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Stock Market Daily Updates: 28 Sep 2021

This week lot of macro data points would be released viz. PMI data across US, Europe and China along with US and UK’s GDP data and Japan’s MPC and keep the markets busy. Also we might experience some volatility ahead of monthly F&O expiry on 30th September.

Photo Credit :

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Dear Trader…

Indian shares closed little changed on Monday as gains among automotive and energy sectors countered losses in technology stocks, while the country's biggest cinema chain operators surged on easing of COVID-19 restrictions in theatres. The indexes flitted between positive and negative territories during the session, pushing the Nifty's volatility index up more than 6%. Still, shares hovered near all-time highs on continued boost from a fast-paced vaccination drive and optimism around the upcoming festive season.

FII and FPIs, on Monday saw a net sold of Rs 594.63 crore in the cash segment. A total of Rs 8614.42 crore was sold against a total purchase of Rs 8019.79 crore. Domestic institutional investors saw a net purchase of Rs 1397.69 crore in the cash segment. A total of Rs 5513.10 crore was sold against a total purchase of Rs 6910.79 crore.

Markets are likely to consolidate at higher levels given the sharp run-up in the past few weeks. Also markets are increasingly witnessing rotation from outperforming sectors to under-valued stocks. This week lot of macro data points would be released viz. PMI data across US, Europe and China along with US and UK’s GDP data and Japan’s MPC and keep the markets busy. Also we might experience some volatility ahead of monthly F&O expiry on 30th September.

  • INDEX MOVEMENT – 28.09.2021
  • Nifty Future closed @ 17856 as on 27.09.2021

Dear Traders,

Nifty Future has resistance at 17909 – 17929 Point; above which other resistance levels are at 17970 - 18008 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 17808 – 17737 Point; below17737 Point, other support levels are at 17707 – 17676 Point.

I am positive for the next bullish trend only above @ 18008 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 @ 18008 Point, again then the upper side target is quite high and it may touch @ 18088 Point in the short term.

  • Bank Nifty Future closed @ 38224 as on 27.09.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 38303 – 38373 Point; above which other resistance levels are at 38474 – 38606 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 38188 – 38008 Point; below38008 Point, other support levels are at 37937 – 37808 Point.

I am positive for the next bullish trend only above @ 38606 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 @ 38606 Point, again then the upper side target is quite high and it may touch @ 38676 Point in the short term.

Ø Trading Idea for the derivative stocks….

Ø BATA INDIA @ Positive Trend @ Rs 1770 with Stoploss of Rs @ 1744 for the Target near @ Rs 1808 - 1818 in short term.

Ø HDFC BANK @ Positive Trend @ Rs 1606 with Stoploss of Rs @ 1588 for the Target near @ Rs 1636 – 1650 in short term.

Ø TATA STEEL  @ Positive Trend @ Rs 1260 with Stoploss of Rs @ 1244 for the Target near @ Rs 1288 – 1303 in short term.

Ø RAMCO CEMENT @ Positive Trend @ Rs 960 with Stoploss of Rs @ 953 for the Target near @ Rs 994 – 1003 in short term.

Ø GRASIM IND. @ Negative Trend @ Rs 1677 with Stop loss of Rs @ 1690 for the Target near @ Rs 1633 – 1616 in short term.

Ø ADANI ENT. @ Negative Trend @ Rs 1577 with Stop loss of Rs @ 1590 for the Target near @ Rs 1517 - 1494 in short term.

Ø MUTHOOT FIN.  @ Negative Trend @ Rs 1530 with Stop loss of Rs @ 1537 for the Target near @ Rs 1477 - 1464 in short term.

Ø CIPLA LTD @ Negative Trend @ Rs 988 with Stop loss of Rs @ 997 for the Target near @ Rs 944 – 930 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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