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Stock Market Daily Updates: 6 Aug 2021

In the coming days, we expect volatility to continue until there is clarity over the lockdown situation and availability of vaccines.... but apart from that the market structure is made up of bulls...

Photo Credit :

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Dear Trader…

On the fourth day of the week, the Indian stock market started trading with the expected strength as local economic data improved. Indian markets remained volatile on today but indices managed to close in the green for the third consecutive day despite profit-taking at higher levels. Strong global cues, rbi monetary policy and expectations of a strong june quarter supported bullish sentiment.

FII and FPIs, on Thursday saw a net sold of Rs 719.88 crore in the cash segment. A total of Rs 9466.48 crore was sold against a total purchase of Rs 8746.60 crore. Domestic institutional investors saw a net purchase of Rs 731.92 crore in the cash segment. A total of Rs 7809.96 crore was sold against a total purchase of Rs 8541.88 crore.

The Indian stock market is trading at a high valuation. In addition currently, stocks based bullish trend on the local economy. In the near term, positive bias is expected to continue, however, rising COVID cases in India would remain a key concern. The market is booming due to the success of vaccines and the steady influx of FIIs, but there have been corrections in the bullish phase in the past as well. This time too, along with the positive factors, the bullish trade in stocks is likely to ease, so caution will be required.

Ø INDEX MOVEMENT – 06.08.2021

  • Nifty Future closed @ 16300 as on 05.08.2021..!!

Dear Traders,

Nifty Future has resistance at 16303 – 16333 Point; above which other resistance levels are at 16373 – 16404 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 16232 – 16202 Point; below16202 Point, other support levels are at 16188 - 16108 Point.

I am positive for the next bullish trend only above @ 16373 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 @ 16373 Point, again then the upper side target is quite high and it may touch @ 16404 Point in the short term...!!!

  • Bank Nifty Future closed @ 35954 as on 05.08.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 36088 – 36188 Point; above which other resistance levels are at 36272 – 36404 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 35777 – 35606 Point; below35606 Point, other support levels are at 35474 – 35350 Point.

I am positive for the next bullish trend only above @ 36272 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 @ 36272 Point, again then the upper side target is quite high and it may touch @ 36404 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

  • TITAN LTD @ Positive Trend @ Rs 1770 with Stoploss of Rs @ 1744 for the Target near @ Rs 1833 - 1840 in short term…..!!!
  • ADANI ENT. @ Positive Trend @ Rs 1404 with Stoploss of Rs @ 1388 for the Target near @ Rs 1453 – 1460  in short term…..!!!
  • INDUSIND BANK @ Positive Trend @ Rs 960 with Stoploss of Rs @ 944 for the Target near @ Rs 1008 – 1018 in short term…..!!!
  • BHARAT FORGE @ Positive Trend @ Rs 770 with Stoploss of Rs @ 763 for the Target near @ Rs 802 – 812 in short term…..!!!
  • HDFC BANK @ Negative Trend @ Rs 1508 with Stop loss of Rs @ 1520 for the Target near @ Rs 1470 – 1454 in short term...!!!
  • ESCORTS LTD @ Negative Trend @ Rs 1263 with Stop loss of Rs @ 1270 for the Target near @ Rs 1208 - 1190 in short term...!!!
  • BERGER PAINT @ Negative Trend @ Rs 868 with Stop loss of Rs @ 875 for the Target near @ Rs 818 - 808 in short term...!!!
  • JSW STEEL @ Negative Trend @ Rs 787with Stop loss of Rs @ 797 for the Target near @ Rs 757 – 744 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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