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Stock Market Daily Updates: 15 March 2021

As expected, the Indian stock market bullish run stopped at a red mark due to unprofitable selling from higher levels.

Photo Credit :

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Dear Trader…

On the last day of the week, The benchmark opened on a positive note however profit-taking at higher levels capped the upside as the session progressed.

The expected profit booking in the Indian stock market has seen a sharp decline as another spike in bond yields weighed on the overall global market sentiment and finally breaking the consolidation range on the lower side and in BSE Sensex plunged with 487 points while the Nifty50 was down 143 points.

Corona's transition is again spreading alarmingly in various states of India including Maharashtra, Kerala, Gujarat, Chhattisgarh and the slump in the Indian economy and the sharp rise in bond yields on the global front last week.

As expected, the Indian stock market bullish run stopped at a red mark due to unprofitable selling from higher levels.

The Nifty couldn't sustain in the higher territory and faced sharp selling pressure there and it aggravated as the day progressed.

the volatility in the Indian stock market has reached its peak, with all reports on the economy being negative. 

It may be mentioned here that RBI Governor Shaktikant Das has also warned investors about the current rally in the stock market, as the country's economy and the stock market are moving in the opposite direction, so it will be necessary to be cautious.

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.

  • Nifty Future closed @ 15051 as on 12.03.2021

Nifty Future has resistance at 15088 – 15108 Point; above which other resistance levels are at 15188 - 15202 Point with highly Volatile Trend, 

Nifty Future has Downside support levels are at 15008 - 14909 Point; below14909 Point, other support levels are at 14888 - 14808 Point.

I am positive for the next bullish trend only above @ 15202 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 @ 15188 Point, again then the upper side target is quite high and it may touch @ 15202 Point in the short term.

  • Bank Nifty Future closed @   35522 as on 12.03.2021

Bank Nifty Future has resistance at 35575 – 35707 Point; above which other resistance levels are at 36888 – 36006 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 35373 - 35008 Point; below35008 Point, other support levels are at 34888 - 34707 Point.

I am positive for the next bullish trend only above @ 35888 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 @ 35888 Point, again then the upper side target is quite high and it may touch @ 36006 Point in the 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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