Stock Market Daily Updates: 15 July 2020

Dear Trader…

As an expected profit booking market finally breaking the consolidation range on the lower side and hit a two-week low in BSE Sensex plunged with 660 points while the Nifty50 was down 195 points on July 14, as traders worried due to fast-rising COVID-19 virus infections across the globe and fear of a rise in state-level lockdowns that can impact growth. Weak global cues, US-China tensions and muted June quarter results are some of the factors that weighed on sentiment. Inflation data which came out earlier today highlighted a severe demand crunch. Indian Wholesale prices fell by -1.8% YoY (higher than expectations) in June.

Bulls also have one more reason to worry as the Moving Average Convergence and Divergence, popularly known as MACD, gave a 'sell' signal on the daily charts. The Nifty future broke below the crucial support level of 10808 and Nifty formed a bearish candle on the daily charts. It has broken its rising support trend line by connecting all the recent swing low which is a bearish sign. As the Nifty has broken its consolidation range on the lower side, further fall in coming days can't be ruled out.

Now, traders have to be very cautious and careful to make more positions. The reason is that most traders do not have the discipline of sitting on the case of a stop loss.

Nifty Future closed @ 10608 as on 14.07.2020..!!

For Intraday, Nifty Future has Downside support levels are at 10505 – 10474 Point; below 10474 Point, other support levels are at 10430 – 10404 Point But on every fall buying opportunity give you resistance at 10633 – 10660 Point; above which other resistance levels are at 10688 – 10707 Point with highly Volatile Trend.

I am positive for the next bullish trend only above @ 10707 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 @ 10707 Point, again then the upper side target is quite high and it may touch @ 10730 Point in the short term...!!

Bank Nifty Future closed @ 21396 as on 14.07.2020..!!

For Intraday, Bank Nifty Future has Downside support levels are at 21171 – 21008 Point; below 21008 Point, other support levels are at 20930 – 20808 Point But on every fall buying opportunity give you resistance at 21474 – 21606 Point; above which other resistance levels are at 21676 – 21707 Point with highly Volatile Trend.

I am positive for the next bullish trend only above @ 21707 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 @ 21707 Point, again then the upper side target is quite high and it may touch @ 21777 Point in short term...!!

Prediction on Stock specific Movement as on 15.07.2020..!!

1.   TCS Ltd Futures are traded on RS 2190 as a positive Trend @ Rs 2190 / 2177 with Stop Loss of Rs @ 2160 for the target near @ Rs 2208 - 2230 in short term…..!!!

2.   ACC Ltd Futures are traded on RS 1302 as a positive Trend @ Rs 1302 / 1288 with Stop Loss of Rs @ 1273 for the target near @ Rs 1327 - 1333 in short term…..!!!

3.   KOTAK BANK Futures are traded on RS 1288 as a positive Trend @ Rs 1288 / 1273 with Stop Loss of Rs @ 1260 for the target near @ Rs 1303 - 1313 in short term…..!!!

4.   CIPLA Ltd Futures are traded on RS 636 as a positive Trend @ Rs 636 / 616 with Stop Loss of Rs @ 606 for the target near @ Rs 647 - 656 in short term…..!!!  

5.   LARSEN Futures are traded on RS 918 as a negative Trend @ Rs 918 / 933 with Stop Loss of Rs @ 940 for the target near @ Rs 903 - 898 in short term…..!!!

6.   GRASIM Futures are traded on RS 603 as a negative Trend @ Rs 600 / 613 with Stop Loss of Rs @ 620 for the target near @ Rs 590 - 586 in short term…..!!!  

7.   TECH MAHINDRA Futures are traded on RS 612 as a negative Trend @ Rs 616 / 620 with Stop Loss of Rs @ 633 for the target near @ Rs 598 - 590 in short term…..!!!

8.   DIVIS LAB Futures are traded on RS 2233 as a negative Trend @ Rs 2233 / 2250 with Stop Loss of Rs @ 2273 for the target near @ Rs 2208 - 2190 in short term…..!!

Note : Before refer & Act Please Agree Disclaimer, Terms & conditions, private policy & agree mentioned on www.nikhilbhatt.in