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Stock Market Daily Updates: 18 May 2021

Traders seem to have overlooked report that the wholesale price-based inflation shot up to an all-time high of 10.49 per cent in April, on rising prices of crude oil and manufactured items. Also, a low base of April last year contributed to the spike in inflation in April 2021.

Photo Credit :

1575809288_yq1JW0_BSE_India.jpg

Dear Trader…

On Monday, Market started with a positive note and traded in fine fettle, as sentiments got a boost with the government data showing that India's exports in April jumped nearly three-fold to $30.63 billion from $10.36 billion in the same month last year. Imports too rose to $45.72 billion last month as against $17.12 billion in April 2020. 

The street also overlooked that Care ratings’ latest survey stated that amid a raging second wave of COVID-19 and subsequent restrictions on business activities imposed by several states, economic recovery is beginning to lose steam and the country's GDP growth is likely to be below nine per cent for the current fiscal.

FII and FPIs, on Monday saw a net sold of Rs 2255.84 crore in the cash segment. A total of Rs 8053.38 crore was sold against a total purchase of Rs 5797.54 crore. Domestic institutional investors today saw a net purchase of Rs 1948.48 crore in the cash segment. A total of Rs 5148.40 crore was sold against a total purchase of Rs 7096.88 crore.

India's COVID data indicates steady improvement with fresh cases steadily declining. Also, the recovery numbers at 3.78 lakh indicate a steady decline in total caseload. Additional support came in as Commerce and Industry Minister Piyush Goyal holds ‘fruitful discussion’ with US Trade Representative to enhance COVID-19 vaccine production. 

Traders seem to have overlooked report that the wholesale price-based inflation shot up to an all-time high of 10.49 per cent in April, on rising prices of crude oil and manufactured items. Also, a low base of April last year contributed to the spike in inflation in April 2021.

Technically, the important key resistances are placed at 14909 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 15008 – 15088 levels. Immediate support is placed at 14838 – 14808 levels.

Ø INDEX MOVEMENT - 18.05.2021

  • Nifty Future closed @ 14952 as on 17.05.2021

Nifty Future has resistance at 15008 – 15088 Point; above which other resistance levels are at 15105 – 15130 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 14888 – 14838 Point; below14838 Point, other support levels are at 14808 - 14777 Point.

I am positive for the next bullish trend only above @ 15008 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 @ 15008 Point, again then the upper side target is quite high and it may touch @ 15088 Point in the short term.

  • Bank Nifty Future closed @ 33548 as on 17.05.2021

Bank Nifty Future has resistance at 33676 – 33808 Point; above which other resistance levels are at 33930 – 34008 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 33474 – 33303 Point; below33303 Point, other support levels are at 33173 – 33003 Point.

I am positive for the next bullish trend only above @ 34008 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 @ 34008 Point, again then the upper side target is quite high and it may touch @ 34088 Point in the short term.

Ø Trading Idea for the derivative stocks…

  • PIDILITE IND. FO @ CLOSED @ RS 1893

Positive Trend @ Rs 1893 / 1860 with Stoploss of Rs @ 1844 for the Target near @ Rs 1909 - 1919 in short term.

  • TITAN LTD FO @ CLOSED @ RS 1472

Positive Trend @ Rs 1472 / 1447 with Stoploss of Rs @ 1430 for the Target near @ Rs 1488 - 1503 in short term…

  • HAVELLS INDIA FO @ CLOSED @ RS 1033

Positive Trend @ Rs 1033 / 1008 with Stoploss of Rs @ 990 for the Target near @ Rs 1053 - 1070 in short term…

  • VOLTAS LTD FO @ CLOSED @ RS 984

Positive Trend @ Rs 984 / 960 with Stoploss of Rs @ 953 for the Target near @ Rs 997 - 1008 in short term…

  • ADANI ENT. FO @ CLOSED @ RS 1295

Negative Trend @ Rs 1295 / 1330 with Stop loss of Rs @ 1373 for the Target near @ Rs 1280 - 1266 in short term.

  • ESCORTS LTD FO @ CLOSED @ RS 1141

Negative Trend @ Rs 1141 / 1173 with Stop loss of Rs @ 1180 for the Target near @ Rs 1127 - 1108 in short term.

  • BERGER PAINT FO @ CLOSED @ RS 769

Negative Trend @ Rs 769 / 787 with Stop loss of Rs @ 794 for the Target near @ Rs 753 - 740 in short term.

  • BHARAT FORGE FO @ CLOSED @ RS 655

Negative Trend @ Rs 655 / 676with Stop loss of Rs @ 690 for the Target near @ Rs 640 – 626 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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