Dear Trader…
On the first day of the week, as an expected profit booking in
the Indian stock market has seen a sharp decline as another spike in bond
yields weighed on the overall global market sentiment.
Nifty futures opened at 14741.05 points against the previous
close of 14756.45, opening at a low of 14600.00 points. Nifty Future closed with
an average movement of 179.90 points and a decline of around 1.40 points and
around 144755.05 points..!!!
On the NSE, the Midcap 100 Index was up 0.82% and the Small 100
Cap Index was up 0.03%. Speaking of various sectoral indices, the NSE saw gains
only in FMCG, IT, metal and pharma stocks, while all other sectoral indices
closed lower. A total of 215 stocks traded on the NSE.
India’s two main stock exchanges last week posted their first
weekly decline in three on a fresh surge in domestic COVID-19 cases and rising
U.S. bond yields.
daily coronavirus cases in the country hit four-month high on
Sunday and some regions have reimposed containment measures, including
lockdowns and restaurant closures, while more steps are being considered.
Asian markets turned mixed and bonds bounced on Monday as a
plunge in the Turkish lira sparked talk that capital controls might be needed
to stem the rout.
the market has already witnessed a sharp run-up and valuations
appear to be quite stretched at the current level, profit-booking at these
levels cannot be ruled out and therefore traders should be cautious at these
levels.
The lockdown on the economic front has affected market
sentiment. So in the coming days, the economy and the Indian stock market may
see a major upheaval.
Technically, the important key resistances of Nifty future are placed at 14808 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 14838 – 14888 levels. Immediate support is placed at 14676 – 14606 levels.
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