Dear
Trader…
Markets traded
volatile in a narrow band and ended almost unchanged, taking a breather after
the recent fall. After the flat start, the Nifty index oscillated between
17800-17950 levels and finally settled closer to the day’s low. Most sectoral
indices traded under pressure wherein IT, realty and select banking counters
were among the top losers. The broader indices also shed nearly half a percent
each.
The recent
price action shows indecisiveness among the participants amid mixed cues and
the move is largely in sync with global peers. Amid all, it’s critical for
Nifty to hold 17676 levels, to keep the recovery hopes alive. Meanwhile, we
feel it’s prudent to restrict positions in the current scenario and wait for
clarity.
Nifty futures
opened at 17883.60 points against the previous close
of 17862.65 and opened at a low of 17801.00 points. Nifty Future closed with an
average movement of 131.00 points and a decline of around 22.55 points and 17840.10
points…!!
On the NSE,
the midcap 100 index will decline 0.36% and smallcap 100 index is closing decline
0.36%. Speaking of various sectoral indices, the NSE saw gains in only FMCG and
Financial Services stocks, while all other sectoral indices closed lower.
At the start
of intra-day trading, April gold opened at Rs.56191, fell from a high of Rs.56191
points to a low of Rs.56010 with a decline of 125 points, a trend of around Rs.56088
and March Silver opened at Rs.65628, fell from a high of Rs.65750 points to a
low of Rs.65390, with a decline of 175 points, a trend of around Rs.65574.
Meanwhile, Markets
made a pessimistic start mirroring weakness in global markets amid fears of
higher interest rates. Soon, domestic gauges pared most of their initial losses
as traders took support with a private report that India’s gross domestic
product (GDP) is expected to grow at 6.2 per cent in FY24 as drivers of
domestic demand remain intact amid fears of an impending slowdown.
Traders
shrugged off Economic think tank Global Trade Research Initiative’s report
where it said that India’s merchandise exports have recorded a healthy growth
in both value and volume terms in 2022. The outbound shipments rose by 14.6 per
cent year-on-year to $453.3 billion in 2022.
Traders took
note of report that Former Niti Aayog Vice Chairman Rajiv Kumar said the Budget
should have focused more on asset monetisation and privatisation, besides
allocating more funds to the social sector schemes. Small set of recovery in
dying hours of trade helped key gauges to regain their crucial 61,000 (Sensex)
and 17,900 (Nifty) levels as traders went for value buying in late trade.
Technically, the important key resistances are placed in Nifty future are at 17880 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 17909 – 18008 levels. Immediate support is placed at 17808 – 17676 levels.
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