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Stock Market Daily Updates: 24 Aug 2021

The Indian stock market has been in the overbought zone for a long time, but corona cases are declining and on the other hand, one positive news after another about corona vaccine is coming, which has kept the market bullish.

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 has been in the overbought zone for a long time, but corona cases are declining and on the other hand, one positive news after another about corona vaccine is coming, which has kept the market bullish.

FII and FPIs, on Monday saw a net sold of Rs 1363.36 crore in the cash segment. A total of Rs 9353.59 crore was sold against a total purchase of Rs 7990.23 crore. Domestic institutional investors saw a net purchase of Rs 1452.51 crore in the cash segment. A total of Rs 4985.08 crore was sold against a total purchase of Rs 6437.59 crore.

We expect good progress on COVID-19 vaccination and RBI’s strong commitment to support the economic recovery are supporting the market rally. However, as current valuations require very high earnings growth, we remain cautiously optimistic about the market and advice traders to focus on quality names with high margins of safety.

Ø INDEX MOVEMENT – 24.08.2021

  • Nifty Future closed @ 16494 as on 23.08.2021..!!

Dear Traders,

Nifty Future has resistance at 16517 – 16537 Point; above which other resistance levels are at 16575 - 16606 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 16474 – 16434 Point; below16434 Point, other support levels are at 16404 – 16373 Point.

I am positive for the next bullish trend only above @ 16575 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 @ 16575 Point, again then the upper side target is quite high and it may touch @ 16606 Point in the short term...!!!

  • Bank Nifty Future closed @ 35159 as on 23.08.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 35232 – 35303 Point; above which other resistance levels are at 35373 – 35404 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 35005 – 34934 Point; below34934 Point, other support levels are at 34808 – 34777 Point.

I am positive for the next bullish trend only above @ 35404 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 @ 35404 Point, again then the upper side target is quite high and it may touch @ 35474 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

  • TATA STEEL @ Positive Trend @ Rs 1333 with Stoploss of Rs @ 1317 for the Target near @ Rs 1373 - 1380 in short term…..!!!
  • ESCORTS LTD @ Positive Trend @ Rs 1222 with Stoploss of Rs @ 1208 for the Target near @ Rs 1266 – 1275 in short term…..!!!
  • TATA CHEMICAL @ Positive Trend @ Rs 808 with Stoploss of Rs @ 797 for the Target near @ Rs 834 – 840 in short term…..!!!
  • AXIS BANK @ Positive Trend @ Rs 717 with Stoploss of Rs @ 710 for the Target near @ Rs 747 – 760 in short term…..!!!
  • INFOSYS BANK @ Negative Trend @ Rs 1760 with Stop loss of Rs @ 1777 for the Target near @ Rs 1730 – 1717 in short term...!!!
  • GRASIM IND. @ Negative Trend @ Rs 1460 with Stop loss of Rs @ 1474 for the Target near @ Rs 1424 - 1414 in short term...!!!
  • ADANI ENT. @ Negative Trend @ Rs 1440 with Stop loss of Rs @ 1447 for the Target near @ Rs 1373 - 1360 in short term...!!!
  • LUPIN LTD @ Negative Trend @ Rs 947with Stop loss of Rs @ 960 for the Target near @ Rs 919 – 909 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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