Dear
Trader…
Markets
plunged sharply lower on the monthly expiry day and ended with a cut of over a
percent. After the flat start, the Nifty index drifted gradually lower in the
first half and remained in a narrow band thereafter. It finally settled at
17985.90 levels; down by 1.25%.
Meanwhile, the selling pressure was widespread wherein banking &
financials lost maximum closely followed by energy and realty counters. The broader indices too traded in tandem with
the trend and shed in the range of 1%-1.5%.
Nifty futures
opened at 18109.80 points against the previous close of 18128.25 and opened at
a low of 17845.30 points. Nifty Future closed with an average movement of 264.55
points and a decline of around 239.75 points and 17888.50 points…!!
On the NSE,
the midcap 100 index will decline 1.47% and smallcap 100 index is closing decline
1.16%. Speaking of various sectoral indices, PSU Bank, Bank, PVT Bank and Financial
Services stocks saw heavy selling on the NSE, while all other sectoral indices
also closed lower.
At the start
of intra-day trading, February gold opened at Rs.56940, fell from a high of Rs.56990
points to a low of Rs.56702 with a decline of 151 points, a trend of around Rs.56818
and March Silver opened at Rs.68497, fell from a high of Rs.68549 points to a
low of Rs.68010, with a decline of 376 points, a trend of around Rs.68166.
Economic
think-tank NCAER stating that business confidence has recovered from the lows
of the pre-pandemic (2019-20) and the following two pandemic years. The
NCAER-NSE Business Confidence Index (BCI) was higher at 126.6 in the third
quarter of 2022-23 than the year-ago level of 124.4. Some optimism also came
with Commerce and Industry Minister Piyush Goyal’s statement that the country’s
services exports are doing extremely well and going by the current trend these
outbound shipments would register about 20 per cent growth in this fiscal
(FY23) and cross the $300 billion target despite global economic uncertainties.
However,
markets erased their initial gains in late afternoon deals and ended flat as
traders turned cautious with the Securities and Exchange Board of India (Sebi)
in its latest data showing that Investment in the Indian capital markets
through participatory notes slightly dropped to Rs 96,292 crore at the end of December
2022 from the preceding month on higher valuation of domestic markets.
Some anxiety
also came after Christian de Guzman – senior vice president at Moody’s
Investors Service and primary analyst for India said that India’s gross
domestic product (GDP) growth is seen declining to 5.6 percent in 2023-24,
although it will still be one of the best performing large economies in the
G-20. Besides, provisional data available on the NSE showed that foreign
institutional investors (FII) have net-sold shares worth Rs 219.87 crore on
January 23, 2023.
Technically, the important key resistances are placed in Nifty future are at 18088 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 18108 – 18180 levels. Immediate support is placed at 17808 – 17676 levels.
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