Dear
Trader…
Markets
gained over half a percent in a range bound session, tracking firm global
cues. After the initial uptick, the
Nifty future surrendered all the gains in no time however buying in select
index majors pushed the index to the day’s high again as the day progressed.
Consequently, it settled at 18,138 levels; up by 0.61%. Most sectors
participated in the move wherein metal outshined the others as it gained over
4%. Besides, further recovery in the broader indices eased the pressure.
Recovery in
the global indices, especially in the US, is offering the respite in absence of
any major domestic trigger. The recent buoyancy in the banking pack combined
with a recovery in the select index majors is encouraging however Nifty has
multiple hurdles to cross before resuming the uptrend. We thus reiterate our
view to focus on stock-specific opportunities and maintaining positions on both
sides.
Nifty
futures opened at 18138.00 points against the previous close of 18027.30 and
opened at a low of 17969.00 points. Nifty Future closed with an average
movement of 183.05 points and a rise of around 110.70 points and 18138.00
points…!!
On the NSE,
the midcap 100 index will rise 0.99% and smallcap 100 index is closing rise 1.19%.
Speaking of various sectoral indices only FMCG stocks were seen selling on the
NSE, while all other sectoral indices closed higher.
At the start
of intra-day trading, February gold opened at Rs.54764, fell from a high of Rs.54920
points to a low of Rs.54692 with a rise of 184 points, a trend of around Rs.54861
and March Silver opened at Rs.69279, fell from a high of Rs.70335 points to a
low of Rs.69238, with a rise of 878 points, a trend of around Rs.69953.
Some
optimism came as a report stated that foreign investors have infused a net Rs
11,557 crore in Indian equities in December so far despite a market correction
and increasing concerns over re-emergence of COVID in China and some other
parts of the world.
Some support
also came as Department for Promotion of Industry and Internal Trade (DPIIT)
has sought the views of 16 departments and ministries on its draft national
retail trade policy, which is aimed at the overall development of all formats
of the sector. Key gauges extended gains in afternoon deals, as domestic
sentiments remained up-beat with the Centre for Economics and Business Research
(Cebr) stating that India’s growth trajectory will see the country rise from
fifth place on the World Economic League Table in 2022 to third in the global
rankings by 2037.
However,
markets came off day’s high points, as some profit booking in the last half an
hour trimmed some gains. Traders took a note of a private report that India’s
exports may have touched an all-time high of USD 422 billion in 2021-22 but
recession in key western markets and geo-political crisis due to the Russia-Ukraine
war are expected to impact the growth of the country’s outbound shipments in
2023.
Technically, the important key resistances are placed in Nifty future are at 18188 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 18202 – 18272 levels. Immediate support is placed at 18008 – 17939 levels.
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