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Stock Market Daily Updates: 24 Nov 2021

We expect the long term fundamentals of the market to remain positive and hence advice investors to keep accumulating quality stocks on declines.

Photo Credit :

1451463661_zvEpXP_fund-market1.jpg

Dear Trader…

Indian equity benchmarks made a comeback on Tuesday following four days of losses. Strength in metal, power and utilities shares led the rebound in the headline indices. Domestic stocks staged a gap down opening But, frontline indices thereafter recouped losses and rebounded into the positive zone in noon deals.

FII and FPIs, on Monday saw a net sold of Rs 4477.06 crore in the cash segment. A total of Rs 14578.13 crore was sold against a total purchase of Rs 10101.07 crore. Domestic institutional investors saw a net purchase of Rs 1412.05 crore in the cash segment. A total of Rs 7618.19 crore was sold against a total purchase of Rs 9030.24 crore.

Overall market is in consolidation mode as valuations are rich despite good quarterly performance. Global cues are keeping markets volatile – as inflation concerns have dominated headlines and the Fed starting the tapering programme soon. 

We expect the long term fundamentals of the market to remain positive and hence advice investors to keep accumulating quality stocks on declines. In the near term however, market may remain under pressure until fresh positive triggers appears.


  • INDEX MOVEMENT - 24.11.2021


  • Nifty Future closed @ 17495 as on 23.11.2021..!!

Dear Traders,

Nifty Future has resistance at 17505 – 17537 Point; above which other resistance levels are at 17575 - 17606 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 17404 – 17373 Point; below17373 Point, other support levels are at 17330 – 17303 Point.

I am positive for the next bullish trend only above @ 17575 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 @ 17575 Point, again then the upper side target is quite high and it may touch @ 17606 Point in the short term...!!!


  • Bank Nifty Future closed @ 37284 as on 23.11.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 37373 – 37440 Point; above which other resistance levels are at 37474 – 37606 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 37188 – 37007 Point; below37007 Point, other support levels are at 36888 – 36808 Point.

I am positive for the next bullish trend only above @ 37606 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 @ 37606 Point, again then the upper side target is quite high and it may touch @ 37676 Point in the short term...!!


Ø Trading Idea for the derivative stocks….

  • SBI LIFE @ Positive Trend @ Rs 1127 with Stoploss of Rs @ 1108 for the Target near @ Rs 1173 - 1180 in short term…..!!!
  • MAX FINANCIAL SERVICES @ Positive Trend @ Rs 909 with Stoploss of Rs @ 898 for the Target near @ Rs 963 – 970 in short term…..!!!
  • LUPIN LTD @ Positive Trend @ Rs 870 with Stoploss of Rs @ 858 for the Target near @ Rs 898 – 909 in short term…..!!!
  • BERGER PAINT @ Positive Trend @ Rs 747 with Stoploss of Rs @ 740 for the Target near @ Rs 787 – 797 in short term…..!!!
  • GRASIM IND. @ Negative Trend @ Rs 1808 with Stop loss of Rs @ 1830 for the Target near @ Rs 1760 – 1747 in short term...!!!
  • MUTHOOT FIN. @ Negative Trend @ Rs 1544 with Stop loss of Rs @ 1553 for the Target near @ Rs 1503 - 1490 in short term...!!!
  • JSW STEEL @ Negative Trend @ Rs 707 with Stop loss of Rs @ 714 for the Target near @ Rs 667 - 660 in short term...!!!
  • SUN TV @ Negative Trend @ Rs 560with Stop loss of Rs @ 575 for the Target near @ Rs 517 – 505 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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