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Stock Market Daily Updates: 23 July 2021

Traders will be concerned as former World Bank chief economist Kaushik Basu said India's wholesale price-based inflation is at a 30-year high, leading to a very alarming situation for the country.

Photo Credit :

1612866925_q90Bev_2021_02_09T040221Z_1_LYNXMPEH18076_RTROPTP_4_INDIA_MARKETS.JPG

FII and FPIs, on Thursday saw a net sold of Rs 247.59 crore in the cash segment. A total of Rs 8576.87 crore was sold against a total purchase of Rs 8329.28 crore.

However, traders will be concerned as former World Bank chief economist Kaushik Basu said India's wholesale price-based inflation is at a 30-year high, leading to a very alarming situation for the country.

Ø INDEX MOVEMENT – 23.07.2021

Ø Nifty Future closed @ 15816 as on 22.07.2021..!!

If Nifty Future crosses @ 15909 Point, again then the upper side target is quite high and it may touch @ 15919 Point in the short term...!!!

Ø Bank Nifty Future closed @ 34724 as on 22.07.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 34808 – 34888 Point; above which other resistance levels are at 34939 – 35008 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 34676 – 34505 Point; below 34505 Point, other support levels are at 34373 – 34303 Point.

I am positive for the next bullish trend only above @ 35008 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 @ 35008 Point, again then the upper side target is quite high and it may touch @ 35088 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

Ø LARSEN LTD @ Positive Trend @ Rs 1606 with Stoploss of Rs @ 1588 for the Target near @ Rs 1637 - 1644 in short term…..!!!

Ø ADANI ENT. @ Positive Trend @ Rs 1390 with Stoploss of Rs @ 1377 for the Target near @ Rs 1447 – 1460 in short term…..!!!

Ø VOLTAS LTD @ Positive Trend @ Rs 1027 with Stoploss of Rs @ 1017 for the Target near @ Rs 1066 – 1080 in short term…..!!!

Ø HCL TECHNO. @ Positive Trend @ Rs 960 with Stoploss of Rs @ 953 for the Target near @ Rs 989 – 995 in short term…..!!!

Ø KOTAK BANK @ Negative Trend @ Rs 1723 with Stop loss of Rs @ 1730 for the Target near @ Rs 1696 – 1690 in short term...!!!

Ø GRASIM IND. @ Negative Trend @ Rs 1606 with Stop loss of Rs @ 1616 for the Target near @ Rs 1565 - 1550 in short term...!!!

Ø AURO PHARMA @ Negative Trend @ Rs 989 with Stop loss of Rs @ 996 for the Target near @ Rs 958 - 944 in short term...!!!

Ø BERGER PAINT @ Negative Trend @ Rs 873 with Stop loss of Rs @ 880 for the Target near @ Rs 838 – 830 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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