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Stock Market Daily Updates: 3 June 2021

Bank Nifty Future has resistance at 35606 – 35676 Point; above which other resistance levels are at 35737 – 35808 Point with highly Volatile Trend,

Photo Credit : PTI

1524463760_fFiZnp_bse10_pti-870.jpg

Dear Trader…

FII and FPIs, on Wednesday saw a net purchase of Rs 921.10 crore in the cash segment. A total of Rs 10589.69 crore was sold against a total purchase of Rs 11510.79 crore. Domestic institutional investors today saw a net purchase of Rs 241.76 crore in the cash segment. A total of Rs 4415.64 crore was sold against a total purchase of Rs 4657.40 crore.

Technically, the important key resistances are placed in Nifty future are at 15676 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 15707 – 15737 levels. Immediate support is placed at 15575 – 15505 levels.

Ø INDEX MOVEMENT - 03.06.2021

Ø Nifty Future closed @ 15616 as on 02.06.2021..!!

If Nifty Future crosses @ 15777 Point, again then the upper side target is quite high and it may touch @ 15808 Point in the short term...!!!

Ø Bank Nifty Future closed @ 35524 as on 02.06.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 35606 – 35676 Point; above which other resistance levels are at 35737 – 35808 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 35350 – 35088 Point; below 35088 Point, other support levels are at 34970 – 34808 Point.

I am positive for the next bullish trend only above @ 35808 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 @ 35808 Point, again then the upper side target is quite high and it may touch @ 36008 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

Ø PIRAMAL ENTERPRISES FO @ CLOSED @ RS 1848

Positive Trend @ Rs 1848 / 1808 with Stoploss of Rs @ 1787 for the Target near @ Rs 1863 - 1874 in short term…..!!!

Ø TITAN LTD FO @ CLOSED @ RS 1594

Positive Trend @ Rs 1594 / 1560 with Stoploss of Rs @ 1544 for the Target near @ Rs 1614 – 1630 in short term…..!!!

Ø HAVELLS INDIA FO @ CLOSED @ RS 1051

Positive Trend @ Rs 1051 / 1022 with Stoploss of Rs @ 1007 for the Target near @ Rs 1073 - 1080 in short term…..!!!

Ø AMARA RAJA BAT. FO @ CLOSED @ RS 746

Positive Trend @ Rs 746 / 727 with Stoploss of Rs @ 713 for the Target near @ Rs 757 - 770 in short term…..!!!

Ø ADANI ENTERPRISES FO @ CLOSED @ RS 1554

Negative Trend @ Rs 1554 / 1577 with Stop loss of Rs @ 1590 for the Target near @ Rs 1530 – 1517 in short term...!!!

Ø ESCORTS LTD FO @ CLOSED @ RS 1169

Negative Trend @ Rs 1169 / 1193 with Stop loss of Rs @ 1203 for the Target near @ Rs 1147 - 1130 in short term...!!!

Ø ADANI PORT FO @ CLOSED @ RS 815

Negative Trend @ Rs 815 / 838 with Stop loss of Rs @ 844 for the Target near @ Rs 803 - 787 in short term...!!!

Ø BERGER PAINT FO @ CLOSED @ RS 796

Negative Trend @ Rs 796 / 818 with Stop loss of Rs @ 828 for the Target near @ Rs 780 – 773 in 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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