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Stock Market Daily Updates: 6 Oct 2021

Bank Nifty Future has resistance at 37937 – 38008 Point; above which other resistance levels are at 38088 – 38188 Point with highly Volatile Trend,

Photo Credit :

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FII and FPIs, on Tuesday saw a net sold of Rs 1915.08 crore in the cash segment. A total of Rs 10647.18 crore was sold against a total purchase of Rs 8732.10 crore. Domestic institutional investors saw a net purchase of Rs 1868.23 crore in the cash segment. A total of Rs 6843.64 crore was sold against a total purchase of Rs 8711.87 crore.

Ø INDEX MOVEMENT – 06.10.2021

Ø Nifty Future closed @ 17829 as on 05.10.2021..!!

Dear Traders,

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 @ 17909 Point, again then the upper side target is quite high and it may touch @ 17919 Point in the short term...!!!

Ø Bank Nifty Future closed @ 37864 as on 05.10.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 37937 – 38008 Point; above which other resistance levels are at 38088 – 38188 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 37808 – 37676 Point; below 37676 Point, other support levels are at 37606 – 37474 Point.

I am positive for the next bullish trend only above @ 38188 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 @ 38188 Point, again then the upper side target is quite high and it may touch @ 38272 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

Ø RELIANCE IND. @ Positive Trend @ Rs 2588 with Stoploss of Rs @ 2573 for the Target near @ Rs 2633 - 2644 in short term…..!!!

Ø BATA INDIA @ Positive Trend @ Rs 1830 with Stoploss of Rs @ 1818 for the Target near @ Rs 1873 – 1880 in short term…..!!!

Ø INFOSYS LTD @ Positive Trend @ Rs 1644 with Stoploss of Rs @ 1630 for the Target near @ Rs 1696 – 1707 in short term…..!!!

Ø LUPIN LTD @ Positive Trend @ Rs 944 with Stoploss of Rs @ 937 for the Target near @ Rs 983 – 990 in short term…..!!!

Ø INDIGO @ Negative Trend @ Rs 2008 with Stop loss of Rs @ 2018 for the Target near @ Rs 1960 – 1944 in short term...!!!

Ø HDFC BANK @ Negative Trend @ Rs 1616 with Stop loss of Rs @ 1623 for the Target near @ Rs 1580 - 1573 in short term...!!!

Ø TATA STEEL @ Negative Trend @ Rs 1347 with Stop loss of Rs @ 1354 for the Target near @ Rs 1308 - 1297 in short term...!!!

Ø TATA CHEMICAL @ Negative Trend @ Rs 953 with Stop loss of Rs @ 970 for the Target near @ Rs 919 – 909 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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