Dear
Trader…
The Indian
equity market had a lackluster day of trade amid the absence of buying
interest. Despite a positive start, suggested by the SGX Nifty, bulls lacked
the confidence to capitalize on the move and the benchmark index hustled in a
slender range throughout the day. Amidst the dull day, Nifty future corrected
0.39 percent from its previous day’s close and settled slightly above the 16970
level.
Going forward,
we would advocate the participants to keep a close tab on the mentioned levels
and avoid undue risk in the market. Even though the indices are not doing much,
sector churning is visible in the broader market, and hence one should focus on
identifying such potential movers. In the meanwhile, stay abreast with global
developments.
Nifty futures
opened at 17065.00 points against the previous close of 17037.40
and opened at a low of 16927.45 points. Nifty Future closed with an average
movement of 160.80 points and a decline of around 66.80 points and 16970.60
points…!!
On the NSE,
the midcap 100 index will decline 0.35% and smallcap 100 index is closing decline
0.91%. Speaking of various sectoral indices, the NSE saw gains in only Bank, PVT
Bank and Financial Services stocks, while all other sectoral indices closed
lower.
At the start
of intra-day trading, April gold opened at Rs.58718, fell from a high of Rs.58790
points to a low of Rs.58500 with a rise of 264 points, a trend of around Rs.58790
and March Silver opened at Rs.70190, fell from a high of Rs.70384 points to a
low of Rs.69555, with a rise of 392 points, a trend of around Rs.70318.
Meanwhile,
foreign
fund inflows aided domestic sentiments. Foreign investors have pumped Rs 7,200
crore into the Indian equities so far this month, mainly driven by bulk
investment in the Adani Group companies by the US-based GQG Partners.
Sentiments remained positive in afternoon deals, as S&P Global Ratings kept
its forecast for India’s economic growth unchanged at 6 per cent in the fiscal
year starting April 1, before rising to 6.9 per cent in the following year. In
the quarterly economic update for Asia-Pacific, S&P saw inflation rate
easing to 5 per cent in 2023-24 fiscal, from 6.8 per cent in the current
financial year.
Some support
also came with the Reserve Bank stating that India’s forex kitty rose by $12.798
billion to $572.801 billion in the week ended March 17. In the previous
reporting week, the reserves had dropped by $2.39 billion to a three-month low
of $560.003 billion. However, the fag-end selling dragged the markets off day’s
high points. Traders also turned cautious as the government proposed hiking the
securities transaction tax on Futures & Options (F&O) contracts, a move
that will increase the trading costs in the derivatives segment as well as help
in curbing excessive trades.
Technically, the important key resistances are placed in Nifty future are at 17070 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 17170 – 17303 levels. Immediate support is placed at 16880 – 16737 levels.
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