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Stock Market Daily Updates: 28 April 2021

Nifty Future has Downside support levels are at 14606 – 14533 Point; below 14533 Point, other support levels are at 14474 - 14404 Point.

Photo Credit :

1575809288_yq1JW0_BSE_India.jpg

Dear Trader…

Extending previous session’s bullish run, Indian equity benchmarks ended the Tuesday’s trade near intraday highs with frontline gauges settling above their crucial Sensex 48,900 and Nifty 14,650 levels.

Markets started the session on positive note as slightly fall in daily coronavirus cases kept traders optimistic throughout the day. India reported a slight dip in the number of fresh Covid infections and fatalities on Tuesday with 319,435 cases and 2,764 deaths, Worldometer showed.

Traders also took some support with report that the commerce ministry said it has started a COVID-19 helpdesk to help resolve issues of exporters and importers pertaining to international trade such as customs clearance delays and banking matters.

Traders overlooked report that global forecasting firm Oxford Economics revised downwards its India GDP growth forecast for 2021 to 10.2 percent from 11.8 percent previously, citing the country's escalating health burden, faltering vaccination rate and lack of a convincing government strategy to contain the pandemic.

Meanwhile, citing the country’s escalating health burden, faltering vaccination rate and lack of a convincing government strategy to contain the pandemic, global forecasting firm -- Oxford Economics has revised downwards its India GDP growth forecast for 2021 to 10.2 per cent from 11.8 per cent previously.

Oxford Economics also said that notwithstanding the likelihood of further mobility restrictions, it expects India’s targeted lockdown approach, less stringent restrictions, and resilient consumer and business behaviour to mitigate the economic impact of the second wave.

It added ‘India’s escalating health burden, faltering vaccination rate, and lack of a convincing government strategy to contain the pandemic have prompted us to downgrade our 2021 GDP growth forecast to 10.2 per cent from 11.8 per cent previously’.

The global forecasting firm also expects GDP to contract sequentially in the second quarter. But if struggling health systems force more states to resort to stricter lockdowns like Maharashtra, we will likely lower our growth forecast further.

We continue to maintain our cautious stance citing rising COVID cases and strict restrictions imposed by the various state government in India which may hamper economic recovery.

Technically, the important key resistances are placed at 14606 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 14676 – 14707 levels. Immediate support is placed at 14533 – 14474 levels.

Nifty Future closed @ 14644 as on 27.04.2021..!!

Nifty Future has resistance at 14676 – 14707 Point; above which other resistance levels are at 14737 – 14777 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 14606 – 14533 Point; below 14533 Point, other support levels are at 14474 - 14404 Point.

I am positive for the next bullish trend only above @ 14777 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 @ 14777 Point, again then the upper side target is quite high and it may touch @ 14808 Point in the short term...!!!

Bank Nifty Future closed @ 32741 as on 27.04.2021..!!

Bank Nifty Future has resistance at 32909 – 33008 Point; above which other resistance levels are at 33133 – 33303 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 32808 – 32636 Point; below 32636 Point, other support levels are at 32474 – 32272 Point.

I am positive for the next bullish trend only above @ 33303 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 @ 33303 Point, again then the upper side target is quite high and it may touch @ 33373 Point in the 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.


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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