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 14750.10 points against the previous close of 14698.45, opening at a low of
14616.00 points. Nifty Future closed with an average movement of 233.00 points
and a strong rise of around 65.05 points and around 14763.50 points..!!!
On the NSE, the
midcap100 index was up 0.91% and the small cap100 index was up 1.35%. Speaking
of various sectorial indices, the NSE saw sell-off in bank, media, PSU bank and
private bank while all other sectorial indices closed higher. Out of the total
215 stocks traded on the NSE.
Indian shares
rebounded on Tuesday to close higher, helped by pharma and metal stocks, while
a second surge in domestic corona virus cases and fears over its impact on the
economy capped gains.
The pullback is also
supported by a strong rally happening in global markets. The domestic market
was awaiting the RBI policy with an expectation to maintain the status quo,
future commentary on growth and inflation will be highly viewed with an
optimistic outlook on FY22.
It would be advisable
to book a partial profit now, realizing that the current record highs have been
an invaluable opportunity for profit booking.
As the market has been
in the overbought zone for a long time, it will not take long for the scenario
to become difficult to sell again in a sudden correction. So that caution will
be necessary.
Technically, the important key resistances are placed at 14777 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 14808– 14838 levels. Immediate support is placed at 14707 – 14676 levels.
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