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We are bullish on the market although after the sharp correction, we are concerned about the valuation of the market. As the market has been in the overbought zone it will not take long for the scenario to become difficult to sell again in a sudden correction. So that caution will be necessary
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Dear Trader…
On the last day of the week, the Indian stock market started trading with the expected strength and continued to out-perform broader indices and creating high volatility. Local economic data improved received a good response, and the vaccination process in the country progressed smoothly and massive buying by FIIs.
The new wave of Corona transition is also on the rise as the Corona vaccination program is gaining momentum in anticipation of success in controlling Corona in the coming days. However, the positive impact of the modest rise was seen in the Indian stock market today.
FII and FPIs, on Friday saw a net purchase of Rs 819.77 crore in the cash segment. A total of Rs 7196.56 crore was sold against a total purchase of Rs 8016.33 crore. Domestic institutional investors saw a net purchase of Rs 149.50 crore in the cash segment. A total of Rs 5955.04 crore was sold against a total purchase of Rs 6104.54 crore.
Friends, the Indian stock market is booming in every sector due to the relentless influx of foreign investors. Traders with a stock specific approach are more likely to book profits through intraday trading. In a bullish mood in the Indian stock market, investors as well as traders are showing a cautious attitude with enthusiasm.
We are bullish on the market although after the sharp correction, we are concerned about the valuation of the market. As the market has been in the overbought zone it will not take long for the scenario to become difficult to sell again in a sudden correction. So that caution will be necessary. Investors can book profit in a small portion of their portfolio.
Ø INDEX MOVEMENT – 16.08.2021
Dear Traders,
Nifty Future has resistance at 16575 – 16606 Point; above which other resistance levels are at 16636 - 16660 Point with highly Volatile Trend,
Nifty Future has Downside support levels are at 16474 – 16434 Point; below16434 Point, other support levels are at 16404 – 16373 Point.
I am positive for the next bullish trend only above @ 16606 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 @ 16606 Point, again then the upper side target is quite high and it may touch @ 16636 Point in the short term.
Dear Traders,
Bank Nifty Future has resistance at 36272 – 36404 Point; above which other resistance levels are at 36474 – 36606 Point with highly Volatile Trend,
Bank Nifty Future has Downside support levels are at 36006 – 35808 Point; below35808 Point, other support levels are at 35737 – 35606 Point.
I am positive for the next bullish trend only above @ 36474 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 @ 36474 Point, again then the upper side target is quite high and it may touch @ 36606 Point in the short term.
Ø Trading Idea for the derivative stocks….
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