Dear Trader
After opening with losses and drifting lower, the benchmark indices the slight recovery seen in the Indian markets mirrored the positive opening in the European markets but ended the day with losses with GDP forecast, geopolitical issues and the underperformance of PSU stocks.
Bank stocks came under selling pressure post the recent changes by the RBI in PSL lending norms and the announcement of resolution framework by the Kamath Committee.
US And European stock markets crashed sharply. As well as amid reports of tension on the border with China, the local stock market opened with a bang on the third day of the week i.e. Wednesday. Amid deteriorating relations with China, including India and the US, industrial activity is expected to slow down again in the coming days, with the Indian stock market witnessing large offloading of funds with extensive profit booking.
The country’s economy has been in a state of crisis as a result of the nationwide crisis of lockdown in recent months during the Corona transition period. Amidst the corona virus epidemic, the US Company AstraZeneca will soon develop a vaccine for the corona virus, but AstraZeneca has not yet finalized a trial on the vaccine.
Finance Minister Nirmala Sitharaman on Wednesday after launching PSB Alliance-Doorstep Banking Services said banks are going to be the catalysts for economic revival. At this stage, the catalysts for economic revival, the catalysts who have the pulse of every one of their customers, are banks,The minister further said banks have to introspect on their core business and also focus on welfare.”You don’t forget your core activity, which is lending and making money out of it and that is a legitimate activity. You will do that and also being public sector, do some things which are welfare related as announced by the government; She emphasized that even private sector banks will have to contribute towards implementation of government schemes.
Friends, as part of balancing economic recovery with health risks, as many as 50% of G20 countries have recently eased lockdowns. But the steady rise in corona cases in Europe and Asia indicates the risk of a second round of infections that could lead to renewed lockdowns and have an impact on consumption, according to a report by Moody’s Investors Service.
The risks to recovery are mounting amid global uncertainty over how to control the epidemic. America’s financial position has reached a long-term historical level again. While the euro area and emerging markets are slowing down, if the spread of the virus continues to grow, the momentum in the financial markets could be reversed. In the coming days, the US dollar will fluctuate against the rupee and the US-China deal will be on the lookout for tensions on the Indo-China border.
The short-term trend continues to be profit booking on every rise and the next range to be watched out for is around 11272 to 11373 points and this can be achieved in the short term. The immediate strong support is placed at 11272 points in Nifty Future.
Dear Traders . For the Trading Idea of
Nifty Future opened @ 11341 as on 10.09.2020
For Intraday, Nifty Future has resistance at 11373 11404 Point; above which other resistance levels are at 11417 11430 Point with highly Volatile Trend,
Nifty Future has Downside support levels are at 11303 11288 Point; below11288 Point, other support levels are at 11260 11230 Point.
I am positive for the next bullish trend only above @ 11430 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 its still a better strategy in the given Scenario
Regarding Long term positions, it is preferable to remain cautious now.
If Nifty Future crosses @ 11430 Point, again then the upper side target is quite high and it may touch @ 11474 Point in the short term
Bank Nifty Future opened @ 22485 as on 10.09.2020
For Intraday, Bank Nifty Future has resistance at 22505 22533 Point; above which other resistance levels are at 22575 22606 Point with highly Volatile Trend,
Bank Nifty Future has Downside support levels are at 22404 22360 Point; below22360 Point, other support levels are at 22303 22272 Point.
I am positive for the next bullish trend only above @ 22606 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 its still a better strategy in the given Scenario
Regarding Long term positions, it is preferable to remain cautious now
If Bank Nifty Future crosses @ 22606 Point, again then the upper side target is quite high and it may touch @ 22676 Point in the short term
Ø Trading Idea for the derivative stocks .
ACC LTD FO @ RS 1323
Positive Trend @ Rs 1323 / 1308 with Stop loss of Rs @ 1297 for the target near @ Rs 1342 – 1350 in short term
LUPIN LTD FO @ RS 940
Positive Trend @ Rs 940 / 930 with Stop loss of Rs @ 919 for the target near @ Rs 953 – 960 in short term
LARSEN LTD FO @ RS 918
Positive Trend @ Rs 918 / 909 with Stop loss of Rs @ 900 for the target near @ Rs 933 – 940 in short term
AURO PHARMA FO @ RS 803
Positive Trend @ Rs 803 / 797 with Stop loss of Rs @ 790 for the target near @ Rs 818 – 830 in short term
TCS LTD FO @ RS 2344
Negative Trend @ Rs 2344 / 2360 with Stop loss of Rs @ 2380 for the target near @ Rs 2317 2303 in short term
HDFC LTD FO @ RS 1780
Negative Trend @ Rs 1780 / 1800 with Stop loss of Rs @ 1812 for the target near @ Rs 1766 1755 in short term
HDFC BANK FO @ RS 1103
Negative Trend @ Rs 1103 / 1117 with Stop loss of Rs @ 1127 for the target near @ Rs 1088 1080 in short term
SUN PHARMA FO @ RS 513
Negative Trend @ Rs 513 / 520 with Stop loss of Rs @ 527 for the target near @ Rs 501 496 in short term
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