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Stock Market Daily Updates: 31 Aug 2021

Indian equity benchmarks ended at record closing highs Monday led by across the board gains amid mixed global cues. Today, the markets are likely to make optimistic start of new day tracking global peers.

Photo Credit : Subhabrata Das

1459337783_YBVYmn_stockmarket-Dealing-room_SD2-870.jpg

Dear Trader…

Indian markets rallied on Monday, supported by firm global cues. The sentiment improved after US Federal Reserve chair Jerome Powell signaled that the US central bank would remain patient in winding down its stimulus. 

FII and FPIs, on Monday saw a net purchase of Rs 1202.81 crore in the cash segment. A total of Rs 7205.81 crore was sold against a total purchase of Rs 8408.62 crore. Domestic institutional investors saw a net purchase of Rs 688.85 crore in the cash segment. A total of Rs 5989.77 crore was sold against a total purchase of Rs 6678.62 crore.


  • INDEX MOVEMENT – 31.08.2021


  • Nifty Future closed @ 16942 as on 30.08.2021..!!

Dear Traders,

Nifty Future has resistance at 16988 – 17007 Point; above which other resistance levels are at 17017 - 17033 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 16909 – 16888 Point; below16888 Point, other support levels are at 16838 – 16808 Point.

I am positive for the next bullish trend only above @ 17007 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 @ 17007 Point, again then the upper side target is quite high and it may touch @ 17017 Point in the short term...!!!


  • Bank Nifty Future closed @ 36478 as on 30.08.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 36575 – 36636 Point; above which other resistance levels are at 36676 – 36707 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 36474 – 36404 Point; below36404 Point, other support levels are at 36373 – 36303 Point.

I am positive for the next bullish trend only above @ 36707 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 @ 36707 Point, again then the upper side target is quite high and it may touch @ 36777 Point in the short term...!!


Ø Trading Idea for the derivative stocks….

  • RELIANCE INDUSTRIES @ Positive Trend @ Rs 2230 with Stoploss of Rs @ 2208 for the Target near @ Rs 2290 - 2303 in short term…..!!!
  • HCL TECHNO. @ Positive Trend @ Rs 1144 with Stoploss of Rs @ 1130 for the Target near @ Rs 1183 – 1190 in short term…..!!!
  • CIPLA LIMITED @ Positive Trend @ Rs 919 with Stoploss of Rs @ 909 for the Target near @ Rs 944 – 950 in short term…..!!!
  • TATA CHEMICAL @ Positive Trend @ Rs 808 with Stoploss of Rs @ 800 for the Target near @ Rs 853 – 860 in short term…..!!!
  • INDIGO @ Negative Trend @ Rs 1848 with Stop loss of Rs @ 1860 for the Target near @ Rs 1808 – 1790 in short term...!!!
  • BATA INDIA @ Negative Trend @ Rs 1777 with Stop loss of Rs @ 1790 for the Target near @ Rs 1744 - 1730 in short term...!!!
  • GRASIM INDUSTRIES @ Negative Trend @ Rs 1505 with Stop loss of Rs @ 1520 for the Target near @ Rs 1460 - 1444 in short term...!!!
  • BHARTI AIRTEL @ Negative Trend @ Rs 646with Stop loss of Rs @ 660 for the Target near @ Rs 606 – 597 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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