Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
  • Editorial Calendar 19-20
BW Businessworld

Stock Market Daily Updates: 6 May 2021

Markets extended gains in late trade to end near intraday highs as traders got support after Reserve Bank of India (RBI) Governor Shaktikanta Das unveiled liquidity support measures amid rising Covid-19 cases in India.

Photo Credit :

1595910044_uDKqsY_2020_07_28T041635Z_1_LYNXNPEG6R08J_RTROPTP_4_GLOBAL_MARKETS.JPG

Dear Trader…

Markets on Wednesday started the day on optimistic note as upbeat earning from several companies aided sentiments. According to the report, Brihanmumbai Municipal Corporation (BMC) received a fresh stock of 1,00,000 COVID vaccine doses and it will resume vaccination of people above 45 years at government vaccination centres.

Markets gained in late trade to end near intraday highs as traders got support after Reserve Bank of India (RBI) Governor Shaktikanta Das move on liquidity support measures amid rising Covid-19 cases in India.

FII and FPIs, on Wednesday saw a net sold of Rs 1110.50 crore in the cash segment. A total of Rs 6066.46 crore was sold against a total purchase of Rs 4955.96 crore. Domestic institutional investors today saw a net sold of Rs 240.61 crore in the cash segment. A total of Rs 4496.08 crore was sold against a total purchase of Rs 4255.47 crore.

Technically, the important key resistances are placed at 14707 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 14777 – 14808 levels. Immediate support is placed at 14606 – 14575 levels.

Ø INDEX MOVEMENT - 06.05.2021

  • Nifty Future closed @ 14679 as on 05.05.2021

Nifty Future has resistance at 14737 – 14777 Point; above which other resistance levels are at 14808 – 14818 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 14636 – 14606 Point; below14606 Point, other support levels are at 14577 - 14530 Point.

I am positive for the next bullish trend only above @ 14777 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 @ 14777 Point, again then the upper side target is quite high and it may touch @ 14808 Point in the short term

  • Bank Nifty Future closed @ 32973 as on 05.05.2021

Bank Nifty Future has resistance at 33177 – 33303 Point; above which other resistance levels are at 33474 – 33676 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 32808 – 32676 Point; below32676 Point, other support levels are at 32474 – 32272 Point.

I am positive for the next bullish trend only above @ 33606 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 @ 33606 Point, again then the upper side target is quite high and it may touch @ 33737 Point in the short term

Ø Trading Idea for the derivative stocks….

Ø TITAN LTD FO @ RS 1435

Positive Trend @ Rs 1435 / 1404 with Stop loss of Rs @ 1388 for the target near @ Rs 1453 - 1460 in short term…..!!!

Ø ADANI ENT. FO @ RS 1272

Positive Trend @ Rs 1272 / 1233 with Stop loss of Rs @ 1217 for the target near @ Rs 1293 - 1303 in short term…..!!

Ø RAMCO CEMENT FO @ RS 983

Positive Trend @ Rs 983 / 960 with Stop loss of Rs @ 944 for the target near @ Rs 997 - 1008 in short term…..!!!

Ø JSW STEEL FO @ RS 724

Positive Trend @ Rs 724 / 707 with Stop loss of Rs @ 700 for the target near @ Rs 744 - 750 in short term…..!!!

Ø RELIANCE IND. FO @ RS 1929

Negative Trend @ Rs 1929 / 1947 with Stop loss of Rs @ 1960 for the target near @ Rs 1909 – 1898 in short term...!!!

Ø BATA INDIA FO @ RS 1365

Negative Trend @ Rs 1365 / 1388 with Stop loss of Rs @ 1404 for the target near @ Rs 1347 – 1330 in short term...!!!

Ø TATA STEEL FO @ RS 1076

Negative Trend @ Rs 1076 / 1108 with Stop loss of Rs @ 1115 for the target near @ Rs 1047 – 1030 in short term.

Ø CIPLA LTD FO @ RS 898

Negative Trend @ Rs 898 / 919 with Stop loss of Rs @ 924 for the target near @ Rs 886 – 878 in 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.


Tags assigned to this article:
sensex Stock Market Daily Updates

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.

More From The Author >>