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Stock Market Daily Updates: 17 Aug 2021

The market may show a decline in the coming days, but apart from that the market structure is made up of bulls.

Photo Credit : Subhabrata Das

1459337783_YBVYmn_stockmarket-Dealing-room_SD2-870.jpg

Dear Trader…

On the first day of the week, the Indian stock market started trading with a bullish trend. As expected, the market continued its upward trend as supportive global cues led to a positive start which was further fuelled by the buying in index majors.

Indian shares opened higher on monday as gains in heavyweight metal, energy, fmgg and financial stocks helped extend a rally from the previous session. 

FII and FPIs, on Monday saw a net sold of Rs 1088.32 crore in the cash segment. A total of Rs 5360.15 crore was sold against a total purchase of Rs 4271.83 crore. Domestic institutional investors saw a net purchase of Rs 506.21 crore in the cash segment. A total of Rs 4697.24 crore was sold against a total purchase of Rs 5203.45 crore.

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.

Technically, we feel that the Nifty needs to cross the level of 16606 points, and the trend continues to be profit booking on every rise and the next range to be watched out for is around 16676 to 16707 points and this can be achieved in the short term. The immediate support for the Nifty future is placed around 16505 and 16474 points.

Ø INDEX MOVEMENT – 17.08.2021

  • Nifty Future closed @ 16559 as on 16.08.2021..!!

Dear Traders,

Nifty Future has resistance at 16575 – 16606 Point; above which other resistance levels are at 16616 - 16636 Point with highly Volatile Trend, 

Nifty Future has Downside support levels are at 16505 – 16474 Point; below16474 Point, other support levels are at 16434 – 16404 Point.

I am positive for the next bullish trend only above @ 16606 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 @ 16606 Point, again then the upper side target is quite high and it may touch @ 16636 Point in the short term...!!!

  • Bank Nifty Future closed @ 36140 as on 16.08.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 36232 – 36303 Point; above which other resistance levels are at 36373 – 36404 Point with highly Volatile Trend, 

Bank Nifty Future has Downside support levels are at 36006 – 35939 Point; below35939 Point, other support levels are at 35888 – 35808 Point.

I am positive for the next bullish trend only above @ 36404 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 @ 36404 Point, again then the upper side target is quite high and it may touch @ 36474 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

  • TITAN LTD @ Positive Trend @ Rs 1808 with Stoploss of Rs @ 1787 for the Target near @ Rs 1853 - 1860 in short term…..!!!
  • LARSEN LTD @ Positive Trend @ Rs 1630 with Stoploss of Rs @ 1616 for the Target near @ Rs 1673 – 1680  in short term…..!!!
  • HAVELLS INDIA @ Positive Trend @ Rs 1208 with Stoploss of Rs @ 1188 for the Target near @ Rs 1247 – 1260 in short term…..!!!
  • RAMCO CEMENT @ Positive Trend @ Rs 955 with Stoploss of Rs @ 948 for the Target near @ Rs 988 – 995 in short term…..!!!
  • ADANI ENT. @ Negative Trend @ Rs 1466 with Stop loss of Rs @ 1484 for the Target near @ Rs 1408 – 1390 in short term...!!!
  • ESCORTS LTD @ Negative Trend @ Rs 1288 with Stop loss of Rs @ 1294 for the Target near @ Rs 1247 - 1230 in short term...!!!
  • HCL TECHNO. @ Negative Trend @ Rs 1147 with Stop loss of Rs @ 1154 for the Target near @ Rs 1108 - 1097 in short term...!!!
  • BHARAT FORGE @ Negative Trend @ Rs 828with Stop loss of Rs @ 838 for the Target near @ Rs 787 – 780 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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