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Stock Market Daily Updates: 24 May 2021

Traders remain energized as a rapid response to support startup-driven solutions for tackling the current challenging, second wave of COVID 2.0 in the country, Indian startups and companies have been invited to apply for developing new technologies and innovative products that can enable country to fight the crisis

Photo Credit :

1575809288_yq1JW0_BSE_India.jpg

Dear Trader…

Indian equity benchmarks showcased a courageous performance by rallying around two percent in the session and settled above the psychological Nifty Future15,200 and Sensex 50,500 levels. The markets made a firm start of the day, on account of dip in daily Covid cases.
 
 The Ministry of External Affairs said India is engaged with American entities for procurement of COVID-19 vaccines from the US and their possible manufacturing in the country subsequently. Sentiments remained up-beat with report that the International Monetary Fund stands ready to strengthen its dialogue and scale-up its technical collaboration with India, observing that the human tragedy is a stark reminder that the pandemic continues to be a grave threat globally.

FII and FPIs, on Friday saw a net purchase of Rs 510.16 crore in the cash segment. A total of Rs 7440.50 crore was sold against a total purchase of Rs 7950.66 crore. Domestic institutional investors today saw a net purchase of Rs 649.10 crore in the cash segment. A total of Rs 5440.26 crore was sold against a total purchase of Rs 6089.36 crore.

Markets further gained traction to end the trading session with fabulous gains, amid report that banks are likely to transfer about 80 large NPA accounts for the resolution to National Asset Reconstruction Company Ltd (NARCL), which is expected to be operational by next month. 

Traders remain energized as a rapid response to support startup-driven solutions for tackling the current challenging, second wave of COVID 2.0 in the country, Indian startups and companies have been invited to apply for developing new technologies and innovative products that can enable country to fight the crisis. Meanwhile, the Reserve Bank of India (RBI) will transfer a surplus of Rs 99,122 crore to the government for the nine-month accounting period ended March 31. 

Technically, the important key resistances are placed at 15008 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 15272 – 15303 levels. Immediate support is placed at 15088 – 15008 levels.

Ø INDEX MOVEMENT - 24.05.2021

  • Nifty Future closed @ 15206 as on 21.05.2021

Nifty Future has resistance at 15272 – 15303 Point; above which other resistance levels are at 15333 - 15373 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 15188 – 15107 Point; below15107 Point, other support levels are at 15088 - 15008 Point.

I am positive for the next bullish trend only above @ 15373 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 @ 15373 Point, again then the upper side target is quite high and it may touch @ 15404 Point in the short term.

  • Bank Nifty Future closed @ 34763 as on 21.05.2021

Bank Nifty Future has resistance at 34979 – 35088 Point; above which other resistance levels are at 35202 – 35350 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 34676 – 34404 Point; below34404 Point, other support levels are at 34272 – 34008 Point.

I am positive for the next bullish trend only above @ 35350 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 @ 35350 Point, again then the upper side target is quite high and it may touch @ 35474 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

  • PIDILITE IND. FO @ CLOSED @ RS 1981

Positive Trend @ Rs 1981 / 1944 with Stoploss of Rs @ 1919 for the Target near @ Rs 2008 - 2017 in short term

  • ADANI ENT. FO @ CLOSED @ RS 1317

Positive Trend @ Rs 1317 / 1290 with Stoploss of Rs @ 1277 for the Target near @ Rs 1344 - 1360 in short term…

  • RAMCO CEMENT FO @ CLOSED @ RS 996

Positive Trend @ Rs 996 / 973 with Stoploss of Rs @ 960 for the Target near @ Rs 1017 - 1033 in short term…

  • TATA CHEMICAL FO @ CLOSED @ RS 710

Positive Trend @ Rs 710 / 686 with Stoploss of Rs @ 679 for the Target near @ Rs 737 - 760 in short term.

  • PIRAMAL ENT. FO @ CLOSED @ RS 1729

Negative Trend @ Rs 1729 / 1767 with Stop loss of Rs @ 1780 for the Target near @ Rs 1707 - 1680 in short term..

  • TATA STEEL FO @ CLOSED @ RS 1113

Negative Trend @ Rs 1113 / 1147 with Stop loss of Rs @ 1160 for the Target near @ Rs 1097 - 1088 in short term.

  • HAVELLS INDIA FO @ CLOSED @ RS 1026

Negative Trend @ Rs 1026 / 1073 with Stop loss of Rs @ 1080 for the Target near @ Rs 1003 - 990 in short term.

  • BHARAT FORGE FO @ CLOSED @ RS 648

Negative Trend @ Rs 648 / 676with Stop loss of Rs @ 690 for the Target near @ Rs 616 – 606 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.


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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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