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Stock Market Daily Updates: 30 Aug 2021

In the Coming days, very clearly the benchmark indices are on the rise and we seem to be hitting and making new highs almost every other day. How long and how much further this would go is uncertain and it's time to be extremely cautious.

Photo Credit :

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Dear Trader…

Markets posted modest gains amid the consolidation bias last week, taking cues from firm global markets. The rebound in the global indices set the tone from the beginning, which further strengthened with news of further easing in COVID restrictions on the local front as the week progressed. Consequently, Nifty settled around the week’s high at 16,705 levels; up by 1.5%. 

FII and FPIs, on Friday saw a net sold of Rs 778.75 crore in the cash segment. A total of Rs 8044.27 crore was sold against a total purchase of Rs 7265.52 crore. Domestic institutional investors saw a net purchase of Rs 1646.19 crore in the cash segment. A total of Rs 4408.95 crore was sold against a total purchase of Rs 6055.14 crore.

In such times the strategy would be to sell on rallies, book profits and stay in cash to some extent. Select buying but only in large caps may be done on sharp dips. While performance of companies has improved, it's only in select companies and they are the few handfuls and are the top performing in each sector only. With the primary markets having been sucked dry by greedy private equity investors, even that does not offer an opportunity and certainty of listing gains. In short, it's time to be cautious and become choosy.

  • INDEX MOVEMENT – 30.08.2021


  • Nifty Future closed @ 16718 as on 27.08.2021..!!

Dear Traders,

Nifty Future has resistance at 16737 – 16777 Point; above which other resistance levels are at 16808 - 16818 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 16676 – 16636 Point; below16636 Point, other support levels are at 16606 – 16575 Point.

I am positive for the next bullish trend only above @ 16808 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 @ 16808 Point, again then the upper side target is quite high and it may touch @ 16818 Point in the short term.

  • Bank Nifty Future closed @ 35725 as on 27.08.2021

Dear Traders,

Bank Nifty Future has resistance at 35808 – 35888 Point; above which other resistance levels are at 35977 – 36066 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 35606 – 35474 Point; below35474 Point, other support levels are at 35404 – 35272 Point.

I am positive for the next bullish trend only above @ 36066 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 @ 36066 Point, again then the upper side target is quite high and it may touch @ 36160 Point in the short term.

Ø Trading Idea for the derivative stocks….

  • ADANI ENTERPRISES LTD @ Positive Trend @ Rs 1484 with Stoploss of Rs @ 1470 for the Target near @ Rs 1537 - 1544 in short term…..!!!
  • HAVELLS INDIA @ Positive Trend @ Rs 1217 with Stoploss of Rs @ 1202 for the Target near @ Rs 1247 – 1260 in short term…..!!!
  • TATA CHEMICALS @ Positive Trend @ Rs 818 with Stoploss of Rs @ 808 for the Target near @ Rs 848 – 860 in short term…..!!!
  • JSW STEEL @ Positive Trend @ Rs 660 with Stoploss of Rs @ 653 for the Target near @ Rs 688 – 696 in short term…..!!!
  • BATA INDIA @ Negative Trend @ Rs 1747 with Stop loss of Rs @ 1760 for the Target near @ Rs 1707 – 1686 in short term...!!!
  • ESCORTS LTD @ Negative Trend @ Rs 1377 with Stop loss of Rs @ 1390 for the Target near @ Rs 1330 - 1303 in short term...!!!
  • BERGER PAINT @ Negative Trend @ Rs 808 with Stop loss of Rs @ 820 for the Target near @ Rs 770 - 757 in short term...!!!
  • ICICI BANK @ Negative Trend @ Rs 727with Stop loss of Rs @ 733 for the Target near @ Rs 686 – 676 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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