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Stock Market Updates: 22 Sep 2021

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.

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Dear Trader…

Indian shares closed higher in a volatile session on Tuesday as metals and tech stocks rebounded from a sharp slide over the last three sessions, while investors also focused on a U.S. Federal Reserve meeting due to end on today.

FII and FPIs, on Tuesday saw a net purchase of Rs 1041.92 crore in the cash segment. A total of Rs 7068.93 crore was sold against a total purchase of Rs 8110.81 crore. Domestic institutional investors saw a net purchase of Rs 2167.62 crore in the cash segment. A total of Rs 5842.97 crore was sold against a total purchase of Rs 8010.59 crore.

We reiterate that the momentum is strongly gripped by bulls however the indicators are now in deep overbought territory hence we may see in between consolidation or correction. We are just waiting for the beginning of a downtrend and hence any such rise should be taken as a profit booking opportunity.

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 – 22.09.2021


  • Nifty Future closed @ 17559 as on 21.09.2021

Dear Traders,

Nifty Future has resistance at 17606 – 17616 Point; above which other resistance levels are at 17636 - 17676 Point with highly Volatile Trend, 

Nifty Future has Downside support levels are at 17530 – 17505 Point; below17505 Point, other support levels are at 17474 – 17373 Point.

I am positive for the next bullish trend only above @ 17676 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 @ 17676 Point, again then the upper side target is quite high and it may touch @ 17707 Point in the short term.


  • Bank Nifty Future closed @ 37370 as on 21.09.2021

Dear Traders,

Bank Nifty Future has resistance at 37474 – 37577 Point; above which other resistance levels are at 37606 – 37676 Point with highly Volatile Trend, 

Bank Nifty Future has Downside support levels are at 37373 – 37272 Point; below37272 Point, other support levels are at 37177 – 37077 Point.

I am positive for the next bullish trend only above @ 37676 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 @ 37676 Point, again then the upper side target is quite high and it may touch @ 37707 Point in the short term.

Ø Trading Idea for the derivative stocks….

  • BATA INDIA @ Positive Trend @ Rs 1747 with Stoploss of Rs @ 1733 for the Target near @ Rs 1797 - 1808 in short term…..!!!


  • GRASIM IND. @ Positive Trend @ Rs 1527 with Stoploss of Rs @ 1515 for the Target near @ Rs 1573 – 1580  in short term…..!!!


  • RAMCO CEMENT @ Positive Trend @ Rs 970 with Stoploss of Rs @ 944 for the Target near @ Rs 997 – 1008 in short term…..!!!


  • BERGER PAINT @ Positive Trend @ Rs 808 with Stoploss of Rs @ 801 for the Target near @ Rs 833 – 840 in short term…..!!!


  • RELIANCE IND. @ Negative Trend @ Rs 2444 with Stop loss of Rs @ 2450 for the Target near @ Rs 2390 – 2373 in short term...!!!


  • GODREJ PROP. @ Negative Trend @ Rs 1747 with Stop loss of Rs @ 1755 for the Target near @ Rs 1707 - 1696 in short term...!!!


  • TATA STEEL @ Negative Trend @ Rs 1320 with Stop loss of Rs @ 1327 for the Target near @ Rs 1277 - 1265 in short term...!!!


  • AXIS BANK @ Negative Trend @ Rs 808with Stop loss of Rs @ 818 for the Target near @ Rs 787 – 775 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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