Dear
Trader…
Our market started the week on a bleak note taking
cues from the weak global bourses, wherein the benchmark index slipped below
the 200 SMA and dented market sentiments. Nifty remained under pressure
throughout the week, clocking new lows in the current calendar year till the
day of weekly expiry. However, a modest recovery was seen in the last trading
session, which led to a sense of resurgence from the lows. Eventually, the week
closed in negative terrain, shedding 1.80 percent from its previous week’s
closure and Nifty future settled at the 17178 level.
Going ahead, any relief on the global front could act
as the catalyst to provide the much-needed impetus for our market to surge
upwards. Hence, we need to keep a close tab on global developments in the
coming week. Meanwhile, traders are advised to avoid aggressive bets and look
for stock-specific action, while investors could now seize this opportunity by
initiating accumulation in good blue-chip companies in a staggered manner.
Nifty futures opened at 17165.00 points against the
previous close of 17047.30 and opened at a low of 17020.05 points. Nifty Future
closed with an average movement of 188.70 points and a rise of around 130.85 points
and 17178.15 points…!!
On the NSE, the midcap 100 index will rise 0.32% and small
cap 100 index is closing rise 0.69%. Speaking of various sectoral indices only Media,
Pharma, Auto and FMCG stocks were seen selling on the NSE, while all other
sectoral indices closed higher.
At the start of intra-day trading, April gold opened
at Rs.58269, fell from a high of Rs.58643 points to a low of Rs.58143 with a rise
of 626 points, a trend of around Rs.58632 and May Silver opened at Rs.67140,
fell from a high of Rs.67750 points to a low of Rs.67003, with a rise of 1057 points,
a trend of around Rs.67588.
Meanwhile, Adding worries among market participants,
a parliamentary panel has raised concerns over the marginal budgetary increase
in one of the key components of Pradhan Mantri Krishi Sinchayee Yojana. It also
raised concern over the reduced allocation in the Digital India Land Records
Management Programme, saying both the schemes have remarkable impact on the
ground.
However, in late afternoon session, equity benchmarks
bounced back to end in the positive territory as traders found support with IMF
senior representative to India Luis Breuer stating that the RBI was doing the
right thing on rate hikes, and added that there was need for more. Breuer also
said the Budget’s focus on prudence and fiscal consolidation was a good step
that will reduce and stabilise public debt, which is quite high in the country
compared to other G20 countries. Some support also came with Commerce Secretary
Sunil Barthwal’s statement that the government is expected to release the new
five-year foreign trade policy (FTP) by the end of this month, with a view to
promoting the country’s outbound shipments of goods and services.
Technically, the important key resistances are placed
in Nifty future are at 17232 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 17272 – 17303 levels.
Immediate support is placed at 17107 – 17070 levels.
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