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Stock Market Daily Updates: 10 June 2021

Nifty Future has resistance at 15707 – 15737 Point; above which other resistance levels are at 15777 - 15808 Point with highly Volatile Trend,

Photo Credit :

1595910044_uDKqsY_2020_07_28T041635Z_1_LYNXNPEG6R08J_RTROPTP_4_GLOBAL_MARKETS.JPG

Dear Trader…

Indian equity benchmarks ended over half percent lower on Wednesday, tracking heavy losses in index heavyweights Larsen & Toubro, Reliance Industries and Bajaj Finserv amid a weak trend in global markets. The markets had started with mild gains and moved in a narrow range throughout the morning, as traders took some support with Trade Promotion Council of India (TPCI) stating that the proposed free trade agreement between India and the European Union would benefit domestic exporters as EU is one of the biggest traditional markets for the country.

FII-foreign institutional investors, foreign portfolio investors-FPIs, on Tuesday saw a net purchase of Rs 1422.71 crore in the cash segment. A total of Rs 6224.16 crore was sold against a total purchase of Rs 7646.87 crore. DII-domestic institutional investors today saw a net sale of Rs 1626.98 crore in the cash segment. A total of Rs 5563.19 crore was sold against a total purchase of Rs 3936.21 crore.

The third straight day of daily Covid cases below 100,000 may lend support to investor sentiment. The country reported 93,896 new infections today, taking the total number of confirmed infections in India to 29,182,072 and deaths to 359,695. Traders will be taking encouragement with Finance Ministry report that faster vaccine coverage and frontloading of fiscal measures announced in this year's budget would be the major factors in boosting the investment and consumption cycles and, in turn, reviving the economy, as economic activities have slowed down amid the second wave of Covid-19 and lockdowns across states.

Ø INDEX MOVEMENT - 10.06.2021

Ø Nifty Future closed @ 15660 as on 09.06.2021..!!

Dear Traders,

Nifty Future has resistance at 15707 – 15737 Point; above which other resistance levels are at 15777 - 15808 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 15606 – 15577 Point; below 15577 Point, other support levels are at 15505 - 15474 Point.

If Nifty Future crosses @ 15777 Point, again then the upper side target is quite high and it may touch @ 15808 Point in the short term...!!!

Ø Bank Nifty Future closed @ 34929 as on 09.06.2021..!!

Bank Nifty Future has Downside support levels are at 34676 – 34404 Point; below 34404 Point, other support levels are at 34272 – 34008 Point.

I am positive for the next bullish trend only above @ 35373 Point but be with the trend. Let the market decide further moves. 

Ø Trading Idea for the derivative stocks….

Ø VOLTAS LTD @ Positive Trend @ Rs 1017 with Stoploss of Rs @ 997 for the Target near @ Rs 1073 - 1080 in short term…..!!!

Ø GLENMARK PHARMA @ Positive Trend @ Rs 606 with Stoploss of Rs @ 596 for the Target near @ Rs 636 – 650 in short term…..!!!

Ø DABUR INDIA @ Positive Trend @ Rs 533 with Stoploss of Rs @ 517 for the Target near @ Rs 577 - 585 in short term…..!!!

Ø BIOCON LTD @ Positive Trend @ Rs 388 with Stoploss of Rs @ 381 for the Target near @ Rs 433 - 440 in short term…..!!!

Ø ADANI ENTERPRISES @ Negative Trend @ Rs 1616 with Stop loss of Rs @ 1630 for the Target near @ Rs 1580 – 1565 in short term...!!!

Ø RAMCO CEMENT @ Negative Trend @ Rs 990 with Stop loss of Rs @ 1008 for the Target near @ Rs 960 - 944 in short term...!!!

Ø ADANI PORT @ Negative Trend @ Rs 880 with Stop loss of Rs @ 887 for the Target near @ Rs 838 - 818 in short term...!!!

Ø AMARA RAJA BAT. @ Negative Trend @ Rs 770 with Stop loss of Rs @ 787 for the Target near @ Rs 727 – 717 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.


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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