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Stock Market Daily Updates: 8 April 2021

The Indian stock market saw a bullish trend today. Indian stocks and bonds rose on today after the central bank maintained interest rates at record levels to support the economy.

Photo Credit :

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Dear Trader…

As expected, the Indian stock market saw a bullish trend today. Indian stocks and bonds rose on today after the central bank maintained interest rates at record levels to support the economy, following record growth in the Covid-19 case.

FII and FPIs, on Wednesday saw a net purchase of Rs 227.42 crore in the cash segment. A total of Rs 7152.74 crore was sold against a total purchase of Rs 7380.16 crore. Domestic institutional investors today saw a net sale of Rs 381.08 crore in the cash segment. A total of Rs 4522.11 crore was sold against a total purchase of Rs 4903.19 crore.

The fears of any pre-mature tightening either through rates or liquidity management by some sections of the market have been put to rest by RBI's dovish tone today.

The bond market has taken the announcement to move the 10-year yield to 6.12 per cent positively. The Governor's assurance to ensure the smooth development of the yield curve has also been a source of confidence.

We’re mirroring the global markets and fluctuations in the value of the US dollar against the rupee, uninterrupted inflows of foreign portfolio investors, and ongoing developments on global markets meanwhile we suggest maintaining a volatile yet cautious stance and avoiding contrarian trades.

Nifty Future closed @ 14888 as on 07.04.2021

Nifty Future has resistance at 14909 – 14969 Point; above which other resistance levels are at 15008 – 15088 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 14838 – 14808 Point; below14808 Point, other support levels are at 14770 - 14707 Point.

I am positive for the next bullish trend only above @ 15008 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 @ 15008 Point, again then the upper side target is quite high and it may touch @ 15088 Point in the short term.

Note:- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in

Bank Nifty Future closed @ 33151 as on 07.04.2021

Bank Nifty Future has resistance at 33303 – 32464 Point; above which other resistance levels are at 33505 – 33633 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 33003 – 32808 Point; below32808 Point, other support levels are at 32676 – 32606 Point.

I am positive for the next bullish trend only above @ 33633 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 @ 33633 Point, again then the upper side target is quite high and it may touch @ 33707 Point in the short term

Note:- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in

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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