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Stock Market Daily Updates: 23 April 2021

As the market has been in the overbought zone it will not take long for the scenario to become difficult to sell again in a sudden correction. So that caution will be necessary. Investors can book profit in a small portion of their portfolio.

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Dear Trader…

Indian shares recovered from early losses to end higher on Thursday in a volatile session. The Nifty was in a oversold zone and there is some recovery there as well as some short covering. The new wave of Corona transition is also on the rise as the Corona vaccination program is gaining momentum in anticipation of success in controlling Corona in the coming days. However, the positive impact of the modest rise was seen in the Indian stock market today.

Extremely volatile domestic markets saw a smart recovery from the morning weakness and Banking - Finance, Metal and Realty stocks gained sharply, leading to gains and losses during the day.

FII and FPIs, on Thursday saw a net sold of Rs 909.56 crore in the cash segment. A total of Rs 10529.08 crore was sold against a total purchase of Rs 9619.52 crore. Domestic institutional investors today saw a net purchase of Rs 849.98 crore in the cash segment. A total of Rs 4887.77 crore was sold against a total purchase of Rs 5737.09 crore.

We’re mirroring the global markets and fluctuations in the value of the US dollar against the rupee, uninterrupted inflows of foreign portfolio investors, and ongoing developments on global markets meanwhile we suggest maintaining a positive yet cautious stance and avoiding contrarian trades.

As the market has been in the overbought zone it will not take long for the scenario to become difficult to sell again in a sudden correction. So that caution will be necessary. Investors can book profit in a small portion of their portfolio.

The Indian stock market is still in an overbought position as the global and local Corona case continues to weigh on the stock. In my opinion, Markets will continue to take cues from global peers, in absence of any major domestic event, besides, bond yields and the Covid situation in India would remain on investors’ radar.

Technically, the important key resistances are placed at 14404 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 14434 – 14474 levels. Immediate support is placed at 14330 - 14303 levels.

Nifty Future closed @ 14403 as on 22.04.2021

Nifty Future has resistance at 14434 – 14474 Point; above which other resistance levels are at 14505 – 14533 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 14373 – 14330 Point; below14330 Point, other support levels are at 14303 - 14272 Point.

I am positive for the next bullish trend only above @ 14533 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 @ 14533 Point, again then the upper side target is quite high and it may touch @ 14575 Point in the short term

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Bank Nifty Future closed @ 31762 as on 22.04.2021

Bank Nifty Future has resistance at 31909 – 32008 Point; above which other resistance levels are at 32202 – 32373 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 31575 – 31404 Point; below31404 Point, other support levels are at 31373 – 31202 Point.

I am positive for the next bullish trend only above @ 32008 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 @ 32008 Point, again then the upper side target is quite high and it may touch @ 32272 Point in the 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.


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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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