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Stock Market Daily Updates: 4 March 2021

Markets will continue to take cues from global peers, in absence of any major domestic event, besides, bond yields and the Covid situation in India would remain on investors’ radar.

Photo Credit :

1612866925_q90Bev_2021_02_09T040221Z_1_LYNXMPEH18076_RTROPTP_4_INDIA_MARKETS.JPG

Dear Trader…

Bullish trend was seen, the BSE Sensex and the Nifty Futures hit a high of 51539.89 points and 15318 points, respectively on the back of encouraging reports that the government was considering cutting excise rates to curb rising fuel prices in the coming days and also the third-quarter GDP figures were better than expected and the economy was back on track.

The Index continued to out-perform broader indices and creating a new high as bond yields stabilized in the United States, local economic data improved, spectrum auctions received a good response, and the vaccination process in the country progressed smoothly and massive buying by FIIs.

Main indices have almost reached the high, in context with a bounce in the global and the domestic economy. Interim corrections should be used to accumulate, as the broader setup remains positive, the market may turn a bit volatile in the short term, as it will be difficult to maintain the momentum given important upcoming events so index is likely to trade volatile.

In my opinion, Markets will continue to take cues from global peers, in absence of any major domestic event, besides, bond yields and the Covid situation in India would remain on investors’ radar.

Traders may remain cautious as volatility is expected to spike up due to global markets selloff which could result into a likely pause in the ongoing momentum & result into a consolidation, we thus suggest limiting naked leveraged positions and using further decline to add quality stocks.

Technically, we feel that the Nifty needs to cross the level of 15373 points, and the trend continues to be profit booking on every rise and the next range to be watched out for is around 15170 to 15373 points and this can be achieved in the short term. The immediate support for the Nifty future are placed around 15202 and 15170 points.

Ø INDEX MOVEMENT - 04.03.2021

  • Nifty Future closed @ 15300 as on 03.03.2021

Nifty Future stood at 15333 – 15373 Point; above which other resistance levels are at 15404 – 15434 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 15232 – 15202 Point; below15202 Point, other support levels are at 15173 – 15105 Point.

I am positive for the next bullish trend only above @ 15404 Point but be with the trend. Let the market decide further moves.

Regarding Long term positions, it is preferable to remain cautious now...!!

If Nifty Future crosses @ 15404 Point, again then the upper side target is quite high and it may touch @ 15434 Point in the short term

  • Bank Nifty Future closed @ 36495 as on 03.03.2021

Bank Nifty Future has resistance at 36575 – 36636 Point; above which other resistance levels are at 36707 – 36838 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 36360 – 36160 Point; below36160 Point, other support levels are at 36006 – 35909 Point.

I am positive for the next bullish trend only above @ 36838 Point but be with the trend. Let the market decide further moves. 

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 @ 36838 Point, again then the upper side target is quite high and it may touch @ 37007 Point in the 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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