Stock Market Daily Updates: 9 Feb 2021


Dear Trader…

In anticipation of growth with more stimulus in the US, the Indian stock market has been witnessing a steady rally after the positive mood in global markets and the release of the central budget at the local level. Along with this, the Indian stock market continued to rise on today after seeing a series of rebounds in the central budget and the repo rate announcement at the RBI’s monetary policy committee meeting. 

The BSE Sensex traded a new high of 51,523 points and the Nifty futures hit a record high of 15,167 points today as the Reserve Bank of India (RBI) kept interest rates unchanged and announced measures for liquidity required for growth.

The BSE Sensex and Nifty futures have surged an estimated 10% in the last six trading sessions, which continued non-stop after the announcement of the Union Budget. At a meeting of the Reserve Bank’s MPC last weekend, RBI Governor Shaktikant Das decided to keep the repo rate unchanged at 4%, assuring the government that it would manage the government’s record borrowing. In addition, the accommodative policy stance remained unchanged and the record-breaking move on new fund purchases remained intact for the sixth day in a row and the Bank Nifty, including the Sensex and Nifty Futures, remained at a record high and the market breadth remained positive.

Friends, this was the first meeting of the RBI’s Monetary Policy Committee after the Union Budget, and also this was the fourth consecutive meeting in which interest rates were kept unchanged. The monetary policy meeting by the Reserve Bank of India had expressed optimism of 10.5% economic growth in the country with double digits for the financial year 2021-22 starting April 1. At the same time, the RBI hopes that the economy, which has been crippled by the coroda epidemic, will accelerate in the next one year. At the same time, retail inflation will fall to 4.3 per cent from 5.2 per cent. On the economic front in the coming days, the Indian stock market will now keep an eye on India’s industrial production growth figures for December for 12th February 2021 and inflation for January on the same day.

We expect the market to continue with its bull run to hit fresh high, although we expect some correction after each rally. We advise investors to use correction in the market as an opportunity to buy, on the other hand, traders should maintain extra caution due to the expected rise in volatility ahead.

The trend deciding is 15202. If NIFTY future trades above this level then we may witness a further rally up to 15230 – 15272 levels. However, if NIFTY future trades below 15130 levels then we may see some profit booking initiating in the market, which may correct up to 15088 – 15008 levels.

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Ø INDEX MOVEMENT – 09.02.2021

  • Nifty Future closed @ 15126 as on 08.02.2021

Nifty Future has resistance at 15188 – 15202 Point; above which other resistance levels are at 15230 – 15272 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 15088 – 15008 Point; below15008 Point, other support levels are at 14970 – 14909 Point.

I am positive for the next bullish trend only above @ 15202 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 @ 15202 Point, again then the upper side target is quite high and it may touch @ 15230 Point in the short term.

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  • Bank Nifty Future closed @ 36013 as on 08.02.2021

Bank Nifty Future has resistance at 36136 – 36272 Point; above which other resistance levels are at 36333 – 36404 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 35909 – 35777 Point; below35777 Point, other support levels are at 35575 – 35404 Point.

I am positive for the next bullish trend only above @ 36404 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 @ 36404 Point, again then the upper side target is quite high and it may touch @ 36474 Point in the short term.

Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in

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.






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