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Stock Market Daily Updates: 27 May 2021

Value buying was seen in the IT sector while Metals stocks remained in the correction phase due to muted international commodity prices.

Photo Credit : PTI

1524463760_fFiZnp_bse10_pti-870.jpg

Dear Trader…

Domestic equities remained upbeat in late afternoon deals, as private report stated that India’s economy is likely to have grown 0.6-2.1 per cent in the fourth quarter of the fiscal year 2020-21 (Q4FY21), better than the government's prediction of a contraction. However, for the entire FY21, they see gross domestic product (GDP) contracting 7-8 per cent.

Value buying was seen in the IT sector while Metals stocks remained in the correction phase due to muted international commodity prices.

The growth in Q4 is led by widespread recovery in volumes and also low base effect, while the full-year contraction is mainly on account of a lockdown last year, which shut the economy for months. Meanwhile, Apparel Export Promotion Council (AEPC) has urged the government to declare apparel exports as essential services and exempt the exporting units from lockdowns across India.

FII and FPIs, on Wednesday saw a net purchase of Rs 241.60 crore in the cash segment. A total of Rs 4872.53 crore was sold against a total purchase of Rs 5114.13 crore. Domestic institutional investors today saw a net sold of Rs 438.59 crore in the cash segment. A total of Rs 4062.51 crore was sold against a total purchase of Rs 3623.92 crore.

The slow and steady advance for our market continues and the trend for our market still remains up. Although there is not much movement in the index heavyweights, a lot of activity can be seen in the midcap and the

small cap space and hence, the cash market stocks are more buzzing. Hence, we continue with our advice for traders to continue with a positive bias and look for buying opportunities on intraday declines.

Technically, the important key resistances are placed at 15088 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 15373 – 15404 levels. Immediate support is placed at 15088 – 15008 levels.

Ø INDEX MOVEMENT - 27.05.2021

Ø Nifty Future closed @ 15303 as on 26.05.2021..!!

Nifty Future has resistance at 15333 – 15373 Point; above which other resistance levels are at 15404 - 15414 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 15232 – 15202 Point; below 15202 Point, other support levels are at 15188 - 15108 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...!!!

Ø Bank Nifty Future closed @ 34723 as on 26.05.2021..!!

Bank Nifty Future has resistance at 34888 – 35008 Point; above which other resistance levels are at 35188 – 35272 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 34577 – 34404 Point; below 34404 Point, other support levels are at 34272 – 34088 Point.

I am positive for the next bullish trend only above @ 35272 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 @ 35272 Point, again then the upper side target is quite high and it may touch @ 35404 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

Ø GODREJ PROP. FO @ CLOSED @ RS 1354

Positive Trend @ Rs 1354 / 1330 with Stoploss of Rs @ 1317 for the Target near @ Rs 1373 - 1380 in short term…..!!!

Ø VOLTAS LTD FO @ CLOSED @ RS 990

Positive Trend @ Rs 990 / 973 with Stoploss of Rs @ 960 for the Target near @ Rs 1008 - 1020 in short term…..!!!

Ø BERGER PAINT FO @ CLOSED @ RS 833

Positive Trend @ Rs 833 / 818 with Stoploss of Rs @ 808 for the Target near @ Rs 848 - 860 in short term…..!!!

Ø TATA CHEMICAL FO @ CLOSED @ RS 700

Positive Trend @ Rs 700 / 686 with Stoploss of Rs @ 679 for the Target near @ Rs 714 - 722 in short term…..!!!

Ø PIRAMAL ENT. FO @ CLOSED @ RS 1698

Negative Trend @ Rs 1698 / 1723 with Stop loss of Rs @ 1730 for the Target near @ Rs 1680 – 1666 in short term...!!!

Ø ADANI ENT. FO @ CLOSED @ RS 1323

Negative Trend @ Rs 1323 / 1353 with Stop loss of Rs @ 1360 for the Target near @ Rs 1308 - 1297 in short term...!!!

Ø HAVELLS INDIA FO @ CLOSED @ RS 997

Negative Trend @ Rs 997 / 1017 with Stop loss of Rs @ 1024 for the Target near @ Rs 980 - 966 in short term...!!!

Ø AMARA RAJA BAT. FO @ CLOSED @ RS 743

Negative Trend @ Rs 743 / 770 with Stop loss of Rs @ 787 for the Target near @ Rs 727 – 717 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.


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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