Dear Trader…
Indian equity benchmarks ended higher on Wednesday boosted by Realty, IT and TECK stocks as continued fall in domestic COVID-19 cases improved investor risk appetite. The benchmarks opened on a subdued note but surged in mid-morning deals, as sentiments got some encouragement with Industry chamber -- Confederation of Indian Industry (CII) stating that healthy flow of foreign direct investments (FDI) into the country corroborates India’s status as a preferred investment destination among global investors.
FDI into the country grew 19 per cent to $59.64 billion during 2020-21. Some optimism also came as the government begun assessing the impact of the second wave of infections on different sectors and may look at providing support at an appropriate time to segments requiring fiscal help, with the world's worst outbreak of COVID pandemic stalling a nascent economic recovery.
Nifty futures opened at 15255.20 points against the previous close of 15218.00 and opened at a low of 15197.20 points. Nifty Future closed with an average movement of 126.80 points and a rise of around 84.10 points and 15302.10 points .. !!!
On the NSE, the midcap 100 index will rise 0.08% and smallcap 100 index is closing rise 0.60%. Speaking of various sectoral indices, only metal and PSU Bank stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, June gold opened at Rs.49067, fell from a high of Rs.49137 points to a low of Rs.48908, with a rise of 223 points, a trend of around Rs.49090 and July Silver opened at Rs.72500, fell from a high of Rs.72681 points to a low of Rs.72319, with a decline of 342 points, a trend of around Rs.72482..!!
It was a day of consolidation for our market as we saw some tentativeness at higher levels. However, there was no selling pressure as well and thus, the near term trend continues to be positive. Hence, traders should continue to trade with a positive bias and look for buying opportunities on intraday declines.
We expect the market to gradually move higher and surpass the resistances to march toward new highs in the near term. Hence, buying on dips and having stock specific trades remains a pragmatic approach.
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 15373 – 15404 levels. Immediate support is placed at 15088 – 15008 levels.
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