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Stock Market Daily Updates: 7 Sep 2021

We are bullish on the market although after the sharp correction, we are concerned about the valuation of the market. As the market has been in the overbought zone it will not take long for the scenario to become difficult to sell again in a sudden correction.

Photo Credit :

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Dear Trader…

On the first 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 despite profit-taking at higher levels. Strong global cues and expectations of a strong june quarter supported bullish sentiment.

FII and FPIs, on Monday saw a net sold of Rs 589.36 crore in the cash segment. A total of Rs 5978.90 crore was sold against a total purchase of Rs 5389.54 crore. Domestic institutional investors saw a net purchase of Rs 547.31 crore in the cash segment. A total of Rs 5277.73 crore was sold against a total purchase of Rs 5825.04 crore.

Friends, the Indian stock market is booming in every sector due to the relentless influx of foreign investors. Traders with a stock specific approach are more likely to book profits through intraday trading. In a bullish mood in the Indian stock market, investors as well as traders are showing a cautious attitude with enthusiasm.

We are bullish on the market although after the sharp correction, we are concerned about the valuation of the market. As the market has been in the overbought zone it will not take long for the scenario to become difficult to sell again in a sudden correction. So that caution will be necessary. Investors can book profit in a small portion of their portfolio.

  • INDEX MOVEMENT – 07.09.2021
  • Nifty Future closed @ 17408 as on 06.09.2021..!!

Dear Traders,

Nifty Future has resistance at 17434 – 17474 Point; above which other resistance levels are at 17505 - 17535 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 17373 – 17330 Point; below17330 Point, other support levels are at 17303 - 17272 Point.

I am positive for the next bullish trend only above @ 17474 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 @ 17474 Point, again then the upper side target is quite high and it may touch @ 17505 Point in the short term...!!!

  • Bank Nifty Future closed @ 36734 as on 06.09.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 36880 – 36936 Point; above which other resistance levels are at 37077 – 37177 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 36676 – 36474 Point; below36474 Point, other support levels are at 36303 – 36177 Point.

I am positive for the next bullish trend only above @ 37177 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 @ 37177 Point, again then the upper side target is quite high and it may touch @ 37303 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

  • HDFC LTD @ Positive Trend @ Rs 2740 with Stoploss of Rs @ 2727 for the Target near @ Rs 2808 - 2818 in short term…..!!!
  • INDIGO @ Positive Trend @ Rs 1944 with Stoploss of Rs @ 1930 for the Target near @ Rs 1990 – 2002 in short term…..!!!
  • MUTHOOT FIN. @ Positive Trend @ Rs 1505 with Stoploss of Rs @ 1484 for the Target near @ Rs 1553 – 1560 in short term…..!!!
  • INDUSIND BANK @ Positive Trend @ Rs 977 with Stoploss of Rs @ 967 for the Target near @ Rs 1008 – 1018 in short term…..!!!
  • INFOSYS LTD @ Negative Trend @ 1747 Rs 1760 with Stop loss of Rs @ 1770 for the Target near @ Rs 1727 – 1707 in short term...!!!
  • GODREJ PROP. @ Negative Trend @ Rs 1626 with Stop loss of Rs @ 1644 for the Target near @ Rs 1587 - 1580 in short term...!!!
  • TECH MAHINDRA @ Negative Trend @ Rs 1490 with Stop loss of Rs @ 1500 for the Target near @ Rs 1444 - 1430 in short term...!!!
  • AXIS BANK @ Negative Trend @ Rs 823with Stop loss of Rs @ 830 for the Target near @ Rs 787 – 775 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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