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Stock Market Daily Updates: 29 Sep 2021

Markets will continue to take cues from global peers in absence of any major domestic event. We reiterate our view to maintain focus on the selection of stocks and continuing with the “buy on dips” approach.

Photo Credit :

1595910044_uDKqsY_2020_07_28T041635Z_1_LYNXNPEG6R08J_RTROPTP_4_GLOBAL_MARKETS.JPG

Dear Trader…

Indian equity benchmarks recovered from their intraday lows but ended over half percent lower on Tuesday dragged by Realty, Telecom, TECK and IT stocks amid weak global cues. After making cautious start, markets extended their losses in noon session, as traders were cautious, after the World Bank said that East Asia and Pacific region's recovery has been undermined by the spread of the COVID-19 Delta variant, which is likely slowing economic growth and increasing inequality in the region.

FII and FPIs, on Tuesday saw a net sold of Rs 1957.70 crore in the cash segment. A total of Rs 10783.55 crore was sold against a total purchase of Rs 8825.85 crore. Domestic institutional investors saw a net purchase of Rs 161.45 crore in the cash segment. A total of Rs 7764.60 crore was sold against a total purchase of Rs 7926.05 crore.

Markets will continue to take cues from global peers in absence of any major domestic event. We expect the positive trend to continue with intermediate pause and expect Nifty to inch towards 17,808. On the downside, 17676 - 17606 would act as a cushion. We reiterate our view to maintain focus on the selection of stocks and continuing with the “buy on dips” approach.


  • INDEX MOVEMENT - 29.09.2021


  • Nifty Future closed @ 17748 as on 28.09.2021..!!

Dear Traders,

Nifty Future has resistance at 17777 – 17808 Point; above which other resistance levels are at 17818 - 17838 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 17707 – 17676 Point; below17676 Point, other support levels are at 17630 – 17606 Point.

I am positive for the next bullish trend only above @ 17808 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 @ 17808 Point, again then the upper side target is quite high and it may touch @ 17838 Point in the short term.

  • Bank Nifty Future closed @ 38044 as on 28.09.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 38088 – 38202 Point; above which other resistance levels are at 38272 – 38404 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 37808 – 37737 Point; below37737 Point, other support levels are at 37676 – 37606 Point.

I am positive for the next bullish trend only above @ 38404 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 @ 38404 Point, again then the upper side target is quite high and it may touch @ 38575 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

  • RELIANCE IND. @ Positive Trend @ Rs 2507 with Stoploss of Rs @ 2488 for the Target near @ Rs 2563 - 2570 in short term…..!!!
  • TATA STEEL @ Positive Trend @ Rs 1263 with Stoploss of Rs @ 1247 for the Target near @ Rs 1293 – 1300 in short term.
  • CIPLA LTD @ Positive Trend @ Rs 960 with Stoploss of Rs @ 947 for the Target near @ Rs 990 – 1003 in short term.
  • M & M @ Positive Trend @ Rs 787 with Stoploss of Rs @ 780 for the Target near @ Rs 818 – 830 in short term.
  • BATA INDIA @ Negative Trend @ Rs 1790 with Stop loss of Rs @ 1808 for the Target near @ Rs 1747 – 1730 in short term.
  • HCL TECHNO. @ Negative Trend @ Rs 1288 with Stop loss of Rs @ 1303 for the Target near @ Rs 1260 - 1244 in short term.
  • RAMCO CEMENT @ Negative Trend @ Rs 1008 with Stop loss of Rs @ 1015 for the Target near @ Rs 970 - 957 in short term.
  • SUN PHARMA @ Negative Trend @ Rs 808 with Stop loss of Rs @ 813 for the Target near @ Rs 773 – 760 in 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.


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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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