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Stock Market Daily Updates: 16 Sep 2021

We maintain our cautiously optimistic view about the market and advice investors to focus on quality names with high margins of safety. We are seeing buying interest emerging on every dip.

Photo Credit : Subhabrata Das

1459337783_YBVYmn_stockmarket-Dealing-room_SD2-870.jpg

Dear Trader…

Indian equity markets maintained their upward momentum in this week, Sensex - Nifty futures hit new highs in the Indian stock market on the back of a steady influx of foreign portfolio investors-FPIs amid claims of success in the global markets amid a worrying rise in Corona virus transmissions.

The BSE Sensex and the Nifty Futures traded higher by 58723 points and 17535 points, respectively, as foreign funds rallied in the Indian stock market in anticipation of good progress in the short term to curb the spread of the virus.

FII and FPIs, on Wednesday saw a net purchase of Rs 232.84 crore in the cash segment. A total of Rs 10939.59 crore was sold against a total purchase of Rs 11172.43 crore. Domestic institutional investors saw a net purchase of Rs 167.67 crore in the cash segment. A total of Rs 7284.96 crore was sold against a total purchase of Rs 7452.63 crore.

We believe domestic equities will continue to get support from FPIs in the near term. However, irrational exuberance is quite visible in many counters, given a sharp rally in small cap stocks as investors are pouring money in all stocks, irrespective of earnings potential.

This could lead to a sizeable erosion of wealth, especially for retail investors when the cycle turns. We maintain our cautiously optimistic view about the market and advice investors to focus on quality names with high margins of safety. We are seeing buying interest emerging on every dip.


  • INDEX MOVEMENT – 16.09.2021
  • Nifty Future closed @ 17535 as on 15.09.2021..!!

Dear Traders,

Nifty Future has resistance at 17577 – 17606 Point; above which other resistance levels are at 17616 - 17636 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 17505 – 17474 Point; below17474 Point, other support levels are at 17434 – 17404 Point.

I am positive for the next bullish trend only above @ 17606 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 @ 17606 Point, again then the upper side target is quite high and it may touch @ 17616 Point in the short term...!!!


  • Bank Nifty Future closed @ 36968 as on 15.09.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 37077 – 37137 Point; above which other resistance levels are at 37202 – 37272 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 36888 – 36808 Point; below36808 Point, other support levels are at 36777 – 36676 Point.

I am positive for the next bullish trend only above @ 37272 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 @ 37272 Point, again then the upper side target is quite high and it may touch @ 37303 Point in the short term...!!


Ø Trading Idea for the derivative stocks….

  • HERO MOTOCORP @ Positive Trend @ Rs 2828 with Stoploss of Rs @ 2808 for the Target near @ Rs 2909 - 2919 in short term…..!!!
  • GODREJ PROP. @ Positive Trend @ Rs 1616 with Stoploss of Rs @ 1606 for the Target near @ Rs 1653 – 1660 in short term…..!!!
  • TATA STEEL @ Positive Trend @ Rs 1430 with Stoploss of Rs @ 1417 for the Target near @ Rs 1474 – 1480 in short term…..!!!
  • SUN PHARMA @ Positive Trend @ Rs 770 with Stoploss of Rs @ 760 for the Target near @ Rs 797 – 808 in short term…..!!!
  • TITAN LTD @ Negative Trend @ Rs 2147 with Stop loss of Rs @ 2160 for the Target near @ Rs 2097 – 2088 in short term...!!!
  • HDFC BANK @ Negative Trend @ Rs 1577 with Stop loss of Rs @ 1584 for the Target near @ Rs 1533 - 1517 in short term...!!!
  • LUPIN LTD @ Negative Trend @ Rs 1009 with Stop loss of Rs @ 999 for the Target near @ Rs 977 - 970 in short term...!!!
  • WIPRO LTD @ Negative Trend @ Rs 686 with Stop loss of Rs @ 696 for the Target near @ Rs 663 – 650 in short term...!!!

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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.


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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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