In yesterday’s trading session, we have seen that the Indian stock market has created a history of lifetime high as Nifty mounted 16000 mark. Moreover, not just the 16000 mark but also ended up with a high of 245 points which stood at 16,130 points.
In intraday trade, the BSE Sensex also beats the records and made a high of 53,887 points. Overall, the BSE Sensex ended with 873 points higher and came at 53,823 points.
If we discuss yesterday’s trading session, then there is a buying momentum in FMCG, telecom, banks, auto & IT stocks. On the contrary, a bit of selling pressure was there under metal names. Furthermore, indices failed to beat the benchmark and appeared flat.
Despite Covid-19, healthy earning results boost the market and provided support in a very positive way.
From the former three trading sessions, we perceived a continuous fall in VIX. But yesterday, tables got turned and VIX climbed up to 7.40 percent which came at 13.74 as against 12.80 levels.
Nifty future
Above 16169… Catch it for the upside target of 16224—16289—16350.
Trader should be cautious around 16350 levels.
Overall trendy is positive. Any sharp downside panic till 16000 will be the best buying opportunity in it.
Support and stop loss below 15800 on a closing basis.
Bank Nifty
Bank Nifty is struggling but bias is positive.
Traders should keep an eye on SBI results and RBI policy.
Above 35500… Target looks 35800—36100.
Immediate support at 35000 levels.
Traders can trade safely as per the levels given. More we will update during market hours.
Trendy Stock - Tata Steel
Grab above 1430 with stop loss below 1390. Target looks 1480+++
Be watchful traders. Happy Trading!!