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Stock Market Daily Updates: Bulls Manage The Trend

We recommend avoiding heavy positions on either side or staying light on overall exposure while moving with the momentum.

Photo Credit :

1573037581_CqPfhQ_BSE.jpg

Dear Trader…


Indian markets witnessed profit-booking at higher levels on July 13 but Bulls managed to remain in control of the trend. Traders should maintain extra caution now as stocks usually react sharply even on a small dip in the benchmark. the action may continue in cement, steel, telecom, IT, metals, and FMCG stocks while profit-taking may visible in realty, finance, banks, and power stocks in such a scenario so plan your positions accordingly.


The current market momentum is still purely on liquidity, and it is a part of the global risk-on setup that is taking place. If the current force on the upside continues Nifty might end up piling on some more gains. However, if Nifty stays in such a technical setup, it would warrant more vigilance at higher levels.


We recommend avoiding heavy positions on either side or staying light on overall exposure while moving with the momentum.


Here is mention some key events coming up like JPMorgan, Bank of America, Wells Fargo, Goldman Sachs, BNY Mellon and Citigroup start the U.S. earnings season for banks. the Bank of Japan's policy decision and a Governor Haruhiko Kuroda briefing and The EIA crude oil inventory report is due on Wednesday. China releases second-quarter GDP on Thursday as well as key economic indicators for June. The European Central Bank meets to set monetary policy on Thursday.


The Nifty future continue its uptrend but overall it has been in a consolidation mode and moving in a range, hence unless and until the index breaks and closes above 10888 levels or 200 DMA. Now, Nifty has to continue to hold above 10808 levels to extend its move towards 10909 levels.


¢    Nifty Future closed @ 10752 as on 14.07.2020..!!
For 14th July Nifty Future has resistance at 10777 - 10808 Point; above which other resistance levels are at 10818 - 10838 Point with highly Volatile Trend,


Nifty Future has Downside support levels are at 10707 - 10686 Point; below 10686 Point, other support levels are at 10670 - 10644 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 @ 10838 Point in short term...!!!


¢    Bank Nifty Future closed @ 21800 as on 14.07.2020..!!
For 14th July Bank Nifty Future has resistance at 21888 - 21909 Point; above which other resistance levels are at 21974 - 22008 Point with highly Volatile Trend,


Bank Nifty Future has Downside support levels are at 21707 - 21636 Point; below 21636 Point, other support levels are at 21575 - 21474 Point.


I am positive for next bullish trend only above @ 22008 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 @ 22008 Point, again then the upper side target is quite high and it may touch @ 22202 Point in short term...!!
   
¢    Prediction on Stock specific Movement as on 14.07.2020..!!


¢    INFOSYS FO @ RS 792

Positive Trend @ Rs 793 / 780 with Stoploss of Rs @ 776 for the target near @ Rs 808 - 813 in short term…..!!!
¢    CIPLA FO @ RS 640
Positive Trend @ Rs 640 / 630 with Stoploss of Rs @ 623 for the target near @ Rs 653 - 660 in short term…..!!!
¢    GRASIM FO @ RS 610
Positive Trend @ Rs 610 / 594 with Stoploss of Rs @ 586 for the target near @ Rs 623 - 630 in short term…..!!!
¢    CENTURY TEXT FO @ RS 312 
Positive Trend @ Rs 313 / 303 with Stoploss of Rs @ 296 for the target near @ Rs 323 - 330 in short term…..!!!
¢    DIVIS LAB FO @ RS 2260
Negative Trend @ Rs 2260 / 2277 with Stoploss of Rs @ 2288 for the target near @ Rs 2233 - 2218 in short term...!!!
¢    HDFC BANK FO @ RS 1072
Negative Trend @ Rs 1072 / 1090 with Stoploss of Rs @ 1103 for the target near @ Rs 1053 - 1044 in short term...!!!
¢    INDUSIND BANK FO @ RS 532
Negative Trend @ Rs 530 / 544 with Stoploss of Rs @ 550 for the target near @ Rs 518 - 508 in short term...!!!
¢    TATA STEEL FO @ RS 338
Negative Trend @ Rs 338 / 347 with Stoploss of Rs @ 353 for the target near @ Rs 326 - 318 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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