Dear
Trader…
As expected the Indian stock market started trading with the
expected strength and local economic data improved as bond yields stabilized in
the United States. Expanding indices continued and FIIs saw heavy buying.
On the positive side, there are
steadily improving news relating to the economy and corporate revenue &
profits.
Nifty
futures opened at 14700.00 points against the previous close of 14608.50,
opening at a low of 14687.00 points. Nifty Future closed with an average
movement of 262.00 points and a strong rise of around 308.50 points and around
14917.00 points..!!!
On
the NSE, the midcap100 index was up 1.70% and the small cap100 index was up
1.26%. Speaking of various sectorial indices, the NSE saw sell-off in only
realty, while all other sectorial indices closed higher. Out of the total 215
stocks traded on the NSE.
Financials saw a good amount of
buying and buying continued in metals. These types of (bankruptcy) resolutions
give a lot of positivity when it comes to the markets.
Markets opened firm on strong global
cues with Joe Biden slated to announce his $3 trillion infra package. Investors
shrugged off the rising coronavirus cases in few states as the GoI prepares for
a vaccine rollout on a larger scale. Steel & IT stocks led the bull charge,
while FMCG stocks joined the party in late afternoon trade as the Sensex scaled
past 50k.
Other sectors have also started
participating in the improvement and the broader market, which was definitely
performing well, is now seen making a small profit.
The Indian market rallied despite a
weaker rupee, rising COVID-19 cases and firming US bond yields.
Technically, the important key resistances are placed at 14909 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 14970 – 15008 levels. Immediate support is placed at 14888 – 14808 levels.
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