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Stock Market Daily Updates: 9 July 2020

The trend was already trading in the overbought zone, hence some profit-taking was on the stock specific.

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Dear Trader

Today after opening with marginal gains, the Nifty50 remained range bound. Weak global cues and rising COVID-19 cases weighed on sentiment. The benchmark indices continue their volatile moves and yesterday ended with losses. Losses were led by sectorally, action was seen in metals, FMCG and healthcare stocks while profit-taking was visible in realty, auto, IT, and consumer discretionary stocks.

The trend was already trading in the overbought zone, hence some profit-taking was on the stock specific.

Markets were volatile as virus infections continued to mount and uncertainty increased regarding economic recovery. Volatility is expected to continue and investors need to maintain a stock specific view on the market.

Traders are advised to avoid buying in a hurry and positional traders with high risk appetite can remain short with a stop loss above 10808 levels in Nifty future.

Yesterday the precious metal Gold prices jumped to the highest level since September 2011 on increasing corona virus cases globally and hopes of more stimulus package actions to combat the economic blow. Gold prices gained Rs 678 to Rs 49,122 per 10 gram, a record high in the Mumbai bullion market on rupee depreciation against the dollar and strong global cues. Gold prices surpassed its 2011 high, touching $1,817/oz on July 8 as investors moved some portion of their investment into the yellow metal as a hedge against market uncertainty.

¢    Nifty Future opened @ 10725 as on 09.07.2020..!!
For Intraday Nifty Future has resistance at 10777 - 10808 Point; above which other resistance levels are at 10818 - 10830 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 10688 - 10660 Point; below 10660 Point, other support levels are at 10633 - 10606 Point.

I am positive for next bullish trend only above @ 10808 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 @ 10808 Point, again then the upper side target is quite high and it may touch @ 10818 Point in short term...!!!

¢    Bank Nifty Future opened @ 22730 as on 09.07.2020..!!

Bank Nifty Future has resistance at 22777 - 22830 Point; above which other resistance levels are at 22909 - 22960 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 22676 - 22505 Point; below 22505 Point, other support levels are at 22440 - 22303 Point.

I am positive for next bullish trend only above @ 22909 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 @ 22909 Point, again then the upper side target is quite high and it may touch @ 23008 Point in short term...!!

¢    Prediction on Stock specific Movement as on 09.07.2020..!!
¢    Grasim FO @ RS 613
Positive Trend @ Rs 610 / 603 with Stoploss of Rs @ 596 for the target near @ Rs 626 - 633 in short term…..!!!
¢    Axis Bank FO @ RS 448
Positive Trend @ Rs 448 / 434 with Stoploss of Rs @ 426 for the target near @ Rs 460 - 474 in short term…..!!!
¢    Kotak Bank FO @ RS 1355
Positive Trend @ Rs 1355 / 1330 with Stoploss of Rs @ 1317 for the target near @ Rs 1373 - 1380 in short term…..!!!
¢    Acc Ltd FO @ RS 1320
Negative Trend @ Rs 1333 / 1350 with Stoploss of Rs @ 1363 for the target near @ Rs 1303 - 1290 in short term...!!!
¢    HDFC Bank FO @ RS 1116
Negative Trend @ Rs 1116 / 1133 with Stoploss of Rs @ 1147 for the target near @ Rs 1096 - 1088 in short term...!!!
¢    Lupin FO @ RS 880
Negative Trend @ Rs 893 / 903 with Stoploss of Rs @ 919 for the target near @ Rs 866 - 855 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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