Dear Trader…
Nifty remained lacklustre amid mixed global cues. Selling in the second half of the session led index to close near day’s low at 18055 levels. Major draggers were consumer sector stocks that posted weak numbers and Reliance that will announce its results later on Friday evening.
Market is likely to remain in a consolidative range with stock specific action on Q3FY23 results and upcoming budget. Metals, IT and Capital Goods are likely to remain in momentum. Banking sector would be in focus next week after results of ICICI Bank, Kotak Bank and IDFC First Bank over the weekend.
Nifty futures opened at 18150.00 points against the previous close of 18113.15 and opened at a low of 18036.00 points. Nifty Future closed with an average movement of 134.80 points and a decline of around 57.35 points and 18055.80 points...!!
On the NSE, the midcap 100 index will decline 0.78% and smallcap 100 index is closing decline 0.57%. Speaking of various sectoral indices, the NSE saw gains in only Bank, PVT Bank, Financial Services and PSU Bank stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, January gold opened at Rs.56641, fell from a high of Rs.56850 points to a low of Rs.56603 with a rise of 168 points, a trend of around Rs.56714 and January Silver opened at Rs.68654, fell from a high of Rs.69144 points to a low of Rs.68580, with a decline of 375 points, a trend of around Rs.68734.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 319.23 crore. Some pessimism also came as IMF's Gita Gopinath said that the global economy is facing a unique situation due to unprecedented level of high inflation and that is causing tension between monetary and fiscal policies. However, key indices managed to trim some losses in afternoon deals, as traders found some solace with a private report stating that India is likely to become a $26-trillion economy in 100th year of its Independence in 2047 with per capita GDP growing six times from current level to over $15,000 during the period.
Some support also came as India has reiterated its position as a resilient economy with a strong leadership providing stable policy to the global investors at the World Economic Forum (WEF) at Davos. India’s focus areas at WEF this year are investment opportunities, infrastructural landscape and its inclusive & sustainable growth story. But, markets failed to hold recovery and ended in red as global mood turned sour after weaker-than-expected US economic data.
Traders overlooked Union Minister Ashwini Vaishnaw’s statement that India took a very pragmatic approach in dealing with the humanitarian and economic crises triggered by the Covid-19 pandemic and that has ensured moderate inflation and high growth in the country.
Technically, the important key resistances are placed in Nifty future are at 18108 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 18088 – 18180 levels. Immediate support is placed at 17939 – 17808 levels.
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