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Stock Market Daily Updates: 19 Oct 2020

Nifty Future has Downside support levels are at 11818 – 11808 Point; below 11808 Point, other support levels are at 11787 – 11770 Point.

Photo Credit :

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Dear Trader…

The ongoing rally in the Indian stock market took a break over the weekend. The IMF forecast that the global economy, including India, would go through its worst period this year saw a sharp decline in the market.

Globally, the world is grappling with the worst recession since the Great Depression of the 1930s in the wake of the Corona virus epidemic. U S stocks finished well off session lows but ended with losses, as rising corona virus cases, especially in Europe, resulted in new restrictions on businesses and travel. Investor sentiment also took a hit following a rise in weekly U.S. jobless claims and a lack of progress in Congress on another fiscal stimulus bill which is now unlikely until after the November elections.

The Indian stock market saw a steady improvement and most of the companies have now reached pre-lockdown operations and TCS and Wipro's buyback offer, incentive operations of other IT companies are expected to have a positive impact on the agro-rural economy.

The government's second-round stimulus will increase consumption spending in the short term, but will not lead to significant growth in economic growth.

The RBI had kept the repo rate unchanged at the MPC meeting last week but announced a number of measures to boost liquidity, which were also welcomed by the market.

Corporate India's performance for the quarter was optimistic with a number of stock-specific incentives and the RBI keeping the repo rate unchanged amid a modest softening in banking and finance as well as healthcare stocks.

Friends, the current financial year is not good for the Indian economy at the local level to boost demand in the country's economy, the Supreme Court has given a big relief to the common man in the Lone Moratorium case. The apex court said that the beneficiaries of the term facility will not have to pay interest on interest till November 15, 2020, and no loan account can be declared a non-performing asset till November 15.

According to the IMF, the Corona virus-hit Indian economy is expected to shrink by 10.3% this year. However, with the rapid growth of the Indian economy in 2021, the Indian economy is likely to grow at a faster rate of 8.8%. However, in the year 2021, everything is expected to be fine.

In the current financial year, India's economic growth rate was 4.2%. Last week, the World Bank said that India's GDP would shrink by 9.6% this fiscal year, and according to the IMF, the Indian economy is expected to shrink by 10.3% this year. However, the report also mentions that the Indian economy is likely to grow at a faster rate of 8.8% in 2021, with China outperforming China.

In the coming days, the Indian stock market, along with global markets, will be keeping a close eye on factors such as September quarter results, FPI inflows, the rising Corona virus infection, Amid hopes of a more stimulus package by the government and signs of improvement in the macroeconomic situation, and the development of the upcoming US presidential election on the global front.

Dear Traders…. For the Trading Idea of…

Ø Nifty Future opened @ 11850 as on 17.10.2020..!!

For Intraday, Nifty Future has resistance at 11888 – 11909 Point; above which other resistance levels are at 11919 – 11933 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 11818 – 11808 Point; below 11808 Point, other support levels are at 11787 – 11770 Point.

I am positive for the next bullish trend only above @ 11909 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 @ 11909 Point, again then the upper side target is quite high and it may touch @ 11919 Point in the short term...!!!

Ø Bank Nifty Future opened @ 23894 as on 17.10.2020..!!

For Intraday, Bank Nifty Future has resistance at 23939 – 24008 Point; above which other resistance levels are at 24144 – 24240 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 23808 – 23707 Point; below 23707 Point, other support levels are at 23707 – 23676 Point.

I am positive for the next bullish trend only above @ 24008 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 @ 24008 Point, again then the upper side target is quite high and it may touch @ 24144 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

Ø HDFC LTD FO @ RS 1997

Positive Trend @ Rs 1997 / 1980 with Stop loss of Rs @ 1966 for the target near @ Rs 2013 - 2022 in short term…..!!!

Ø INFOSYS FO @ RS 1112

Positive Trend @ Rs 1112 / 1103 with Stop loss of Rs @ 1093 for the target near @ Rs 1137 - 1150 in short term…..!!!

Ø LARSEN LTD FO @ RS 903

Positive Trend @ Rs 903 / 888 with Stop loss of Rs @ 880 for the target near @ Rs 917 - 920 in short term…..!!!

Ø CIPLA LTD FO @ RS 773

Positive Trend @ Rs 773 / 760 with Stop loss of Rs @ 753 for the target near @ Rs 787 - 803 in short term…..!!!

Ø MUTHOOT FIN. FO @ RS 1194

Negative Trend @ Rs 1194 / 1208 with Stop loss of Rs @ 1220 for the target near @ Rs 1180 – 1166 in short term...!!!

Ø HCL TECHNO. FO @ RS 841

Negative Trend @ Rs 841 / 858 with Stop loss of Rs @ 863 for the target near @ Rs 828 – 818 in short term...!!!

Ø M & M FO @ RS 612

Negative Trend @ Rs 612 / 622 with Stop loss of Rs @ 630 for the target near @ Rs 603 – 588 in short term...!!!

Ø BIOCON LTD FO @ RS 446

Negative Trend @ Rs 446 / 450 with Stop loss of Rs @ 454 for the target near @ Rs 434 – 430 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.


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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