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Stock Market Daily Updates: 13 April 2021

Nifty Future has resistance at 14404– 14474 Point; above which other resistance levels are at 14505 – 14535 Point with highly Volatile Trend,

Photo Credit :

1604918944_mFyCRX_2020_11_09T042012Z_1_LYNXMPEGA805K_RTROPTP_4_MARKETS_INDIA_SHARES.JPG

Dear Trader…

As expected, the Indian stock market bullish run stopped at a red mark due to unprofitable selling from higher levels, the Nifty couldn't sustain in the higher territory and faced sharp selling pressure there and it aggravated as the day progressed.

India on Monday reported another record daily surge in corona virus cases, with the total now eclipsing Brazil's tally. The state of Maharashtra, home to Mumbai, is considering a lockdown and could take a final decision this week, a senior government official said.

Also, experts point out that on the fiscal front, the government and RBI may not have many shots to fire as of now as both have already done a lot to keep the economy up and running.

FII and FPIs, on Monday saw a net sale of Rs 1746.43 crore in the cash segment. A total of Rs 8266.34 crore was sold against a total purchase of Rs 6519.91 crore. Domestic institutional investors today saw a net purchase of Rs 232.76 crore in the cash segment. A total of Rs 6932.25 crore was sold against a total purchase of Rs 7165.01 crore.

Most market experts say that one should not be worried about the current market sell-off and instead use it as an opportunity to make a portfolio full of quality stocks which will give a return in the medium to long term as the Indian economy has just started showing significant signs of improvement.

The rising cases of Covid -19 and a fear of probable lockdown in some parts of the country led to a sell-off in our markets which resulted in a huge under performance compared to the global peers. It seems to be like vaccination is the only hope for India as of now we have given vaccination first dose to 6.44% of total population and we expect Indian will require 45 days to reach 15% vaccination of total population.

Technically, the important key resistances are placed at 14474 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 14474 – 14505 levels. Immediate support is placed at 14272 - 14202 levels.

Nifty Future closed @ 14343 as on 12.04.2021..!!

Nifty Future has resistance at 14404– 14474 Point; above which other resistance levels are at 14505 – 14535 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 14303 – 14272 Point; below 14272 Point, other support levels are at 14232 - 14202 Point.

I am positive for the next bullish trend only above @ 14474 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 @ 14474 Point, again then the upper side target is quite high and it may touch @ 14505 Point in the short term...!!!

Bank Nifty Future closed @ 30869 as on 12.04.2021..!!

Bank Nifty Future has resistance at 31088 – 31188 Point; above which other resistance levels are at 31272 – 31303 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 30888 – 30808 Point; below 30808 Point, other support levels are at 30676 – 30474 Point.

I am positive for the next bullish trend only above @ 31303 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 @ 31303 Point, again then the upper side target is quite high and it may touch @ 31373 Point in the 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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