Advertisement

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

Stock Market Daily Updates: 14 May 2021

Nifty Future has Downside support levels are at 14676 – 14636 Point; below 14636 Point, other support levels are at 14606 - 14570 Point.

Photo Credit :

1607401353_mMISSZ_2020_12_08T041808Z_1_LYNXMPEGB707K_RTROPTP_4_INDIA_STOCKS.JPG

Dear Trader…

Indian equity benchmarks ended the disappointing day of trade in red terrain with Sensex and Nifty settling below their crucial 48,700 and 14,700 levels, respectively. Sentiments remain dampened since beginning of the trade as traders remain worried over economic growth. Rating agency Moody’s has cut India’s gross domestic product (GDP) forecast for FY22 to 9.3 per cent from the earlier projection of 13.7 per cent and has ruled out a sovereign rating upgrade - at least for now.

Markets traded continuously in red throughout the day as domestic rating agency Care Ratings revised its GDP growth forecast for the current fiscal to 9.2 per cent from 10.2 per cent it had estimated earlier. This is the fourth revision by the rating agency in its GDP growth forecast for FY2021-22 since March this year. On March 24 this year, it had projected GDP growth for FY22 at 11-11.2 per cent but revised downwards forecast to 10.7 per cent on April 5 and further to 10.2 per cent on April 21.

FII-foreign institutional investors, foreign portfolio investors-FPIs, on Wednesday saw a net sale of Rs 1260.59 crore in the cash segment. A total of Rs 6572.59 crore was sold against a total purchase of Rs 5312.00 crore. DII-domestic institutional investors today saw a net sale of Rs 704.36 crore in the cash segment. A total of Rs 6076.62 crore was sold against a total purchase of Rs 5372.26 crore.

Given the current uncertainty in the market, following the huge surge in COVID-19 cases in the recent weeks, ICRA believes that ground touch points are heavily clouded by the immediate term. Continuing with the 15-20 per cent growth expected in 2021, ICRA said that it expects demand

growth to sustain in 2022 and 2023, before declining in 2024 pre-and post-the general elections during April-May 2024. The interplay of the resurgence in COVID cases and the pace of vaccination would decide the trajectory of economic recovery going forward.

Technically, the important key resistances are placed at 14606 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 14808 – 14888 levels. Immediate support is placed at 14606 - 14575 levels.

Ø Nifty Future closed @ 14710 as on 12.05.2021..!!

Nifty Future has resistance at 14737 – 14777 Point; above which other resistance levels are at 14808 – 14838 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 14676 – 14636 Point; below 14636 Point, other support levels are at 14606 - 14570 Point.

I am positive for the next bullish trend only above @ 14808 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 @ 14808 Point, again then the upper side target is quite high and it may touch @ 14838 Point in the short term...!!!

Ø Bank Nifty Future closed @ 32520 as on 12.05.2021..!!

Bank Nifty Future has resistance at 32575 – 32636 Point; above which other resistance levels are at 32707 – 32888 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 32373 – 32202 Point; below 32202 Point, other support levels are at 32008 – 31808 Point.

I am positive for the next bullish trend only above @ 32888 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 @ 32888 Point, again then the upper side target is quite high and it may touch @ 33003 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

Ø INFOSYS LTD FO @ CLOSED @ RS 1329

Positive Trend @ Rs 1308 with Stoploss of Rs @ 1296 for the Target near @ Rs 1347 - 1354 in short term…..!!!

Ø RAMCO CEMENT FO @ CLOSED @ RS 939

Positive Trend @ Rs 919 with Stoploss of Rs @ 909 for the Target near @ Rs 964 - 970 in short term…..!!!

Ø AMARA RAJA BAT. FO @ CLOSED @ RS 804

Positive Trend @ Rs 770 with Stoploss of Rs @ 757 for the Target near @ Rs 818 - 825 in short term…..!!!

Ø BERGER PAINT FO @ CLOSED @ RS 733

Positive Trend @ Rs 717 with Stoploss of Rs @ 710 for the Target near @ Rs 746 - 760 in short term…..!!!

Ø TITAN LTD FO @ CLOSED @ RS 1461

Negative Trend @ Rs 1488 with Stop loss of Rs @ 1508 for the Target near @ Rs 1444 - 1430 in short term...!!!

Ø ESCORTS LTD FO @ CLOSED @ RS 1176

Negative Trend @ Rs 1208 with Stop loss of Rs @ 1213 for the Target near @ Rs 1160 - 1147 in short term...!!!

Ø HAVELLS INDIA FO @ CLOSED @ RS 1010

Negative Trend @ Rs 1047 with Stop loss of Rs @ 1054 for the Target near @ Rs 994 - 980 in short term...!!!

Ø TECHM FO @ CLOSED @ RS 966

Negative Trend @ Rs 989 with Stop loss of Rs @ 999 for the Target near @ Rs 947 – 930 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.


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 >>