Stock Market Daily Updates: 26 Oct 2021

Dear Trader…

Snapping four day losing streak, Indian equity benchmarks ended the volatile day of trade in green terrain on Monday, as traders opted to buy beaten-down but fundamentally strong stocks. Markets started the session with weakness and extended losses in first half of the trade as traders remained anxious, as in its recent Regional Economic Outlook (REO), the IMF noted that the pandemic has taken a turn for the worse in Asia since the spring, along with the region’s growth outlook.

FII and FPIs, on Monday saw a net sold of Rs 2459.10 crore in the cash segment. A total of Rs 9313.30 crore was sold against a total purchase of Rs 6854.20 crore. Domestic institutional investors saw a net purchase of Rs 2390.23 crore in the cash segment. A total of Rs 8747.02 crore was sold against a total purchase of Rs 11137.25 crore.

We expect the banking pack to remain in focus as Axis Bank and Kotak Bank will report their numbers on October 26. On the index front, Nifty should hold 18,008 levels for any rebound else profit taking would resume. Needless to say, the scheduled monthly expiry will keep the choppiness high across the board. Amid all, participants should continue with a cautious approach until we see some concrete sign of trend resumption.

• INDEX MOVEMENT - 26.10.2021

• Nifty Future closed @ 18145 as on 25.10.2021..!!

Dear Traders,

Nifty Future has resistance at 18188 – 18202 Point; above which other resistance levels are at 18232 - 18272 Point with highly Volatile Trend, 

Nifty Future has Downside support levels are at 18108 – 18088 Point; below18088 Point, other support levels are at 18008 – 17970 Point.

I am positive for the next bullish trend only above @ 18272 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 @ 18272 Point, again then the upper side target is quite high and it may touch @ 18303 Point in the short term.

• Bank Nifty Future closed @ 41271 as on 25.10.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 41404 – 41474 Point; above which other resistance levels are at 41533 – 41606 Point with highly Volatile Trend, 

Bank Nifty Future has Downside support levels are at 41272 – 41202 Point; below41202 Point, other support levels are at 41088 – 40808 Point.

I am positive for the next bullish trend only above @ 41606 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 @ 41606 Point, again then the upper side target is quite high and it may touch @ 41636 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

• GRASIM IND. @ Positive Trend @ Rs 1686 with Stoploss of Rs @ 1673 for the Target near @ Rs 1744 - 1750 in short term…..!!!
• ADANI ENT. @ Positive Trend @ Rs 1505 with Stoploss of Rs @ 1487 for the Target near @ Rs 1544 – 1560 in short term…..!!!
• SBI LIFE @ Positive Trend @ Rs 1117 with Stoploss of Rs @ 1107 for the Target near @ Rs 1153 – 1170 in short term…..!!!
• RAMCO CEMENT @ Positive Trend @ Rs 927 with Stoploss of Rs @ 920 for the Target near @ Rs 963 – 970 in short term…..!!!
• LARSEN LTD @ Negative Trend @ Rs 1808 with Stop loss of Rs @ 1820 for the Target near @ Rs 1770 – 1757 in short term...!!!
• TECHM @ Negative Trend @ Rs 1560 with Stop loss of Rs @ 1573 for the Target near @ Rs 1517 - 1507 in short term...!!!
• TATA STEEL @ Negative Trend @ Rs 1320 with Stop loss of Rs @ 1327 for the Target near @ Rs 1277 - 1260 in short term...!!!
• INDUSIND BANK @ Negative Trend @ Rs 1208 with Stop loss of Rs @ 1220 for the Target near @ Rs 1160 – 1147 in short term...!!!

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