Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
  • Editorial Calendar 19-20
BW Businessworld

Stock Market Daily Updates: 21 Oct 2020

The Nifty future is moving in a narrow range of 11909 to 12008 points. The Nifty future could retest the crucial upper resistance of 11933-11989 points in the short term. Immediate support to be watched at 11909 points.

Photo Credit :

1595305653_cBKF5E_2020_07_21T041452Z_1_LYNXNPEG6K07F_RTROPTP_4_INDIA_STOCKS.JPG

Dear Trader…

The Indian stock market is trading cautiously on Profit booking has started with every boom after a fairly rapid advance in the market. Given the realities of the situation, a boom in index-based bullish trading will require extreme caution day by day.

The central government has asked PSU banks to increase their capital expenditure to boost the economy and expect a new stimulus package in the coming days.

The positive impact of reports of the transition to Corona in India reached its peak in September and the release of Corona by February. The Indian stock market traded with the market breadth remaining positive, with small, mid-cap stocks picking up amid range bound amid weak global signals.

Don't be surprised if the market suddenly shows a big correction in the coming days. Corporate results season is also likely to be moderate to weak overall results in the second quarter results season 21, October 2020.

With the Corona transition situation on the global front, increasing pressure on the economic recovery, the United States, European countries will be looking at possible stimulus measures and the development of elections for the President, especially in the United States.

Progress on fiscal stimulus in the US will be crucial for global as well as domestic markets. American stock futures were trading higher throughout the day as investors remained optimistic for a deal in stimulus talk. Based on the overall market formation, the Nifty must cross the 12008 levels otherwise another round of profit-booking or tired bull’s liquidation is more likely below the level of 11808 points, Progress on fiscal stimulus in the US will be crucial for global as well as domestic markets.

Markets are closely following global cues and indications are still mixed from that front. Despite the positive bias, we might continue to see volatile swings so traders should prefer hedged positions and maintain their focus on the specific of stocks.

The Nifty future is moving in a narrow range of 11909 to 12008 points. The short-term uptrend remains intact with range bound action. 

The Nifty future could retest the crucial upper resistance of 11933-11989 points in the short term. Immediate support to be watched at 11909 points.

Dear Traders…. For the Trading Idea of…

Nifty Future opened @ 11951 as on 21.10.2020

For Intraday, Nifty Future has resistance at 11989 – 12008 Point; above which other resistance levels are at 12033 – 12060 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 11933 – 11909 Point; below11909 Point, other support levels are at 11888 – 11860 Point.

I am positive for the next bullish trend only above @ 12008 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 @ 12008 Point, again then the upper side target is quite high and it may touch @ 12033 Point in the short term

Ø Bank Nifty Future opened @ 24484 as on 21.10.2020..!!

For Intraday, Bank Nifty Future has resistance at 24505 – 24575 Point; above which other resistance levels are at 24606 – 24676 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 24404 – 24373 Point; below24373 Point, other support levels are at 24303 – 24272 Point.

I am positive for the next bullish trend only above @ 24676 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 @ 24676 Point, again then the upper side target is quite high and it may touch @ 24707 Point in the short term

Ø Trading Idea for the derivative stocks….

Ø KOTAK BANK FO @ RS 1380

Positive Trend @ Rs 1380 / 1366 with Stop loss of Rs @ 1350 for the target near @ Rs 1397 - 1404 in short term

Ø GODREJ PROPERTIES FO @ RS 937

Positive Trend @ Rs 937 / 923 with Stop loss of Rs @ 919 for the target near @ Rs 963 - 970 in short term

Ø HCL TECHNO. FO @ RS 869

Positive Trend @ Rs 869 / 853 with Stop loss of Rs @ 848 for the target near @ Rs 884 - 890 in short term

Ø M & M FO @ RS 608

Positive Trend @ Rs 608 / 595 with Stop loss of Rs @ 588 for the target near @ Rs 616 - 622 in short term

Ø MUTHOOT FINANCE FO @ RS 1228

Negative Trend @ Rs 1228 / 1244 with Stop loss of Rs @ 1260 for the target near @ Rs 1208 – 1197 in short term

Ø AURO PHARMA FO @ RS 806

Negative Trend @ Rs 806 / 818 with Stop loss of Rs @ 828 for the target near @ Rs 797 – 790 in short term

Ø SUN PHARMA FO @ RS 488

Negative Trend @ Rs 488 / 497 with Stop loss of Rs @ 505 for the target near @ Rs 480 – 474 in short term

Ø BHARTI AIRTEL FO @ RS 408

Negative Trend @ Rs 408 / 418 with Stop loss of Rs @ 423 for the target near @ Rs 396 – 390 in short term

Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on 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.


Tags assigned to this article:
Stock Market Daily Updates

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.

More From The Author >>