Dear
Trader…
The weakness
in the global markets led to a bleak start for Indian equities, wherein the
benchmark index tested the Budget day’s low to daunt the market sentiments.
However, by the penultimate hour some buying emergence from the lows led to a
modest recovery in Nifty Future. With all the hustle, the benchmark index
concluded the seventh consecutive day in red with a cut of 0.35 percent.
Since the
market is highly oversold, one needs to keep a cautious view and avoid undue
risk for the time being. Meanwhile, a close tab should be kept on global
developments, which may lead to an immediate trend setup, and it is advisable
to be very selective in finding trading opportunities.
Nifty futures
opened at 17505.00 points against the previous close
of 17559.25 and opened at a low of 17392.20 points. Nifty Future closed with an
average movement of 162.55 points and a decline of around 61.30 points and 17497.95
points…!!
On the NSE,
the midcap 100 index will decline 0.69% and smallcap 100 index is closing decline
1.12%. Speaking of various sectoral indices, the NSE saw gains in only, Realty,
Bank, PVT Bank, Financial Services and PSU Bank stocks, while all other
sectoral indices closed lower.
At the start
of intra-day trading, April gold opened at Rs.55397, fell from a high of Rs.55429
points to a low of Rs.55290 with a decline of 88 points, a trend of around Rs.55344
and March Silver opened at Rs.62725, fell from a high of Rs.63337 points to a
low of Rs.62550, with a decline of 187 points, a trend of around Rs.63246.
Meanwhile,
some support came in after the finance ministry stated that the Indian economy
is estimated to grow by 7 per cent year-on-year in the current fiscal despite
the global economy operating under an extremely challenging macroeconomic
environment. Traders got some encouragement as Finance Minister Nirmala
Sitharaman pitched for a global framework to regulate cryptocurrencies, besides
firming up ways to tackle global debt vulnerabilities and strengthening
multilateral development banks during bilateral meetings with her counterparts,
including from US and Japan, ahead of the G-20 meeting.
However, trade
turned negative during the today deals and remained weak till the end of the
trading session, as market participants got cautious, after External Affairs
Minister S Jaishankar said that the responsibility for the trade imbalance with
China rests squarely on businesses as well, blaming Indian corporates for not
developing the right sourcing arrangements. On the sectoral front, stocks
related to the apparel sector remained in focus, after the Apparel Export
Promotion Council’s (AEPC) Chairman Naren Goenka expressed confidence that in
the coming years, the apparel sector will be able to support the government’s
efforts to make India a $2 trillion ($1 trillion goods and $1 trillion
services) export target by 2030.
Technically, the important key resistances are placed in Nifty future are at 17570 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 17606 – 17676 levels. Immediate support is placed at 17404 – 17373 levels.
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