Dear
Trader…
As expected, the Indian stock market started trading with
a bullish trend. Supportive global signals led to a positive start which was
furer boosted by buying in the main area of the index.
The market continued its upward trend with Supportive
global cues led to a positive start which was further fuelled by the buying in
index majors.
Nifty futures opened at 14823.10 points against the
previous close of 14752.30, opening at a low of 14760.10 points. Nifty Future
closed with an average movement of 214.90 points and a strong rise of around
183.75 points and around 14936.30 points..!!!
On the NSE, the midcap100 index was up 1.79% and the
small cap100 index was up 2.09%. Speaking of various sectorial indices, the NSE
saw sell-off in only FMCG, while all other sectorial indices closed higher. Out
of the total 215 stocks traded on the NSE.
World stocks also ran higher as U.S. President Joe
Biden’s sweeping $2.3 trillion plan to rebuild America’s crumbling
infrastructure lifted sentiment.
India’s daily COVID-19 cases hit a five-month high on.
The country this week reported a new variant of the coronavirus, termed as
“double mutant” in more than 200 samples in the hardest-hit western
state of Maharashtra.
The Indian stock market is still in an overbought
position as the global and local Corona case continues to weigh on the stock.
as opinion, Markets will continue to take cues from global peers, on the
positive side, there are steadily improving news relating to the economy and
corporate revenue & profits.
We’re mirroring the global markets and fluctuations in
the value of the US dollar against the rupee, uninterrupted inflows of foreign
portfolio investors, and ongoing developments on global markets meanwhile we
suggest maintaining a volatile yet cautious stance and avoiding contrarian
trades.
Technically, the important key resistances are placed at 14936 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 14888 – 14808 levels. Immediate support is placed at 15008 – 15088 levels.
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