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Stock Market Daily Updates: 14 July 2021

Bank Nifty Future has resistance at 35808 – 35888 Point; above which other resistance levels are at 35930 – 36006 Point with highly Volatile Trend,

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Dear Trader…

Indian equity benchmarks ended higher with gains of more than half percent on Tuesday, with Sensex and Nifty surpassing their crucial psychological levels of 52,750 and 15,800, respectively. 

FII and FPIs, on Tuesday saw a net purchase of Rs 113.83 crore in the cash segment. A total of Rs 5101.89 crore was sold against a total purchase of Rs 5215.72 crore. Domestic institutional investors today saw a net purchase of Rs 344.19 crore in the cash segment. A total of Rs 5245.53 crore was sold against a total purchase of Rs 5589.72 crore.

Today, the start of session is likely to be in red amid weakness in the global markets. Investors are eyeing the WPI data to be out later in the day. Traders will be concerned with rising coronavirus cases in the country. India has recorded a spike of 40,215 fresh Covid-19 cases in the last 24 hours, taking the total caseload to 30,944,949, according to Worldometer. 

However, some respite may come later in the day as the government exempted basic customs duty on imports of specified API/ excipients for Amphotericin B and raw materials for manufacturing Covid test kits. 

Traders may take note of report that global rating agency Standard and Poor’s has affirmed India’s sovereign rating at BBB- and maintained a stable outlook on gradual recovery in the economy. It said India’s recovery will gather pace through the second half of FY22 and into the following year, helping to stabilise the country’s overall credit profile.

Ø INDEX MOVEMENT - 14.07.2021

  • Nifty Future closed @ 15833 as on 13.07.2021..!!

Dear Traders,

Nifty Future has resistance at 15888 – 15909 Point; above which other resistance levels are at 15919 - 16970 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 15808– 15770 Point; below15770 Point, other support levels are at 15707 - 15676 Point.

I am positive for the next bullish trend only above @ 15970 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 @ 15970 Point, again then the upper side target is quite high and it may touch @ 16006 Point in the short term...!!!

Ø Trading Idea for the derivative stocks….

Ø GRASIM IND. @ Positive Trend @ Rs 1555 with Stoploss of Rs @ 1540 for the Target near @ Rs 1594 - 1606 in short term…..!!!

Ø ADANI ENT. @ Positive Trend @ Rs 1404 with Stoploss of Rs @ 1388 for the Target near @ Rs 1444 – 1460 in short term…..!!!

Ø AURO PHARMA @ Positive Trend @ Rs 944 with Stoploss of Rs @ 930 for the Target near @ Rs 984 – 990 in short term…..!!!

Ø BERGER PAINT @ Positive Trend @ Rs 828 with Stoploss of Rs @ 821 for the Target near @ Rs 855 – 863 in short term…..!!!

Ø BATA INDIA @ Negative Trend @ Rs 1590 with Stop loss of Rs @ 1606 for the Target near @ Rs 1560 – 1544 in short term...!!!

Ø HAVELLS INDIA @ Negative Trend @ Rs 1063 with Stop loss of Rs @ 1070 for the Target near @ Rs 1017 - 1007 in short term...!!!

Ø HCL TECHNO. @ Negative Trend @ Rs 989 with Stop loss of Rs @ 996 for the Target near @ Rs 947 - 930 in short term...!!!

Ø BHARAT FORGE @ Negative Trend @ Rs 833with Stop loss of Rs @ 840 for the Target near @ Rs 797 – 790 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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