Dear
Trader…
Domestic
equities finally succumbed to global pressure after three days of positive
move. Renewed concerns over higher interest rate dented the global sentiments.
Nifty future opened flat but soon drifted in negative territory to close near
day’s low with loss of 149 points (-0.84%) at 17645 levels. Weak global cues
are likely to keep market volatile in a broader range. Investors keenly await
US Non-farm pay roll data that will be announced on Friday, which could give
some indication over US Fed’s move in its upcoming policy meeting.
However, FIIs
turned net buyers in March of almost Rs.17000cr against selling of Rs.11000cr
in Feb, which is providing some support at lower levels. We except power stocks
to remain in limelight in anticipation of higher demand for electricity due to
rising temperature and likely removal of price cap.
Nifty futures
opened at 17789.95 points against the previous close of 17794.55
and opened at a low of 17635.00 points. Nifty Future closed with an average
movement of 183.90 points and a decline of around 149.45 points and 17645.10
points…!!
On the NSE,
the midcap 100 index will decline 0.55% and smallcap 100 index is closing decline
0.54%. Speaking of various sectoral indices, the NSE saw gains in only, Metal stocks,
while all other sectoral indices closed lower.
At the start
of intra-day trading, April gold opened at Rs.54855, fell from a high of Rs.55033
points to a low of Rs.54771 with a rise of 112 points, a trend of around Rs.55023
and March Silver opened at Rs.61900, fell from a high of Rs.61997 points to a
low of Rs.61500, with a rise of 113 points, a trend of around Rs.61930.
Meanwhile, Markets
made a negative start and stayed in red for most part of the day as traders got
anxious amid a private report stating that like all emerging markets that rely
upon the rest of the world for commodities and capital, India has spent the
last two years battling the twin challenges posed by more expensive raw
materials and a stronger dollar. A weak rupee against major rivals overseas
weighed on market sentiment and restricted gains. Selling further crept in
during afternoon deals, even as exchange data showing that Foreign
Institutional Investors (FIIs) were net buyers in capital markets as they
bought shares worth Rs 721.37 crore on Monday.
However,
recovery took place in last leg of trade and markets cut all of their initial
losses. Traders took some support with Moody’s Analytics’ statement that
India’s domestic economy, rather than trade, is its primary engine of growth
and the slowdown in economic activity late last year will only be temporary.
Technically, the important key resistances are placed in Nifty future are at 17707 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 17770 – 17808 levels. Immediate support is placed at 17606 – 17530 levels.
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