Dear Trader…
Markets Wrap – Wed, 5 Apr ‘23: Nifty, Sensex skyrocket, rupee gains; Asia, US markets, Gold, Crude updates. The Nifty Bank index closed on a positive note on Wednesday. Domestic indices ended Wednesday’s session broadly in green. The NSE Nifty 50 settled above 17600, BSE Sensex above 59650 and Bank Nifty just around 41100.
The The top gainers on the Nifty 50 were Larsen & Toubro, HDFC, HDFC Bank, ITC and Hindustan Unilever while the losers were Eicher Motors, Mahindra & Mahindra, IndusInd Bank, NTPC and Adani Enterprises. Asian markets closed mostly in red with Japan’s Nikkei 225 falling 1.68%, Asia Dow dropping 1.01% while South Korea’s KOSPI rose 0.59%. China’s Shanghai Composite and Hong Kong’s Hang Seng remained closed on Wednesday.
The US market ended the overnight session in red – Dow Jones Industrial Average fell 0.59%, S&P 500 plunged 0.58% and the tech-heavy Nasdaq tumbled 0.52%. The Indian Rupee appreciated 0.40% to 82 against the US dollar at,WTI Crude futures for May delivery were down 0.24% at $80.52 while Brent Crude futures for May delivery were trading 0.05% lower at $84.90.
Nifty futures opened at 17500.00 points against the previous close of 17474.00 and opened at a low of 17486.80 points. Nifty Future closed with an average movement of 143.00 points and a rise of around 148.00 points and 17625.00 points...!!
On the NSE, the midcap 100 index will down 0.02% and small cap 100 index is closing down 0.72%.
At the start of intra-day trading, April gold opened at Rs.61024, fell from a high of Rs.61181 points to a low of Rs.60854 with a rise of 10 points, a trend of around Rs.60964 and May Silver opened at Rs.74950, fell from a high of Rs.75175 points to a low of Rs.74270, with a rise of 236 points, a trend of around Rs.74382.
Meanwhile, Markets have entered the Q4 earning season and are taking optimistic business updates from top companies as support and giving confidence to markets to trade higher. The global scenario is almost behind us post banking crisis US FED is also talking soft lines on hiking interest rates after the report states lower PMI data and a drop in US Job data.
As a result, Asian markets, especially Indian markets are trading in green zones. Better than expected domestic auto sales, FII turning positive, strong GST collections during the month of March 2023 and 3 Month high PMI data would act as positive for the market. The market is also expecting healthy comments from the RBI committee on Inflationary action for further rate hike decisions.
Technically, the important key resistances are placed in Nifty future are at 17625 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 17570 – 17404 levels. Immediate support is placed at 17707 – 17770 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
