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Stock Market Daily Updates: 2 March 2021

The Nifty future has to continue to hold above 14808 point to witness an up move towards 14808 then 14878 levels while on the downside key support exists at 14770 then 14707 levels.

Photo Credit :

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Dear Trader…
On the first day of the week, the Indian stock market started trading with a rally after a significant decline last week. Foreign funds, which have been booming for a long time, are seeing heavy sell-offs last week with volatility on the back of a worrying rise in the transition of corona to India.
The Indian stock market is still in an overbought position as the global and local Corona case continues to weigh on the stock. Volumes on the NSE were below recent averages.

In addition, Nifty future managed to end the session trade above 14808 levels. Nifty future has given a V-shaped recovery from the recent low of 14550 levels and rebounded from there over the last few sessions - this rally has been supported by the return of net buy flows from domestic institutional investors after a gap of nearly 3 months given the backdrop of elevated redemptions from domestic mutual funds over the last few months, this turn in flow environment speaks to ebbing of redemption pressures so traders should continue with “buy on dips” in the index trade while stocks may continue to see the swings on both sides.

The Nifty future has to continue to hold above 14808 point to witness an up move towards 14808 then 14878 levels while on the downside key support exists at 14770 then 14707 levels.

INDEX MOVEMENT - 02.03.2021

Nifty Future closed @ 14819 as on 01.03.2021


Nifty Future has resistance at 14878 – 14909 Point; above which other resistance levels are at 14919 – 14940 Point with highly Volatile Trend.

Nifty Future has Downside support levels are at 14808 – 14770 Point; below 14770 Point, other support levels are at 14737 – 14707 Point.

I am positive for the next bullish trend only above @ 14909 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 @ 14909 Point, again then the upper side target is quite high and it may touch @ 14940 Point in the short term.

Bank Nifty Future closed @ 35370 as on 01.03.2021
Bank Nifty Future has resistance at 35474 – 35606 Point; above which other resistance levels are at 35676 – 35808 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 35177 – 35007 Point; below 35007 Point, other support levels are at 35919 – 34808 Point.

I am positive for the next bullish trend only above @ 35676 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 @ 35676 Point, again then the upper side target is quite high and it may touch @ 35808 Point in the short term...!!

Trading Idea for the derivative stocks….

KOTAK BANK @ RS 1849
Positive Trend @ Rs 1844 / 1828 with Stop loss of Rs @ 1818 for the target near @ Rs 1868 - 1880 in short term…..!!!

LARSEN LTD @ RS 1484
Positive Trend @ Rs 1480 / 1460 with Stop loss of Rs @ 1444 for the target near @ Rs 1497 - 1505 in short term…..!!!

RAMCO CEMENT @ RS 1000
Positive Trend @ Rs 990 / 977 with Stop loss of Rs @ 960 for the target near @ Rs 1017 - 1025 in short term…..!!!

INFOSYS FO @ RS 1278
Negative Trend @ Rs 1293 / 1303 with Stop loss of Rs @ 1313 for the target near @ Rs 1260 – 1244 in short term...!!!

HCL TECHNO @ RS 935
Negative Trend @ Rs 944 / 960 with Stop loss of Rs @ 969 for the target near @ Rs 919 – 909 in short term...!!!

CIPLA LTD @ RS 794
Negative Trend @ Rs 808 / 813 with Stop loss of Rs @ 820 for the target near @ Rs 778 – 770 in short term...!!!

Note :- For more information and updates please visit www.nikhilbhatt.in 

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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