Dear
Trader…
Snapping
four day winning streak, Indian equity benchmarks ended Tuesday’s trade in red
terrain with frontline gauges ending below their crucial Sensex 49,200 and
Nifty 14,850 levels. Asian peers retreated on worries that accelerating U.S.
inflation could lead to interest rate hikes sooner than expected. Sentiments
were also fragile as World Health Organziation states that the coronavirus variant
first identified in India last year was being classified as a variant of global
concern, with some preliminary studies showing that it spreads more easily.
The WHO has
said the predominant lineage of B.1.617 was first identified in India in
December, although an earlier version was spotted in October 2020. On the
global front, Asian markets were trading mostly lower after a selloff on Wall
Street and China’s ongoing anti-monopoly crackdown weighed on the country’s
tech majors.
Nifty futures opened at 14798.00
points against the previous close of 14984.65 and opened at a low of 14785.00
points. Nifty Future closed with an average movement of 154.50 points and a
decline of around 110.10 points and 14878.25 points .. !!!
On the NSE,
the midcap 100 index will rise 0.79% and smallcap 100 index is closing rise
0.82%. As far as various sectoral indices are concerned, only auto, media, PSU
bank and realty stocks were seen on the NSE, while all other sectoral indices
closed lower.
At the start
of intra-day trading, June gold opened at Rs.47952, fell from a high of
Rs.48013 points to a low of Rs.47325, with a decline of 581 points, a trend of
around Rs.47370 and May Silver opened at Rs.71319, fell from a high of Rs.71783
points to a low of Rs.70866, with a decline of 512 points, a trend of around
Rs.71032..!!
The midcap
index continued its outperformance as it has already given a breakout from
resistance. On the other hand, the PSU stocks have recently seen good buying
interest and in today’s session many stocks from this basket provided
mesmerizing moves. Traders should continue to focus on such outperforming
pockets which are delivering good short term returns.
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 14979 – 15008 levels. Immediate support is placed at 14808 – 14770 levels.
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