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Stock Market Daily Updates: 27 Sep 2021

Traders should have cautious approach as intermittent volatility cannot be ignored given such rich valuations. However we expect the positive momentum to continue on the back of recovery in corporate earnings.

Photo Credit :

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Dear Trader…

Indian equity benchmarks trimmed most of their initial gains but managed to end at record closing highs on Friday, with Sensex closing above the 60,000 mark for the first time and Nifty ending above important level of 17,850. Decline in covid cases, rising vaccination and improvement in the economic environment of the country is fuelling the current bull run in the equity markets. Markets made optimistic start and traded in green throughout the session.

FII and FPIs, on Friday saw a net purchase of Rs 442.49 crore in the cash segment. A total of Rs 11340.48 crore was sold against a total purchase of Rs 11782.97 crore. Domestic institutional investors saw a net sold of Rs 515.85 crore in the cash segment. A total of Rs 7602.92 crore was sold against a total purchase of Rs 7087.07 crore.

Domestic sentiments are buoyant as economic recovery is faster than expected and is well reflected in improving macro-data points. In addition, strong liquidity, falling Covid-19 cases, healthy vaccination drive, upbeat corporate commentaries and low cost of capital too provided support to this rally. However the valuations have reached stratospheric levels especially for lot of the desired high quality names across sectors. Thus bottom-up stock picking approach is becoming difficult for investors. Traders should have cautious approach as intermittent volatility cannot be ignored given such rich valuations. However we expect the positive momentum to continue on the back of recovery in corporate earnings.

  • INDEX MOVEMENT – 27.09.2021


  • Nifty Future closed @ 17853 as on 24.09.2021..!!

Dear Traders,

Nifty Future has resistance at 17888 – 17909 Point; above which other resistance levels are at 17933 - 17979 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 17808 – 17770 Point; below17770 Point, other support levels are at 17737 – 17707 Point.

I am positive for the next bullish trend only above @ 17979 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 @ 17979 Point, again then the upper side target is quite high and it may touch @ 18008 Point in the short term...!!!


  • Bank Nifty Future closed @ 37854 as on 24.09.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 37909 – 38008 Point; above which other resistance levels are at 38188 – 38303 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 37676 – 37303 Point; below37303 Point, other support levels are at 37007 – 36808 Point.

I am positive for the next bullish trend only above @ 38303 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 @ 38303 Point, again then the upper side target is quite high and it may touch @ 38474 Point in the short term...!!


Ø Trading Idea for the derivative stocks….

Ø INFOSYS LTD @ Positive Trend @ Rs 1730 with Stoploss of Rs @ 1717 for the Target near @ Rs 1783 - 1790 in short term…..!!!


Ø MUTHOOT FIN. @ Positive Trend @ Rs 1484 with Stoploss of Rs @ 1470 for the Target near @ Rs 1523 – 1530 in short term…..!!!


Ø HCL TECHNO. @ Positive Trend @ Rs 1330 with Stoploss of Rs @ 1317 for the Target near @ Rs 1373 – 1380 in short term…..!!!


Ø CIPLA LTD @ Positive Trend @ Rs 955 with Stoploss of Rs @ 948 for the Target near @ Rs 989 – 994 in short term…..!!!


Ø KOTAK BANK @ Negative Trend @ Rs 2063 with Stop loss of Rs @ 2070 for the Target near @ Rs 1997 – 1980 in short term...!!!


Ø GRASIM IND. @ Negative Trend @ Rs 1670 with Stop loss of Rs @ 1686 for the Target near @ Rs 1606 - 1588 in short term...!!!


Ø INDUSIND BANK @ Negative Trend @ Rs 1190 with Stop loss of Rs @ 1197 for the Target near @ Rs 1133 - 1117 in short term...!!!


Ø BHARAT FORGE @ Negative Trend @ Rs 780 with Stop loss of Rs @ 797 for the Target near @ Rs 733 – 717 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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