Dear
Trader…
After US
bourses experienced a sharp sell-off following the key FED policy, the DOW
futures made a remarkable recovery in the morning, Hence, the SGX Nifty
indicated a mildly negative opening for our markets. The Nifty future started
on a sluggish note, but the initial dip was absorbed comfortably to retest the
17250 levels, suggesting a possibility of much-needed relief in our market. However,
a sell-off in the penultimate hour poured complete water on this attempt to
retest the morning lows. Eventually, we concluded the weekly expiry with a loss
of 0.57% at 17087.
The session
was disappointing for the bulls, as prices failed to surpass the sturdy wall of
17200, possibly due to the uncertainty in the global markets. As a result,
traders might have opted to lighten up the positions. However, we continue to
remain hopeful and expect some pleasant moves to unfold on global bourses.
Traders are advised to keep a close eye on global developments and avoid
aggressive bets until clear trending signs emerge.
Nifty futures
opened at 17124.90 points against the previous close of 17185.00
and opened at a low of 17066.95 points. Nifty Future closed with an average
movement of 172.60 points and a decline of around 97.50 points and 17087.50
points…!!
On the NSE,
the midcap 100 index will decline 0.41% and smallcap 100 index is closing decline
0.43%. Speaking of various sectoral indices, the NSE saw gains in FMCG, Pharma,
Metal and Auto stocks, while all other sectoral indices closed lower.
At the start
of intra-day trading, April gold opened at Rs.59231, fell from a high of Rs.59360
points to a low of Rs.59152 with a rise of 506 points, a trend of around Rs.59262
and March Silver opened at Rs.69725, fell from a high of Rs.69988 points to a
low of Rs.69500, with a rise of 433 points, a trend of around Rs.69742.
Meanwhile, as
traders were getting some encouragement with the Reserve Bank of India (RBI) in
its article stating that unlike the global economy, India would not slow down
and maintain the pace of expansion achieved in 2022-23. It said the NSO’s
end-February data release indicates that the Indian economy is intrinsically
better positioned than many parts of the world to head into a challenging year
ahead, mainly because of its demonstrated resilience and its reliance on
domestic drivers. Traders also took a note of report that India will spend a whopping
1.7 per cent of its GDP on transport infrastructure this year — around twice
the level in America and most European countries.
Sentiments
remained positive in late afternoon deals amid a private report stating that
the government is evaluating measures to bring down the tax burden on foreign
investors that put money in alternative investment funds (AIFs), which include
venture capital (VC) and private equity (PE) domiciled in India. Adding to the
optimism, Union minister Nitin Gadkari said that social and economic equality
is the ultimate goal of the government and Vasudhaiva Kutumbakam’ (world is one
family) embodies a powerful message from India’s G20 Presidency, signalling the
commitment to pursue fair and equitable growth for all in the world.
Technically, the important key resistances are placed in Nifty future are at 17007 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 16939 – 16880 levels. Immediate support is placed at 17272 – 17303 levels.
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