Dear
Trader…
Markets traded
volatile on the weekly expiry day and ended almost unchanged. Upbeat global
cues triggered a gap-up start which further strengthened with renewed buying in
the IT majors. However, profit taking in the banking,financials and auto
heavyweights pared all the gains as the day progressed. Finally, the Nifty
future index settled at 18062.85 level. Meanwhile, the broader indices
outperformed the benchmark index and gained in the range of 0.7%-1%.
The
underperformance of banking majors is capping the recovery while IT, energy and
auto majors are playing their parts on a rational basis. Amid all, we reiterate
our target of 18180 for the Nifty and suggest focusing on buying opportunities
on dips.
Nifty futures
opened at 18090.00 points against the previous close of 18035.15 and opened at
a low of 18047.80 points. Nifty Future closed with an average movement of 102.20
points and a rise of around 27.70 points and 18062.85 points…!!
On the NSE,
the midcap 100 index will rise 0.70% and small cap 100 index is closing rise 0.99%.
Speaking of various sectoral indices, the NSE saw gains in only IT, Metal,
Pharma and Media stocks, while all other sectoral indices closed lower.
At the start
of intra-day trading, February gold opened at Rs.56225, fell from a high of Rs.56258
points to a low of Rs.56011 with a decline of 16 points, a trend of around Rs.56110
and March Silver opened at Rs.65651, fell from a high of Rs.65780 points to a
low of Rs.65270, with a decline of 125 points, a trend of around Rs.65296.
Meanwhile, traders
were anxious with the data shared by the ministry of finance showing that the
outstanding liabilities of 28 states are projected to rise 43 percent in the
three years from March 2020 to March 2023. In all, the outstanding liabilities
of all these states are forecasted to reach Rs 75 lakh crore by the end of the
current financial year, up from Rs 52 lakh crore in March 2020 when the
Covid-19 pandemic had forced a nationwide lockdown in India. However, fag-end
buying helped the markets to end higher.
Traders got
support with the provisional data available with NSE showing that foreign
institutional investors (FII) bought shares worth Rs 1,305.30 crore on February
14, 2023. Some support also came as India’s foodgrain production is estimated
at an all-time high of 323.55 million tonnes in the current crop year ending
June, driven by the projection of a record output of rice, wheat and pulses.
Traders took a note of Vivek Johri, CBIC Chairman’s statement that the Central
Board of Indirect Taxes and Customs (CBIC) will use the data of electric meters
and property tax to increase the base of goods and services tax (GST).
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 18180 – 18202 levels. Immediate support is placed at 17939 – 17808 levels.
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