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Stock Market Daily Updates: 27 Aug 2021

As the market has already witnessed a sharp run-up and valuations appear to be quite stretched at the current level, profit-booking at these levels cannot be ruled out and therefore traders should be cautious at these levels.

Photo Credit : Subhabrata Das

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Dear Trader…

Indian equity benchmarks ended on a flat note for second straight session on Thursday. After making cautious start, markets gained momentum as traders took some support with finance minister Nirmala Sitharaman’s statement that State-run banks will undertake a nation-wide loan outreach programme around October, as the government seeks to stir economic growth through sustained credit push, especially to Covid-hit small and medium businesses, retail and farm sectors, amid fears that bankers have turned risk-averse. 

FII and FPIs, on Thursday saw a net sold of Rs 1974.48 crore in the cash segment. A total of Rs 8637.91 crore was sold against a total purchase of Rs 6663.43 crore. Domestic institutional investors saw a net purchase of Rs 1051.21 crore in the cash segment. A total of Rs 5488.97 crore was sold against a total purchase of Rs 6544.18 crore.

We reiterate that the momentum is strongly gripped by bulls however the indicators are now in deep overbought territory hence we may see in between consolidation or correction. We are just waiting for the beginning of a downtrend and hence any such rise should be taken as a profit booking opportunity.

As the market has already witnessed a sharp run-up and valuations appear to be quite stretched at the current level, profit-booking at these levels cannot be ruled out and therefore traders should be cautious at these levels.

  • INDEX MOVEMENT – 27.08.2021

  • Nifty Future closed @ 16639 as on 26.08.2021..!!

Dear Traders,

Nifty Future has resistance at 16676 – 16707 Point; above which other resistance levels are at 16717 - 16737 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 16606 – 16535 Point; below16535 Point, other support levels are at 16488 – 16434 Point.

I am positive for the next bullish trend only above @ 16707 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 @ 16707 Point, again then the upper side target is quite high and it may touch @ 16717 Point in the short term...!!!

  • Bank Nifty Future closed @ 35699 as on 26.08.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 35777 – 35838 Point; above which other resistance levels are at 35909 – 36006 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 35575 – 35474 Point; below35474 Point, other support levels are at 35373 – 35303 Point.

I am positive for the next bullish trend only above @ 36006 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 @ 36006 Point, again then the upper side target is quite high and it may touch @ 36160 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

  • RELIANCE IND. @ Positive Trend @ Rs 2208 with Stoploss of Rs @ 2180 for the Target near @ Rs 2253 - 2260 in short term…..!!!
  • GODREJ PROP. @ Positive Trend @ Rs 1444 with Stoploss of Rs @ 1430 for the Target near @ Rs 1490 – 1505 in short term…..!!!
  • HAVELLS INDIA @ Positive Trend @ Rs 1188 with Stoploss of Rs @ 1173 for the Target near @ Rs 1237 – 1250 in short term…..!!!
  • M & M @ Positive Trend @ Rs 767 with Stoploss of Rs @ 760 for the Target near @ Rs 797 – 808 in short term…..!!!
  • HDFC BANK @ Negative Trend @ Rs 1577 with Stop loss of Rs @ 1590 for the Target near @ Rs 1537 – 1517 in short term...!!!
  • GRASIM IND. @ Negative Trend @ Rs 1460 with Stop loss of Rs @ 1477 for the Target near @ Rs 1430 - 1414 in short term...!!!
  • VOLTAS LTD @ Negative Trend @ Rs 989 with Stop loss of Rs @ 997 for the Target near @ Rs 944 - 933 in short term...!!!
  • ADANI PORT @ Negative Trend @ Rs 747with Stop loss of Rs @ 757 for the Target near @ Rs 713 – 707 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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