As the second wave of Corona begins in European countries as Corona’s transition to the world picks up again, the US and Asia amid plans to re-impose lockdowns in countries including the UK, Italy and Spain.
Despite global advances in the corona vaccine, there is still uncertainty about the accuracy of the vaccine, and despite advances in drug research, there are growing cases around the world and a resurgence of lockdowns.
The Indian stock market rallied from bottom amid the possibility of a new stimulus package being announced for industries but the market create high volatility as funds and investors cautioned off stocks due to a worrying rise in the global corona transition and the September expiry of futures and options contracts in the Indian stock market. Shares of Reliance Industries rose today on the positive impact of reports of more new global investors announcing investments after Reliance Industries’ retail venture Reliance Retail Ventures was bought by US company KKR with an estimated investment of Rs 5550 crore.
India VIX dropped by 1.96 percent from 21.41 to 20.99 levels. Cool down in volatility even after weakness in market indicates that some sort of range bound move along with capped upside could be seen for next coming sessions,
Friends, The recent IPOs of stocks, including Happy Mind and Root Mobile, in the Indian capital market, and the IPOs of three companies this week are likely to attract investors to the primary market.
With the success of this IPO, the monsoon is very successful in the country and in the coming days, the rural economy is also expected to grow rapidly through high growth in the agricultural sector.
Of course, any major positive development could reduce or increase the attractiveness of foreign funds in the Indian stock market along with the global markets, given the good progress being made in the search for the corona vaccine and further indications of success in the coming days in vaccine trials. But now that the US presidential election is approaching, the possibility of panic selling in stocks cannot be ruled out in the face of deteriorating US-China and Indo-China economic ties. With the rupee-US dollar fluctuating, the international stock price of crude oil will be monitored by the Indian stock market along with the global markets.
On the expiry session if bulls manage Nifty future to hold above 11008 point then sideways move with positive bias can be expected for next couple of trading sessions towards rally at 11088 then 11101 – 11133 point with volatility, while strong support to exist at 10960 point.
Dear Traders…. For the Trading Idea of…
Nifty Future opened @ 11012 as on 24.09.2020
For Intraday, Nifty Future has resistance at 11088 – 11101 Point; above which other resistance levels are at 11133 – 11173 Point with highly Volatile Trend,
Nifty Future has Downside support levels are at 10960 – 10930 Point; below10930 Point, other support levels are at 10909 – 10880 Point.
I am positive for the next bullish trend only above @ 11173 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 @ 11173 Point, again then the upper side target is quite high and it may touch @ 11202 Point in the short term
Bank Nifty Future opened @ 20931 as on 24.09.2020..!!
For Intraday, Bank Nifty Future has resistance at 21008 – 21088 Point; above which other resistance levels are at 21188 – 21272 Point with highly Volatile Trend,
Bank Nifty Future has Downside support levels are at 20888 – 20808 Point; below20808 Point, other support levels are at 20770 – 20717 Point.
I am positive for the next bullish trend only above @ 21272 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 @ 21272 Point, again then the upper side target is quite high and it may touch @ 21303 Point in the short term
Trading Idea for the derivative stocks….
HDFC LTD FO @ RS 1642
Positive Trend @ Rs 1642 / 1630 with Stop loss of Rs @ 1616 for the target near @ Rs 1663 – 1670 in short term
ACC LTD FO @ RS 1335
Positive Trend @ Rs 1335 / 1317 with Stop loss of Rs @ 1308 for the target near @ Rs 1353 – 1360 in short term
LARSEN LTD FO @ RS 845
Positive Trend @ Rs 845 / 838 with Stop loss of Rs @ 830 for the target near @ Rs 863 – 870 in short term
BPCL FO @ RS 382
Positive Trend @ Rs 382 / 376 with Stop loss of Rs @ 370 for the target near @ Rs 393 – 400 in short term
RELIANCE IND. FO @ RS 2210
Negative Trend @ Rs 2210 / 2233 with Stop loss of Rs @ 2244 for the target near @ Rs 2193 – 2180 in short term
MUTHOOT FIN. FO @ RS 1035
Negative Trend @ Rs 1035 / 1047 with Stop loss of Rs @ 1055 for the target near @ Rs 1016 – 1008 in short term
DIVIS LAB FO @ RS 3120
Negative Trend @ Rs 3120 / 3140 with Stop loss of Rs @ 3160 for the target near @ Rs 3097 – 3060 in short term
INDIGO FO @ RS 1260
Negative Trend @ Rs 1260 / 1273 with Stop loss of Rs @ 1280 for the target near @ Rs 1233 – 1215 in short term
Disclaimer: The views expressed in the article above are those of the authors’ and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.