ Rs 1290 with Stop loss of Rs @ 1297 for the Target near @ Rs 1244 - 1230 in short term...!!!
  • CIPLA LTD @ Negative Trend @ Rs 933with Stop loss of Rs @ 940 for the Target near @ Rs 890 – 883 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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