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Markets extended rebound for the third successive session and settled with decent gains.
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Dear Trader…
Markets extended rebound for the third successive session and settled with decent gains. After the initial uptick, the benchmark hovered in a range till the end. Among the sectoral indices, metal witnessed noticeable traction while the underperformance of the banking capped upside.
FII and FPIs, on Monday saw a net purchase of Rs 583.69 crore in the cash segment. A total of Rs 6277.28 crore was sold against a total purchase of Rs 6860.97 crore. Domestic institutional investors today saw a net sold of Rs 476.26 crore in the cash segment. A total of Rs 6327.98 crore was sold against a total purchase of Rs 5851.72 crore.
Domestic bourses continued to ride on its optimistic wave mirroring strong across-the-board buying with metals, auto and pharma stocks leading the rally. U.S job growth significantly slipped its April forecast signalling sluggish momentum in the labour market while a cyber attack hiked the US oil prices. Despite a decline in April auto sales numbers due to the impact of covid lockdowns, the auto sector managed to stay afloat owing to its long term positive outlook
Technically, the important key resistances are placed at 15088 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 15108 – 15133 levels. Immediate support is placed at 14909 – 14878 levels.
Ø INDEX MOVEMENT - 11.05.2021
Nifty Future has resistance at 15088 – 15108 Point; above which other resistance levels are at 15108 – 15133 Point with highly Volatile Trend,
Nifty Future has Downside support levels are at 14933 – 14888 Point; below14888 Point, other support levels are at 14838 - 14808 Point.
I am positive for the next bullish trend only above @ 15088 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 @ 15088 Point, again then the upper side target is quite high and it may touch @ 15108 Point in the short term.
Bank Nifty Future has resistance at 33404 – 33474 Point; above which other resistance levels are at 33575 – 33606 Point with highly Volatile Trend,
Bank Nifty Future has Downside support levels are at 33008 – 32888 Point; below32888 Point, other support levels are at 32676 – 32474 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 @ 33676 Point in the short term.
Ø Trading Idea for the derivative stocks….
Ø PIRAMAL ENT. FO @ RS 1726
Positive Trend @ Rs 1726 / 1703 with Stop loss of Rs @ 1670 for the target near @ Rs 1747 - 1760 in short term
Ø ESCORTS LTD FO @ RS 1187
Positive Trend @ Rs 1187 / 1163 with Stop loss of Rs @ 1150 for the target near @ Rs 1203 - 1220 in short term
Ø RAMCO CEM. FO @ RS 959
Positive Trend @ Rs 959 / 930 with Stop loss of Rs @ 919 for the target near @ Rs 983 - 990 in short term.
Ø JSW STEEL FO @ RS 762
Positive Trend @ Rs 762 / 744 with Stop loss of Rs @ 737 for the target near @ Rs 774 - 787 in short term.
Ø PIDILITE IND. FO @ RS 1857
Negative Trend @ Rs 1857 / 1888 with Stop loss of Rs @ 1909 for the target near @ Rs 1830 – 1818 in short term.
Ø ADANI ENT. FO @ RS 1311
Negative Trend @ Rs 1311 / 1344 with Stop loss of Rs @ 1350 for the target near @ Rs 1297 – 1288 in short term.
Ø BERGER PAINT FO @ RS 724
Negative Trend @ Rs 724 / 747 with Stop loss of Rs @ 760 for the target near @ Rs 707 – 696 in short term.
Ø GLENMARK PHARMA FO @ RS 630
Negative Trend @ Rs 630 / 646 with Stop loss of Rs @ 660 for the target near @ Rs 616 – 606 in short term.
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