Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
  • Editorial Calendar 19-20
BW Businessworld

Stock Market Daily Updates: 12 May 2021

As expected, the Indian stock market bullish run stopped at a red mark due to unprofitable selling from higher levels.

Photo Credit :

1609238137_zg5lLM_2020_12_29T051851Z_2_LYNXMPEGBS054_RTROPTP_4_HEALTH_CORONAVIRUS_MARKETS.JPG

Dear Trader…

Markets started the day on pessimistic note amid concerns that the second wave of the corona virus pandemic could bring down India's GDP growth. The market situation is down after Domestic rating agency Crisil's report warned India's economic growth may slip to 8.2 per cent in FY22 if the second wave peaks in end of June.

FII-foreign institutional investors, foreign portfolio investors-FPIs, on Tuesday saw a net sale of Rs 336.00 crore in the cash segment. A total of Rs 6913.06 crore was sold against a total purchase of Rs 6577.06 crore. DII-domestic institutional investors today saw a net sale of Rs 676.67 crore in the cash segment. A total of Rs 5848.83 crore was sold against a total purchase of Rs 5172.16 crore.

The important key resistances are placed at 14909 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 14979 – 15008 levels. Immediate support is placed at 14808 - 14770 levels.

  • Nifty Future closed @ 14878 as on 11.05.2021

Nifty Future has resistance at 14909 – 14939 Point; above which other resistance levels are at 14979 – 15008 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 14808 – 14737 Point; below14737 Point, other support levels are at 14707 - 14676 Point.

I am positive for the next bullish trend only above @ 15008 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 @ 15008 Point, again then the upper side target is quite high and it may touch @ 15088 Point in the short term.

  • Bank Nifty Future closed @ 32952 as on 11.05.2021

Bank Nifty Future has resistance at 33008 – 33133 Point; above which other resistance levels are at 33303 – 33474 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 32808 – 32676 Point; below32676 Point, other support levels are at 32474 – 32303 Point.

I am positive for the next bullish trend only above @ 33474 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 @ 33474 Point, again then the upper side target is quite high and it may touch @ 33606 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

Ø PIDILITE IND. FO @ RS 1878

Positive Trend @ Rs 1878 / 1860 with Stop loss of Rs @ 1844 for the target near @ Rs 1893 - 1903 in short term

Ø PIRAMAL ENT. FO @ RS 1703

Positive Trend @ Rs 1703 / 1686 with Stop loss of Rs @ 1677 for the target near @ Rs 1722 - 1730 in short term

Ø HAVELLS INDIA FO @ RS 1033

Positive Trend @ Rs 1033 / 1003 with Stop loss of Rs @ 990 for the target near @ Rs 1047 - 1060 in short term

Ø BERGER PAINT FO @ RS 739

Positive Trend @ Rs 739 / 717 with Stop loss of Rs @ 707 for the target near @ Rs 757 - 773 in short term

Ø ADANI ENT. FO @ RS 1308

Negative Trend @ Rs 1308 / 1323 with Stop loss of Rs @ 1333 for the target near @ Rs 1288 – 1273 in short term.

Ø CIPLA LTD FO @ RS 893

Negative Trend @ Rs 893 / 909 with Stop loss of Rs @ 919 for the target near @ Rs 880 – 868 in short term..

Ø AMARA RAJA BAT. FO @ RS 789

Negative Trend @ Rs 789 / 808 with Stop loss of Rs @ 818 for the target near @ Rs 777 – 770 in short term.

Ø TATA CHEMICAL FO @ RS 699

Negative Trend @ Rs 699 / 733 with Stop loss of Rs @ 747 for the target near @ Rs 686 – 680 in short term.

Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in

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.


Tags assigned to this article:
sensex Stock Market Daily Updates

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.

More From The Author >>