Dear
Trader…
Domestic
indices ended the last day of the month on optimistic note led by rally in
global markets and FIIs turning net buyers. Nifty future opened gap up and
continuously strengthen throughout the session to close with handsome gains of 229
points (+1.33%) at 17442 levels. All sectors ended in green with Oil & Gas,
IT and Realty being major gainers.
In FY24, we
expect strong earnings growth of around 15% – largely because of improving
margins as raw material prices cool-off. This would be further supported by
demand revival that had moderated out since Q3FY23. In the near term, focus
will now remain on RBI’s policy meeting next week, where 25-bps rate hike is
expected in line with the hikes done by major global central banks. Apart from
this, markets will also react to monthly Auto sales number data that will be
released over the weekend.
Nifty futures
opened at 17271.00 points against the previous close of 17213.10 and opened at
a low of 17271.00 points. Nifty Future closed with an average movement of 195.00
points and a rise of around 229.55 points and 17442.65 points…!!
On the NSE,
the midcap 100 index will rise 0.87% and small cap 100 index is closing rise
1.61%. Speaking of various sectoral indices, IT, PVT Bank, Bank, Realty and Financial
Services stocks saw heavy gains on the NSE, while all other sectoral indices
also closed higher.
At the start
of intra-day trading, April gold opened at Rs.59425, fell from a high of Rs.59619
points to a low of Rs.59350 with a rise of 303 points, a trend of around Rs.59619
and May Silver opened at Rs.72000, fell from a high of Rs.72384 points to a low
of Rs.71562, with a rise of 496 points, a trend of around Rs.72270.
Meanwhile, Markets
started on a positive note and extended the gains as the day progress, as
traders took encouragement with Commerce and Industry Minister Piyush Goyal’s
statement that the country’s merchandise and services exports are estimated to
cross $760 billion in the current fiscal ending March 31. He said that at a
time when the whole world is facing recession, high inflation and elevated
interest rates, India is performing well.
Sentiments
remained positive amid fresh foreign fund inflows. Foreign Portfolio Investors
(FPIs) turned buyers on Tuesday as they bought equities worth Rs 1,531.13
crore, according to exchange data. Traders also found solace with a private
report that India and China will contribute to half of the world’s growth this
year, and it highlighted that Asia will remain a crucial growth engine with an
estimated 4.5 per cent GDP expansion, making it a standout performer amidst the
global economic slowdown.
Traders also
took a note of Fitch Ratings’ statement that even as the Union Budget has
outlined a Rs 10 trillion capital expenditure plan for 2023-24 to spur growth,
domestic companies are likely to see a 10% to 12% increase in capital
expenditure in the coming fiscal.
Technically, the important key resistances are placed in Nifty future are at 17505 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 17676 – 17808 levels. Immediate support is placed at 17303 – 17170 levels.
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