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Stock Market Daily Updates: 9 March 2021

Apart from investments by foreign portfolio investors and domestic investors, the Indian stock market will also keep an eye on the rupee's position against the US dollar and the number of cases of corona virus.

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Dear Trader…

On the first day of the week, the Indian stock market started trading with the expected strength and continued to out-perform broader indices and creating  high volatility as bond yields stabilized in the United States, local economic data improved, spectrum auctions received a good response, and the vaccination process in the country progressed smoothly and massive buying by FIIs.

The new wave of Corona transition is also on the rise as the Corona vaccination program is gaining momentum in anticipation of success in controlling Corona in the coming days. However, the positive impact of the modest rise was seen in the Indian stock market today.

Friends, the global economy is not yet fully open and the rise in crude prices is worrying against the government's dream of creating a 5 trillion economy by reviving India's economy. In the absence of any significant developments at the local level, Indian markets are likely to determine trends based on global developments and US market signals.

Brent crude prices came close to an estimated two-year high last weekend following OPEC's decision to cut production. Investors will keep an eye on long-term bond yield trends, crude oil prices and macroeconomic data in the coming days following last week's major upheaval in the market. 

Apart from investments by foreign portfolio investors and domestic investors, the Indian stock market will also keep an eye on the rupee's position against the US dollar and the number of cases of corona virus.

  • Nifty Future closed @ 14969 as on 08.03.2021

Nifty Future has resistance at 15008 – 15088 Point; above which other resistance levels are at 15105 – 15170 Point with highly Volatile Trend, 

Nifty Future has Downside support levels are at 14919 – 14888 Point; below14888 Point, other support levels are at 14830 – 14808 Point.

I am positive for the next bullish trend only above @ 15170 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 @ 15170 Point, the upper side target will be quite high and it may touch @ 15202 Point in the short term.

  • Bank Nifty Future closed @ 35316 as on 08.03.2021

Bank Nifty Future has resistance at 35373 – 35404 Point; above which other resistance levels are at 35474 – 35505 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 35272 – 35202 Point; below35202 Point, other support levels are at 35008 – 34909 Point.

I am positive for the next bullish trend only above @ 35505 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...!!

Bank Nifty Future may crosses @ 35505 Point, then the upper side target will be quite high and it may touch @ 35676 Point in the 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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