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Stock Market Daily Updates: 18 Aug 2021

Indian equity markets maintained their upward momentum in this week. We believe domestic equities will continue to get support from FPIs in the near term.

Photo Credit : Subhabrata Das

1459337783_YBVYmn_stockmarket-Dealing-room_SD2-870.jpg

Dear Trader…

The BSE Sensex and the Nifty Futures traded higher by 55854 points and 16610 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 Monday saw a net sold of Rs 343.73 crore in the cash segment. A total of Rs 9597.53 crore was sold against a total purchase of Rs 9253.80 crore. Domestic institutional investors saw a net purchase of Rs 266.43 crore in the cash segment. A total of Rs 5255.37 crore was sold against a total purchase of Rs 5521.80 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.

Ø INDEX MOVEMENT – 18.08.2021

  • Nifty Future closed @ 16595 as on 17.08.2021..!!

Dear Traders,

Nifty Future has resistance at 16646 – 16676 Point; above which other resistance levels are at 16707 - 16717 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 16577 – 16530 Point; below16530 Point, other support levels are at 16505 – 16474 Point.

I am positive for the next bullish trend only above @ 16717 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 @ 16717 Point, again then the upper side target is quite high and it may touch @ 16737 Point in the short term...!!!

  • Bank Nifty Future closed @ 35937 as on 17.08.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 36006 – 36166 Point; above which other resistance levels are at 36303 – 36373 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 35888 – 35808 Point; below35808 Point, other support levels are at 35676 – 35606 Point.

I am positive for the next bullish trend only above @ 36373 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 @ 36373 Point, again then the upper side target is quite high and it may touch @ 36404 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

  • HDFC BANK @ Positive Trend @ Rs 1503 with Stoploss of Rs @ 1490 for the Target near @ Rs 1533 - 1540 in short term…..!!!
  • ADANI ENT. @ Positive Trend @ Rs 1414 with Stoploss of Rs @ 1404 for the Target near @ Rs 1453 – 1460 in short term…..!!!
  • ESCORTS LTD @ Positive Trend @ Rs 1230 with Stoploss of Rs @ 1217 for the Target near @ Rs 1265 – 1280 in short term…..!!!
  • RAMCO CEMENT @ Positive Trend @ Rs 950 with Stoploss of Rs @ 943 for the Target near @ Rs 990 – 1008 in short term…..!!!
  • LARSEN LTD @ Negative Trend @ Rs 1673 with Stop loss of Rs @ 1680 for the Target near @ Rs 1626 – 1616 in short term...!!!
  • TECHM @ Negative Trend @ Rs 1433 with Stop loss of Rs @ 1440 for the Target near @ Rs 1397 - 1388 in short term...!!!
  • HAVELLS INDIA @ Negative Trend @ Rs 1247 with Stop loss of Rs @ 1254 for the Target near @ Rs 1208 - 1198 in short term...!!!
  • VOLTAS LTD @ Negative Trend @ Rs 1008with Stop loss of Rs @ 1018 for the Target near @ Rs 970 – 956 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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