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Friends, buy on declines would be the prudent strategy as possibility of profit booking at higher levels cannot be ruled out which would offer incremental buying opportunity to ride next leg of up move….
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Dear Trader…
On the third day of the week, Indian equity benchmarks continued to show a sluggish trend with Sensex and Nifty trading below their psychological levels of 51404 and 15202, respectively.
Traders failed to get any sense of relief with Agriculture Minister Narendra Singh Tomar’s statement that the government has been pursuing the target of doubling farmers' income by 2022 and several interventions taken are showing a ‘positive impact’. He also said the government has adopted several developmental programmes, schemes, reforms and policies that focus on higher incomes for the farmers. On the global front, Asian markets were trading mostly higher amid upbeat earnings, hopes of a large fiscal stimulus programme in the United States and progress in vaccinations fanned optimism about a global recovery from the coronavirus pandemic. Traders were seen in selling position for telecom, capital goods and energy stocks, while buying was witnessed in realty, basic materials and metal stocks.
The positive impact of a number of provisions in the budget on getting the country's economy back on track and improving corporate India's performance continued as foreign funds continued to buy stocks on a daily basis. Is. With the world coming out of the Corona era, stocks that have been showing big gains for a long time now are seeing a decline in profit booking by booking profits.
Friends, the Indian stock market continues to move forward. The Sensex and Nifty futures have hit historic highs in the wake of massive FII buying. The success of the vaccination program has also helped keep the market afloat, but it has also seen a correction in the past. This time too, along with the positive factors, the rise in stocks is likely to ease the bullish trade, so the rise in caution will be necessary.
On the global front, the US and China will release their January inflation figures for February 12, 2021, and locally, the Indian stock market will keep an eye on India's industrial production growth figures for December on the same day, as well as the January inflation figures. Along with this, the Indian stock market will keep an eye on the continued investment flow of foreign portfolio investors, the development of vaccines in the corona case, as well as the fluctuations in the value of the rupee against the US dollar on the international front and global market movements.
Friends, buy on declines would be the prudent strategy as possibility of profit booking at higher levels cannot be ruled out which would offer incremental buying opportunity to ride next leg of up move. Meanwhile,
Technically, we feel that the Nifty needs to cross the level of 15202 points, and the trend continues to be profit booking on every rise and the next range to be watched out for is around 14808 to 15272 points and this can be achieved in the short term. The immediate support for the Nifty future are placed around 14808 points.
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Ø INDEX MOVEMENT - 11.02.2021
Nifty Future has resistance at 15188 – 15202 Point; above which other resistance levels are at 15232 – 15272 Point with highly Volatile Trend,
Nifty Future has Downside support levels are at 15108 – 15077 Point; below15077 Point, other support levels are at 15008 – 14970 Point.
I am positive for the next bullish trend only above @ 15202 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 @ 15202 Point, again then the upper side target is quite high and it may touch @ 15232 Point in the short term.
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Bank Nifty Future has resistance at 36008 – 36188 Point; above which other resistance levels are at 36262 – 36303 Point with highly Volatile Trend,
Bank Nifty Future has Downside support levels are at 35770 – 35606 Point; below35606 Point, other support levels are at 35474 – 35303 Point.
I am positive for the next bullish trend only above @ 36262 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 @ 36262 Point, again then the upper side target is quite high and it may touch @ 36303 Point in the short term.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
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