Dear traders …
As expected, the market continued its upward trend, as supporting global clues led to a positive start that is further driven by the purchase in index sizes. Consequently, the markets touched a new height that was largely led by healthy purchases in Auto and IT counters. However, volatility is still high on the share-specific front.
Foreign portfolio investors, FII, took a bullish step for the second day in a row as the stock market recovered the new week after a crash at the end of February on the technical side of the NSE among massive block deals last week, according to data published by NSDL, FIIs as of Tuesday’s data were net buyers in the equities segment, while net sellers in the debt segment. In the share segment, the gross purchase was crs 7929.62 against gross sales of crs 7080.21. Thus, FII stood as a net buyer of SEK 849.41 in shares.
We reflect the global markets and fluctuations in the value of the US dollar against the rupee, the steady influx of foreign portfolio investors, and the ongoing developments in the global markets, we suggest that we maintain a positive yet cautious stance and avoid conflicting business.
Friends, the Indian stock market is booming in all sectors due to the relentless influx of foreign investors. Traders with a stock-specific approach are more likely to post gains through intraday trading. In a bullish mood in the Indian stock market, both investors and traders are showing a cautious attitude with enthusiasm.
We are bullish on the market but after the sharp correction we are worried about the valuation of the market.
Since the market has been in the overbought zone, it will not be long before the scenario becomes difficult to sell again in a sudden correction. So that caution will be necessary.
Nifty continues to be in an upward trend in the medium and long term, so buying on dips continues to be our preferred strategy.
The strength indicator RSI has turned positive from the oversold territory and is above the reference line indicating a continued upward trend.
The trend that determines the level for March 3 is 15007. If NIFTY trades above this level, we can see a further rally up to 14909-15088 levels.
Nifty’s future indexes have immediate support at 14909 levels, maintaining above which will lead to a pullback in the coming week. Failure to do so will signal increased correction.
INDEX MOVEMENT – 03.03.2021
Nifty Future closed @ 14958 on 02.03.2021
Nifty Future has resistance at 15008 – 15088 Point; above which other resistance levels are at 15108 – 15133 point with very volatile trend,
Nifty Future has downward support levels at 14909 – 14838 Points; below 14838 Points, other support levels are 14808 – 14770 Points.
I am positive for the next bullish trend just above @ 15008 Point but be with the trend. Let the market decide on further moves.
As we say from many days, buy is only suggested in case … and it is still a better strategy in the given scenario
If Nifty Future crosses the @ 15008 point, then the upper side’s target is quite high and it could touch @ 15088 Point in the short term.
Bank Nifty Future closed @ 35454 on 02.03.2021
Bank Nifty Future has resistance at 35575 – 35676 Point; above which other resistance levels are at 35808 – 36006 point with very volatile trend,
Bank Nifty Future has headrest levels at 35373 – 35170 Points; below 35170 Points, other support levels are at 35008 – 34808 Points.
As we say from many days, buy is only suggested in case … and it is still a better strategy in the given scenario … !!!
When it comes to long-term positions, it is preferable to be careful now … !!
If Bank Nifty Future crosses the @ 35808 point again, the upper side target is quite high and it could touch the @ 36006 point in the short term … !!
Trading concept for the derivative shares….
UPLUPIN LTD FO @ RS 1057
Positive trend @ Rs 1044/1030 with stop loss on Rs @ 1017 for the target near @ Rs 1073 – 1080 in the short term ….. .. !!!
AMRAMCO CEMENT FO @ RS 999
Positive trend @ Rs 989/977 with stop loss on Rs @ 964 for the goal near @ Rs 1017 – 1025 in the short term ….. .. !!!
IPCIPLA LTD FO @ RS 814
Positive trend @ Rs 808/797 with stop loss on Rs @ 787 for the goal near @ Rs 833 – 840 in the short term ….. !!!
INDIGO FO @ RS 1697
Negative trend @ Rs 1717/1733 with stop loss on Rs @ 1747 for the goal close @ Rs 1682 – 1673 in the short term … !!!
GRASIM IND. FO @ RS 1299
Negative trend @ Rs 1309/1320 with stop loss on Rs @ 1333 for the target near @ Rs 1280 – 1273 in the short term … !!!
TATA STEEL FO @ RS 739
Negative trend @ Rs 753/760 with stop loss of Rs @ 773 for the target near @ Rs 723 – 717 in the short term … !!!
Warning: The views expressed in the article above are those of the authors and do not necessarily represent or reflect the views of this publisher. Unless otherwise stated, the author writes in his personal capacity. They are not intended and should not be construed as representing official ideas, attitudes or policies of any authority or institution.