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Stock Market Daily Updates: 29 July 2021

Bank Nifty Future has resistance at 34606 – 34676 Point; above which other resistance levels are at 34707 – 34888 Point with highly Volatile Trend,

Photo Credit :

1610520139_T1H1DR_Stock_Market.jpg

FII-foreign institutional investors, foreign portfolio investors-FPIs, on Wednesday saw a net sold of Rs 2274.77 crore in the cash segment. A total of Rs 9215.92 crore was sold against a total purchase of Rs 6941.15 crore. DII-domestic institutional investors today saw a net purchase of Rs 921.45 crore in the cash segment. A total of Rs 5741.62 crore was sold against a total purchase of Rs 6663.07 crore.

However, there may be some cautiousness with a private report that the Indian economy is expected to face some pressure in the current financial year due to the second wave of the pandemic, coupled with weaker consumer sentiment, but a large capex by the government can be a saving grace for the economy.

Ø INDEX MOVEMENT - 29.07.2021

Ø Nifty Future closed @ 15709 as on 28.07.2021..!!

Ø Bank Nifty Future closed @ 34559 as on 28.07.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 34606 – 34676 Point; above which other resistance levels are at 34707 – 34888 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 34373 – 34303 Point; below 34303 Point, other support levels are at 34188 – 34008 Point.

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 @ 34888 Point, again then the upper side target is quite high and it may touch @ 35008 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

MUTHOOT FIN. @ Positive Trend @ Rs 1527 with Stoploss of Rs @ 1507 for the Target near @ Rs 1560 - 1573 in short term…..!!!

HDFC BANK @ Positive Trend @ Rs 1404 with Stoploss of Rs @ 1388 for the Target near @ Rs 1447 – 1460 in short term…..!!!

AURO PHARMA @ Positive Trend @ Rs 909 with Stoploss of Rs @ 888 for the Target near @ Rs 933 – 944 in short term…..!!!

BERGER PAINT @ Positive Trend @ Rs 833 with Stoploss of Rs @ 826 for the Target near @ Rs 864 – 870 in short term…..!!!

INFOSYS LTD @ Negative Trend @ Rs 1633 with Stop loss of Rs @ 1640 for the Target near @ Rs 1588 – 1577 in short term...!!!

BATA INDIA @ Negative Trend @ Rs 1606 with Stop loss of Rs @ 1616 for the Target near @ Rs 1577 - 1560 in short term...!!!

TATA STEEL @ Negative Trend @ Rs 1390 with Stop loss of Rs @ 1397 for the Target near @ Rs 1350 - 1337 in short term...!!!

TECHM @ Negative Trend @ Rs 1153 with Stop loss of Rs @ 1160 for the Target near @ Rs 1117 – 1107 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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