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Stock Market Daily Updates: 23 Aug 2021

The market volatility is likely to continue as traders remain cautious over the uncertainty regarding the global economic recovery, US economic relief, the fallout of Afghanistan tensions and worsening corona virus crisis.

Photo Credit :

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Dear Trader…

Indian equity benchmarks closed in the red for second straight day on Friday dragged by heavy selling across the board. Indices opened a day with a strong gap down on weak global cues. The mood on the street remained cautious with the labour ministry’s statement that retail inflation for rise marginally to 3.92 per cent and 4.09 per cent in July, as compared to the previous month. 

Sentiments remained fragile in late afternoon session, even as rating agency ICRA’s report stated that India's Gross domestic product (GDP) growth is estimated to come at the deceptively high level of 20 percent and the gross value added (GVA) will register a growth of 17 percent for the April-June 2021 quarter (Q1FY22) but is far below the same in the pre-COVID times.

FII-foreign institutional investors, foreign portfolio investors-FPIs, on Friday saw a net sold of Rs 2287.03 crore in the cash segment. A total of Rs 12563.60 crore was sold against a total purchase of Rs 10276.57 crore. DII-domestic institutional investors today saw a net purchase of Rs 119.30 crore in the cash segment. A total of Rs 6407.62 crore was sold against a total purchase of Rs 6526.92 crore.

The market volatility is likely to continue as traders remain cautious over the uncertainty regarding the global economic recovery, US economic relief, the fallout of Afghanistan tensions and worsening corona virus crisis, traders should be focus more on the selection of stocks and trade management citing overnight risk and keep the strategy to buy fundamental specific stocks on every dips.

Ø INDEX MOVEMENT - 23.08.2021

  • Nifty Future closed @ 16433 as on 20.08.2021..!!

Dear Traders,

Nifty Future has resistance at 16474 – 16505 Point; above which other resistance levels are at 16535 - 16570 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 16404 – 16373 Point; below16373 Point, other support levels are at 16330 – 16303 Point.

I am positive for the next bullish trend only above @ 16505 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 @ 16505 Point, again then the upper side target is quite high and it may touch @ 16535 Point in the short term...!!!

  • Bank Nifty Future closed @ 35062 as on 20.08.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 35177 – 35272 Point; above which other resistance levels are at 35303 – 35474 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 34934 – 34808 Point; below34808 Point, other support levels are at 34737 – 34676 Point.

I am positive for the next bullish trend only above @ 35474 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 @ 35474 Point, again then the upper side target is quite high and it may touch @ 35606 Point in the short term.

Ø Trading Idea for the derivative stocks….

  • HDFC BANK @ Positive Trend @ Rs 1488 with Stoploss of Rs @ 1473 for the Target near @ Rs 1533 - 1547 in short term…..!!!
  • GODREJ PROP. @ Positive Trend @ Rs 1444 with Stoploss of Rs @ 1430 for the Target near @ Rs 1494 – 1508 in short term…..!!!
  • INDUSIND BANK @ Positive Trend @ Rs 960 with Stoploss of Rs @ 944 for the Target near @ Rs 989 – 1003 in short term…..!!!
  • BHARAT FORGE @ Positive Trend @ Rs 733 with Stoploss of Rs @ 726 for the Target near @ Rs 763 – 770 in short term…..!!!
  • ADANI ENT. @ Negative Trend @ Rs 1460 with Stop loss of Rs @ 1477 for the Target near @ Rs 1397 – 1380 in short term...!!!
  • TECHM @ Negative Trend @ Rs 1430 with Stop loss of Rs @ 1444 for the Target near @ Rs 1377 - 1360 in short term...!!!
  • ESCORTS LTD @ Negative Trend @ Rs 1208 with Stop loss of Rs @ 1215 for the Target near @ Rs 1166 - 1147 in short term...!!!
  • TATA CHEMICAL @ Negative Trend @ Rs 858with Stop loss of Rs @ 868 for the Target near @ Rs 818 – 808 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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