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Stock Market Daily Updates: 17 March 2021

The Indian stock market is currently trading at a high valuation. In addition to an increase in the Corona case or a global lockdown will also have an impact on the domestic market.

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Dear Trader…

As expected, Indian stock market opened positive and moved in a narrow range throughout the day. Some profit booking emerged and both Nifty and Sensex slid in the negative territory. 

Sectors like IT, FMCG, Auto were strong and closed positive whereas sectors like Banking, Pharma, Metals, PSU Banking, Financial services witnessed profit booking and closed in red.

Indian market was under pressure due to rising crude prices and selling by domestic funds. We can expect FII selling to come down post the Fed policy meet outcome and US bond yields to ease as an accommodative outlook is expected.

FII and FPIs, on Tuesday saw a net purchase of Rs 1692.31 crore in the cash segment. A total of Rs 6127.60 crore was sold against a total purchase of Rs 7819.91 crore. Domestic institutional investors today saw a net sale of Rs 1168.59 crore in the cash segment. A total of Rs 5687.37 crore was sold against a total purchase of Rs 4518.78 crore.

However, domestic equities gave up initial gains and traded flat towards the final hours of the day, as traders turned cautious with Credit rating agency ICRA’s report stated that the states may face a shortfall of Rs 2.7 lakh crore as Goods and Services Tax (GST) compensation from the Centre next fiscal. Out of that amount, the shortfall from cess collections will be at Rs 1.6 lakh crore.

The Indian stock market is currently trading at a high valuation. In addition to an increase in the Corona case or a global lockdown will also have an impact on the domestic market.

  • Nifty Future closed @ 14959 as on 16.03.2021

Nifty Future has resistance at 15008 – 15088 Point; above which other resistance levels are at 15108 - 15188 Point with highly Volatile Trend, 

Nifty Future has Downside support levels are at 14909 - 14860 Point; below14860 Point, other support levels are at 14808 - 14770 Point.

I am positive for the next bullish trend only above @ 15188 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 @ 34923 as on 16.03.2021

Bank Nifty Future has resistance at 35008 – 35177 Point; above which other resistance levels are at 35350 – 35474 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 34808 - 34676 Point; below34676 Point, other support levels are at 34606 - 34474 Point.

I am positive for the next bullish trend only above @ 35350 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 @ 35350 Point, again then the upper side target is quite high and it may touch @ 35474 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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