Dear
Trader…
Following negative cues from global peers and fears of a
global banking crisis ahead of a Federal Reserve meeting to decide on more
possible interest rate hikes, Indian equity indices closed lower on Monday even
after recovering a sharp 554 points from the day’s low of 57,085.
Dragged by banking, financial and IT stocks, the 30-share BSE
benchmark Sensex declined 361 points or 0.62% to settle at 57.629. The broader
NSE Nifty dropped 111 points or 0.65% to end at 16,988.From the Sensex pack, Bajaj
Finserv, Bajaj Finance, Tata Steel and Wipro were the top laggards, falling
about 2-4%. Tata Motors, IndusInd Bank, SBI, Tech Mahindra, and HCL Tech also
ended lower. On the other hand, only HUL, ITC, Kotak Bank, Sun Pharma and
Nestle settled with gains.
Shares of Tata Consumer ended 0.5% lower after withdrawing
plans to acquire Bisleri. Cochin shipyard ended nearly 4% higher after winning
Rs 550 crore order, while Atul Auto shares closed over 5% after ace investor
Vijay Kedia picked a 7% stake in the company. Sector -wise, Nifty Metal fell
2.35% and Nifty IT declined 1.43%. Nifty Bank and Nifty Auto also closed lower.
In the broader market, Nifty Midcap50 dropped 1.13% and Smallcap50 plunged
0.67%. The market capitalisation of all listed companies on the BSE
dropped by Rs 2 lakh crore to Rs 255.52 lakh crore.
Asian stock markets fell on Monday after Swiss authorities
arranged the takeover of troubled Credit Suisse amid fears of a global banking
crisis ahead of a Federal Reserve meeting to decide on more possible interest
rate hikes. The Hang Seng in Hong Kong lost 2.65% to 19,000 and the Nikkei 225
in Tokyo shed 1.42% to 26,945. The Kospi in Seoul fell 0.69% to 2,379 and
Sydney’s S&P-ASX 200 lost 1.4% to 6,900.
European stocks fell on Monday and shares of Credit Suisse
dived more than 60% after UBS agreed to buy the troubled bank in a $3 billion
deal, valuing the Swiss lender at just a fraction of its market value and
sparking fears of a broader banking crisis.The pan-European STOXX 600 index
fell 0.8%, after having recorded its biggest weekly decline of the year on
Friday.
Nifty futures opened at 17099.80 points against the
previous close of 17178.15 and opened at a low of 16866.00 points. Nifty Future
closed with an average movement of 233.00 points and a decline of around 149.25
points and 1703.00 points…!!
At the start of intra-day trading, April gold opened
at Rs.59418, fell from a high of Rs.60455 points to a low of Rs.59325 with a rise
of 267 points, a trend of around Rs.59650 and May Silver opened at Rs.68720,
fell from a high of Rs.69550 points to a low of Rs.68201, with a rise of 219 points,
a trend of around Rs.68720.
Meanwhile, Traders
turned anxious amid reports that the RBI is likely to for one more rate hike in
its next monetary policy committee meeting in April, as India’s headline
inflation continues to be sticky at around 6 percent and the central bank also
keeping its eye on the rupee stability along with uncertainty in the US markets
and Fed impending decision. Traders took a note of repot that Chief Economic
Advisor V Anantha Nageswaran has said the global uncertainty has been rising
after the recent developments in the United States and governments, businesses
and individuals should keep ‘margins of safety’ in fiscal, corporate and savings
account planning.
Technically, the important key resistances are placed
in Nifty future are at 17077 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 17107 – 17170 levels.
Immediate support is placed at 16880 – 16808 levels.
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