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Stock Market Daily Updates: 5 May 2021

Indian benchmark indices fell for the second times in three days on May 04, following concerns over FPI selling in the recent past and further action expected to combat the Covid situation.

Photo Credit :

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Dear Trader…

Tuesday turned out to be a disappointing day of trade for Indian equity benchmarks where frontline gauges failed to hold on to their early gains and ended the day near intraday lows with Sensex and Nifty ending below their crucial 48,300 and 14,550, respectively. Sentiments remained optimistic amid report that Indian exporters are expecting continuous growth in the country's outbound shipments despite increase in COVID-19 cases as their order books are encouraging and there is a pick-up in demand in rich markets. 

Selloff in late afternoon mainly played spoil sports for domestic markets as traders turned pessimistic after Goldman Sachs has lowered its estimate for India's economic growth to 11.1 per cent in fiscal year to March 31, 2022, as a number of cities and states announced lockdowns of varying intensities to check spread of coronavirus infections. Indian benchmark indices fell for the second times in three days on May 04, following concerns over FPI selling in the recent past and further action expected to combat the Covid situation.

FII-foreign institutional investors, foreign portfolio investors-FPIs, on Tuesday saw a net sale of Rs 1772.37 crore in the cash segment. A total of Rs 5849.01 crore was sold against a total purchase of Rs 7621.38 crore. DII-domestic institutional investors today saw a net purchase of Rs 987.34 crore in the cash segment. A total of Rs 3965.26 crore was sold against a total purchase of Rs 4952.60 crore.

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 14676 – 14707 levels. Immediate support is placed at 14474 - 14404 levels.

Nifty Future closed @ 14551 as on 04.05.2021

Nifty Future has resistance at 14577 – 14606 Point; above which other resistance levels are at 14636 – 14676 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 14505 – 14474 Point; below14474 Point, other support levels are at 14434 - 14404 Point.

I am positive for the next bullish trend only above @ 14676 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 @ 14676 Point, again then the upper side target is quite high and it may touch @ 14707 Point in the short term

Bank Nifty Future closed @ 32445 as on 04.05.2021

Bank Nifty Future has resistance at 32575 – 32676 Point; above which other resistance levels are at 32737 – 32808 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 32320 – 32008 Point; below32008 Point, other support levels are at 31808 – 31676 Point.

I am positive for the next bullish trend only above @ 32808 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 @ 32808 Point, again then the upper side target is quite high and it may touch @ 32878 Point in the short term.

Ø Trading Idea for the derivative stocks….

Ø INFOSYS LTD FO @ RS 1339

Positive Trend @ Rs 1339 / 1323 with Stop loss of Rs @ 1313 for the target near @ Rs 1363 - 1370 in short term

Ø ESCORTS LTD FO @ RS 1128

Positive Trend @ Rs 1128 / 1093 with Stop loss of Rs @ 1080 for the target near @ Rs 1147 - 1160 in short term

Ø HCL TECHNO. FO @ RS 906

Positive Trend @ Rs 906 / 888 with Stop loss of Rs @ 878 for the target near @ Rs 923 - 930 in short term

Ø BERGER PAINT FO @ RS 710

Positive Trend @ Rs 710 / 686 with Stop loss of Rs @ 680 for the target near @ Rs 733 - 747 in short term

Ø INDIGO FO @ RS 1625

Negative Trend @ Rs 1625 / 1660 with Stop loss of Rs @ 1677 for the target near @ Rs 1606 – 1590 in short term

Ø TITAN LTD FO @ RS 1411

Negative Trend @ Rs 1411 / 1447 with Stop loss of Rs @ 1460 for the target near @ Rs 1396 – 1388 in short term.

Ø HAVELLS INDIA FO @ RS 991

Negative Trend @ Rs 991 / 1017 with Stop loss of Rs @ 1030 for the target near @ Rs 973 – 960 in short term

Ø TVS MOTOR FO @ RS 609

Negative Trend @ Rs 609 / 636 with Stop loss of Rs @ 650 for the target near @ Rs 588 – 580 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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