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Stock Market Daily Updates: 20 Oct 2021

Accelerated demand and good quarterly corporate results have kept the investor’s interest sanguine. However, rising global commodity and energy prices continue to be a cause of worry.

Photo Credit :

1586236418_hm79AZ_2020_04_07T040803Z_1_LYNXMPEG3606Y_RTROPTP_4_INDIA_STOCKS_1_.JPG

Dear Trader…

Indian equity benchmarks surrendered all of their intra-day gains to end marginally lower amid bouts of volatility on Tuesday. Broader markets closed deep in the red. Domestic markets started the day’s trade at fresh all-time highs.

FII and FPIs, on Tuesday saw a net sold of Rs 505.79 crore in the cash segment. A total of Rs 9803.82 crore was sold against a total purchase of Rs 9298.03 crore. Domestic institutional investors saw a net sold of Rs 2578.22 crore in the cash segment. A total of Rs 8035.12 crore was sold against a total purchase of Rs 5456.90 crore.

Festive mood along with further relaxation in Maharashtra continues to cheer the investors and is thus driving the positive momentum. Accelerated demand and good quarterly corporate results have kept the investor’s interest sanguine. However, rising global commodity and energy prices continue to be a cause of worry. 

In this environment of high bullishness, one need to stay grounded of various risks including valuations. We would suggest investors to remain sector / stock specific. With lot of heavyweights reporting their numbers this week, it would keep the markets volatile.

  • INDEX MOVEMENT - 20.10.2021
  • Nifty Future closed @ 18432 as on 19.10.2021

Dear Traders,

Nifty Future has resistance at 18474 – 18505 Point; above which other resistance levels are at 18533 - 18580 Point with highly Volatile Trend.

Nifty Future has Downside support levels are at 18404 – 18373 Point; below18373 Point, other support levels are at 18330 – 18303 Point.

I am positive for the next bullish trend only above @ 18580 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 @ 18580 Point, again then the upper side target is quite high and it may touch @ 18606 Point in the short term.

  • Bank Nifty Future closed @ 39633 as on 19.10.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 39737 – 39808 Point; above which other resistance levels are at 39909 – 40044 Point with highly Volatile Trend, 

Bank Nifty Future has Downside support levels are at 39577 – 39474 Point; below39474 Point, other support levels are at 39303 – 39190 Point.

I am positive for the next bullish trend only above @ 40044 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 @ 40044 Point, again then the upper side target is quite high and it may touch @ 40104 Point in the short term.

Ø Trading Idea for the derivative stocks

  • INFOSYS LTD @ Positive Trend @ Rs 1770 with Stoploss of Rs @ 1757 for the Target near @ Rs 1818 - 1833 in short term.
  • MUTHOOT FIN. @ Positive Trend @ Rs 1527 with Stoploss of Rs @ 1508 for the Target near @ Rs 1563 – 1570 in short term.
  • HCL TECHNO.  @ Positive Trend @ Rs 1208 with Stoploss of Rs @ 1197 for the Target near @ Rs 1244 – 1250 in short term.
  • LUPIN LTD @ Positive Trend @ Rs 919 with Stoploss of Rs @ 912 for the Target near @ Rs 944 – 950 in short term.
  • RELIANCE IND. @ Negative Trend @ Rs 2788 with Stop loss of Rs @ 2808 for the Target near @ Rs 2707 – 2690 in short term.
  • HDFC BANK @ Negative Trend @ Rs 1707 with Stop loss of Rs @ 1717 for the Target near @ Rs 1670 - 1647 in short term.
  • TATA STEEL @ Negative Trend @ Rs 1404 with Stop loss of Rs @ 1408 for the Target near @ Rs 1347 - 1330 in short term.
  • RAMCO CEMENT @ Negative Trend @ Rs 997 with Stop loss of Rs @ 1008 for the Target near @ Rs 964 – 957 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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