Dear
Trader…
Bourses
maintained their upward momentum in the today session, following gains in
metal, healthcare and PSU stocks. Healthy buying was observed in blue-chip
stocks like Sun Pharma, Dr. Reddys Lab and ONGC. Sentiments got a boost as
Union Health Ministry stated that India is the fastest country globally to
administer 17 crore COVID-19 vaccine doses.
Traders
ignored report that foreign investors have pulled out Rs 5,936 crore from the
Indian equities in the first week of May amid worries over the intense second
wave of corona virus infection and its fallout on the economy. Maharashtra,
Rajasthan, Gujarat, Uttar Pradesh, West Bengal, Karnataka, Madhya Pradesh,
Kerala, Bihar and Andhra Pradesh account for 66.79 per cent of the cumulative
doses given so far in the country.
Nifty
futures opened at 14968.25 points against the previous close of 14869.55 and
opened at a low of 14939.05 points. Nifty Future closed with an average
movement of 84.30 points and a rise of around 122.45 points and 14992.00 points
.. !!!
On the NSE,
the midcap 100 index will rise 0.94% and smallcap 100 index is closing rise
1.53%. Speaking of various sectoral indices, Metal, Pharma, Media, Auto and PSU
bank stocks witnessed heavy gains on the NSE, while all other sectoral indices
also closed higher.
At the start
of intra-day trading, June gold opened at Rs.47820, fell from a high of Rs.48050
points to a low of Rs.47755, with a rise of 225 points, a trend of around
Rs.47976 and July Silver opened at Rs.71507, fell from a high of Rs.72665
points to a low of Rs.71507, with a rise of 962 points, a trend of around Rs.72391..!!
Improvement
in the domestic COVID situation is critical for any sustainable up move else
the rebound may again fizzle out in the following sessions. At present,
rotational buying in the select index majors across sectors is helping the
benchmark to inch higher however the underperformance of the banking index is
still hurting the sentiment. Traders shouldn’t go overboard in the current
scenario and prefer sectors like metal, pharma and agri -related which are
consistently doing well.
Technically, the important key resistances are placed at 15088 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 15108 – 15133 levels. Immediate support is placed at 14909 – 14878 levels.
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