Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
  • Editorial Calendar 19-20
BW Businessworld

Stock Market Daily Updates: 13 July 2020

Nifty future has to continue to hold above 10808 level zones to extend its move towards 10888 - 10909 level while key support exists at 10770 then 10707 levels

Photo Credit :

1588588706_YWamlB_2020_05_04T103604Z_1_LYNXMPEG430S1_RTROPTP_4_GLOBAL_MARKETS.JPG

Dear Trader…

Benchmark indices opened higher on Monday with Nifty above 10818 levels and U.S. equity futures advanced ahead of the start of an earnings season that will provide more clues on how companies are coping with the pandemic. Treasuries edged up.

I think the Market outlook on the week ahead will be largely guided by quarterly earnings from major companies and market may continue to see volatility going ahead as the hope of economic recovery will be challenged by the fear of rising COVID-19 cases and Market will focus on macroeconomic data, FIIs activities and then focus would again shift to earnings announcements. Global cues and updates related to Covid-19 will also remain an important factor and US and European countries stimulate hope. The earnings season has started so management commentary would be keenly watched out for and it will influence the mood of the market. Mixed trend witnessed on the sectoral front with pharma, energy and FMCG sectors ended higher, while bank, metal and auto and oil remained under pressure to book profit on every rise.

The quarterly result seasons have just kicked off and so far it's in line with street expectations. Going forward, the markets will shape up on the back of quarterly results by companies and more crucial would be their commentary. We expect the market to consolidate before taking the next move with highly volatile trend Now, Nifty future has to continue to hold above 10808 level zones to extend its move towards 10888 - 10909 level while key support exists at 10770 then 10707 levels

¢Nifty Future opened @ 10830 as on 13.07.2020..!!

For Intraday Nifty Future has resistance at 10848 - 10888 Point; above which other resistance levels are at 10909 - 10919 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 10808 - 10787 Point; below 10787 Point, other support levels are at 10760 - 10733 Point.

I am positive for the next bullish trend only above @ 10888 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 @ 10888 Point, again then the upper side target is quite high and it may touch @ 10909 Point in short term...!!!

¢Bank Nifty Future opened @ 22575 as on 13.07.2020..!!

Bank Nifty Future has resistance at 22630 - 22707 Point; above which other resistance levels are at 22777 - 22830 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 22474 - 22404 Point; below 00000 Point, other support levels are at 22330 - 22272 Point.

I am positive for the next bullish trend only above @ 22830 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 @ 22830 Point, again then the upper side target is quite high and it may touch @ 22960 Point in short term...!!

¢Prediction on Stock specific Movement as on 13.07.2020..!!

¢DIVIS LAB FO @ RS 2208

Positive Trend @ Rs 2190 / 2173 with Stoploss of Rs @ 2160 for the target near @ Rs 2230 - 2255 in short term…..!!!

¢ACC FO @ RS 1320

Positive Trend @ Rs 1313 / 1303 with Stoploss of Rs @ 0000 for the target near @ Rs 1337 - 1350 in short term…..!!!

¢LUPIN FO @ RS 858

Positive Trend @ Rs 848 / 833 with Stoploss of Rs @ 0000 for the target near @ Rs 873 - 888 in short term…..!!!

¢RELIANCE FO @ RS 1933

Negative Trend @ Rs 1933 / 1950 with Stoploss of Rs @ 1960 for the target near @ Rs 1919 - 1909 in short term...!!!

¢BHARAT PETRO FO @ RS 380

Negative Trend @ Rs 380 / 393 with Stoploss of Rs @ 399 for the target near @ Rs 368 - 360 in short term...!!!

¢M & M FO @ RS 558

Negative Trend @ Rs 557 / 565 with Stoploss of Rs @ 577 for the target near @ Rs 544 - 537 in short term...!!!

Note: Before Act Please Agree to Terms & Conditions, Disclaimer on www.nikhilbhatt.in

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.


Tags assigned to this article:
stockmarket Stock Market Daily Updates

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.

More From The Author >>