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Stock Market Daily Updates: 17 Sep 2020

The Nifty future has witnessed fresh breakouts on intra-timeframes which suggests the current pullback can extend up to 11606 -11636 points that is strong hurdles on the higher side. Every dip can now be utilized for buying Support has shifted to 11505 – 11474 points.

Photo Credit :

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Dear Trader…

Despite global progress in the corona vaccine, there is still uncertainty about the accuracy of the vaccine, as well as progress in drug research. the Indian stock market rebound with markets in Asia and Europe recovering on the back of rising times and rising industrial production. 

Amid the possibility of unveiling a new stimulus package to industries in India in the coming days, the funds again saw a big rally in IT, Healthcare, Auto, Media and Realty indices while Power and Telecom ended in the negative. Reliance rose with volumes. Traders came back to large-caps after enjoying a two-day rally in the small and mid-cap space.

Friends, The Asian Development Bank (ADB) has projected a 9% slowdown in the Indian economy in the current financial year 2020-21, following a severe lockdown in India since the end of March to curb the spread of the cholera epidemic. 

The Asian Development Scenario 2020 update released by the ADB notes that economic activities in India have been severely affected by the corona virus which also has an impact on consumer demand. This will see a 9% decline in GDP in the current financial year.

The area of epidemic control, testing, monitoring and treatment capacity will continue to be important for the growth of the economy in the coming financial year and beyond. However, the ADB estimates that the resumption of turnover and trade activities will lead to a big boom in the Indian economy in the next financial year 2021-22 with a growth rate of 8%.

Addressing the FICCI National Executive Committee Meeting, Reserve Bank of India Governor Shaktikanta Das assured that the RBI is closely monitoring the economic situation, and the central bank is prepared to take further measures to prepare the economy and banking system to fight the COVID-19 pandemic. According to, these reassuring statements helped the Nifty to rise towards the recent highs.

As we are closely following global markets, traders awaited policy statement from the US FOMC meeting. Any indication of increased bond-buying will be a positive trigger for the markets. It is important to see what all measures they would consider for reviving the US economy as the hope of further stimulus have faded away and they do not have room for tinkering with the interest rate.

Markets are expected to be in sync with global cues tomorrow. Upsides seem to be limited, considering the lack of fresh domestic triggers for the market.

The Nifty future has witnessed fresh breakouts on intra-timeframes which suggests the current pullback can extend up to 11606 -11636 points that is strong hurdles on the higher side. Every dip can now be utilized for buying Support has shifted to 11505 – 11474 points.

Dear Traders…. For the Trading Idea of…

Ø  Nifty Future opened @ 11521 as on 17.09.2020

For Intraday, Nifty Future has resistance at 11573 – 11606 Point; above which other resistance levels are at 11616 – 11633 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 11505 – 11474 Point; below11474 Point, other support levels are at 11460 – 11430 Point.

I am positive for the next bullish trend only above @ 11633 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 @ 11633 Point, again then the upper side target is quite high and it may touch @ 11676 Point in the short term.

Bank Nifty Future opened @ 22340 as on 17.09.2020

For Intraday, Bank Nifty Future has resistance at 22373 – 22404 Point; above which other resistance levels are at 22440 – 22474 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 22303 – 22272 Point; below22272 Point, other support levels are at 22260 – 22202 Point.

I am positive for the next bullish trend only above @ 22474 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 @ 22474 Point, again then the upper side target is quite high and it may touch @ 22505 Point in the short term

Ø Trading Idea for the derivative stocks….

Ø LARSEN LTD FO @ RS 915

Positive Trend @ Rs 915 / 909 with Stop loss of Rs @ 898 for the target near @ Rs 933 - 940 in short term

Ø AXIS BANK FO @ RS 440

Positive Trend @ Rs 440 / 433 with Stop loss of Rs @ 426 for the target near @ Rs 453 - 460 in short term

Ø BPCL FO @ RS 414

Positive Trend @ Rs 414 / 408 with Stop loss of Rs @ 403 for the target near @ Rs 432 - 440 in short term

Ø TATA STEEL FO @ RS 400

Positive Trend @ Rs 400 / 388 with Stop loss of Rs @ 380 for the target near @ Rs 418 - 430 in short term

Ø DIVIS LAB FO @ RS 3260

Negative Trend @ Rs 3260 / 3288 with Stop loss of Rs @ 3303 for the target near @ Rs 3232 – 3217 in short term

Ø RELIANCE IND. FO @ RS 2330

Negative Trend @ Rs 2330 / 2347 with Stop loss of Rs @ 2360 for the target near @ Rs 2308 – 2300 in short term

Ø MUTHOOT FIN. FO @ RS 1145

Negative Trend @ Rs 1145 / 1150 with Stop loss of Rs @ 1160 for the target near @ Rs 1126 – 1108 in short term

Ø AURO PHARMA FO @ RS 826

Negative Trend @ Rs 826 / 838 with Stop loss of Rs @ 844 for the target near @ Rs 809 – 803 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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