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Stock Market Daily Updates: 9 Sep 2021

In the coming session, as the market has already witnessed a sharp run-up and valuations appear to be quite stretched at the current level, profit-booking at these levels cannot be ruled out and therefore traders should be cautious at these levels.

Photo Credit :

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Dear Trader…

On the third day of the week, The benchmark opened on a positive note however profit-taking at higher levels capped the upside as the session progressed. The expected profit booking in the Indian stock market has seen decline on the overall global market sentiment. Corona's transition is again spreading alarmingly in various states of India including Maharashtra and Kerala the slump in the Indian economy. As expected, the Indian stock market bullish run stopped at a red mark due to unprofitable selling from higher levels.

FII and FPIs, on Wednesday saw a net sold of Rs 802.51 crore in the cash segment. A total of Rs 9574.82 crore was sold against a total purchase of Rs 8772.31 crore. Domestic institutional investors saw a net purchase of Rs 0.60 crore in the cash segment. A total of Rs 5390.31 crore was sold against a total purchase of Rs 5390.91 crore.

Any such decision on the economic front could affect market sentiment. So in the coming days, the economy and the Indian stock market may see a major upheaval.

In the coming session, as the market has already witnessed a sharp run-up and valuations appear to be quite stretched at the current level, profit-booking at these levels cannot be ruled out and therefore traders should be cautious at these levels.

  • INDEX MOVEMENT – 09.09.2021


  • Nifty Future closed @ 17370 as on 08.09.2021..!!

Dear Traders,

Nifty Future has resistance at 17404 – 17434 Point; above which other resistance levels are at 17474 - 17505 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 17333 – 17303 Point; below17303 Point, other support levels are at 17272 – 17232 Point.

I am positive for the next bullish trend only above @ 17434 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 @ 17434 Point, again then the upper side target is quite high and it may touch @ 17474 Point in the short term.


  • Bank Nifty Future closed @ 36881 as on 08.09.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 37007 – 37077 Point; above which other resistance levels are at 37177 – 37303 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 36888 – 36808 Point; below36808 Point, other support levels are at 36737 – 36676 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….

  • GRASIM IND. @ Positive Trend @ Rs 1570 with Stoploss of Rs @ 1547 for the Target near @ Rs 1603 - 1610 in short term…..!!!
  • TATA STEEL  @ Positive Trend @ Rs 1414 with Stoploss of Rs @ 1440 for the Target near @ Rs 1453 – 1460 in short term…..!!!
  • INDUSIND BANK  @ Positive Trend @ Rs 983 with Stoploss of Rs @ 970 for the Target near @ Rs 1022 – 1030 in short term…..!!!
  • BERGER PAINT @ Positive Trend @ Rs 818 with Stoploss of Rs @ 808 for the Target near @ Rs 848 – 860 in short term…..!!!
  • TECH MAHINDRA @ Negative Trend @ Rs 1460 with Stop loss of Rs @ 1474 for the Target near @ Rs 1417 – 1407 in short term...!!!
  • VOLTAS LTD @ Negative Trend @ Rs 1233 with Stop loss of Rs @ 1247 for the Target near @ Rs 1188 - 1173 in short term...!!!
  • TATA CHEMICAL  @ Negative Trend @ Rs 888 with Stop loss of Rs @ 898 for the Target near @ Rs 818 - 808 in short term...!!!
  • SUN PHARMA @ Negative Trend @ Rs 808 with Stop loss of Rs @ 818 for the Target near @ Rs 764 – 750 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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