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Stock Market Daily Updates: 7 May 2021

The Indian stock market is trading at a high valuation. In addition currently, stocks based bullish trend on the local economy.

Photo Credit :

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Dear Trader…

Markets started the session on optimistic note as traders took support with a report that Roche India announced that the Central Drugs Standards Control Organisation (CDSCO) has provided an Emergency Use Authorisation (EUA) for its antibody cocktail Casirivimab and Imdevimab in India to treat COVID-19 patients. 

Markets gained traction in second half of the day as traders turned optimistic with US President Joe Biden's decision to back waiving intellectual property rights on vaccines. This will quicken the vaccination process enabling countries like India to come out of the pandemic faster. Extending their previous session gains, Indian equity benchmarks ended the Thursday’s trade in green terrain with Sensex and Nifty future settling above their crucial 48,900 and 14,750 respectively.

FII and FPIs, on Thursday saw a net purchase of Rs 1222.58 crore in the cash segment. A total of Rs 5104.04 crore was sold against a total purchase of Rs 6326.62 crore. Domestic institutional investors today saw a net sold of Rs 632.51 crore in the cash segment. A total of Rs 4669.42 crore was sold against a total purchase of Rs 4036.91 crore.

The market is booming due to the success of vaccines and the steady influx of FIIs, but there have been corrections in the bullish phase in the past as well. This time too, along with the positive factors, the bullish trade in stocks is likely to ease, so caution will be required. The Indian stock market is trading at a high valuation. In addition currently, stocks based bullish trend on the local economy.

Ø INDEX MOVEMENT - 07.05.2021

  • Nifty Future closed @ 14769 as on 06.05.2021

Nifty Future has resistance at 14808 – 14838 Point; above which other resistance levels are at 14888 – 14909 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 14737 – 14707 Point; below14707 Point, other support levels are at 14676 - 14606 Point.

I am positive for the next bullish trend only above @ 14888 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 @ 14888 Point, again then the upper side target is quite high and it may touch @ 14909 Point in the short term

  • Bank Nifty Future closed @ 32953 as on 06.05.2021

Bank Nifty Future has resistance at 33173 – 33303 Point; above which other resistance levels are at 33474 – 33606 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 32808 – 32676 Point; below32676 Point, other support levels are at 32505 – 32373 Point.

I am positive for the next bullish trend only above @ 33474 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 @ 33474 Point, again then the upper side target is quite high and it may touch @ 33606 Point in the short term

Ø Trading Idea for the derivative stocks….

Ø PIDILITE IND. FO @ RS 1815

Positive Trend @ Rs 1815 / 1797 with Stop loss of Rs @ 1780 for the target near @ Rs 1833 - 1840 in short term.

Ø ESCORTS LTD FO @ RS 1140

Positive Trend @ Rs 1140 / 1117 with Stop loss of Rs @ 1103 for the target near @ Rs 1163 - 1170 in short term

Ø HAVELLS INDIA FO @ RS 1011

Positive Trend @ Rs 1011 / 990 with Stop loss of Rs @ 973 for the target near @ Rs 1033 - 1040 in short term

Ø VOLTAS LTD FO @ RS 986

Positive Trend @ Rs 986 / 970 with Stop loss of Rs @ 963 for the target near @ Rs 997 - 1008 in short term

Ø PIRAMAL ENT. FO @ RS 1701

Negative Trend @ Rs 1701 / 1733 with Stop loss of Rs @ 1750 for the target near @ Rs 1688 – 1670 in short term.

Ø INFOSYS LTD FO @ RS 1363

Negative Trend @ Rs 1363 / 1380 with Stop loss of Rs @ 1388 for the target near @ Rs 1347 – 1330 in short term.

Ø RAMCO CEMENT FO @ RS 983

Negative Trend @ Rs 983 / 1008 with Stop loss of Rs @ 1015 for the target near @ Rs 966 – 957 in short term..

Ø JSW STEEL FO @ RS 735

Negative Trend @ Rs 735 / 760 with Stop loss of Rs @ 777 for the target near @ Rs 717 – 707 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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