Dear Trader…
Indian markets ended the holiday-shortened week on a positive note, though the movement was range bound during the entire trading session on Thursday. Frontline indices S&P BSE Sensex and Nifty50 managed to shed their morning losses after sentiments improved following the repo rate pause by the Reserve Bank of India (RBI) in its April monetary policy announcement today.The RBI kept the repo rate unchanged at 6.5%, which triggered action in rate sensitive stocks — from banking & financial sector to real estate and auto.While the Sensex ended at 59,833, up by 144 points, the broader market Nifty50 settled at 17,644, higher by 42 points or 0.24%.
The market breadth was in favour of the bulls with 30 stocks advancing in the 50-stock Nifty50 at the closing time. The top gainers were Adani Enterprises, Bajaj Finance, Tata Motors, Bajaj Finserv and IndusInd Bank while the biggest losers were HCL Technologies, ONGC, Titan, Axis Bank, ICICI Bank. The broader markets witnessed stock specific action with Nifty Mid Cap 100 closing the day at 30,353.80, 0.64% higher while the Nifty Small Cap 100 ended at 9,198.35, up 0.78%. Godrej Properties, Mahindra & Mahindra, Indian Energy Exchange (IEX) were top gainers in this space while Oil India, Bata India, Route Mobile and JK Lakshmi fell most.
Asian stocks and U.S. equity futures sank on Thursday while bonds and the safe-haven U.S. dollar and Japanese yen were bid as mounting evidence of a U.S. slowdown fuelled worries for a global recession.Chinese blue chips eased 0.27%. Hong Kong's Hang Seng was about flat, but tech shares on the index dropped 0.8%.Japan's Nikkei tumbled about 1%, helping to drag MSCI's broadest index of Asia-Pacific shares down 0.8%. The Asia-wide index had surged more than 5% since mid-March to close at a 1 1/2-month high on Tuesday. South Korea's Kospi sank 0.6%, while Australia's equity benchmark sagged around 0.3%.
The dollar slipped 0.13% to 131.15 yen, but was higher against most other major currencies. The dollar index rose 0.12% to 101.99, continuing its bounce from a two-month low.Crude oil was under pressure, with West Texas Intermediate was down 57 cents at $80.04 a barrel and Brent off 61 cents at $84.38.
Nifty futures opened at 17599.80 points against the previous close of 17622.00 and opened at a low of 17557.10 points. Nifty Future closed with an average movement of 158.05 points and a rise of around 22.00 points and 17650.60 points...!!
On the NSE, the midcap 100 index will down 0.64% and small cap 100 index is closing down 0.70%.
At the start of intra-day trading, April gold opened at Rs.60679, fell from a high of Rs.60836 points to a low of Rs.60567 with a rise of 91 points, a trend of around Rs.60765 and May Silver opened at Rs.74339, fell from a high of Rs.74820 points to a low of Rs.74251 with a rise of 36 points, a trend of around Rs.74591.
Meanwhile, The Nifty continued with the positive momentum and closed with gains for the fifth consecutive trading session. It has managed to close above the falling channel, which is a positive sign. The Daily Bollinger bands are contracting, which indicates that the upside might be limited from heron. Also on the hourly momentum indicator we can observe negative divergence, which indicates loss of momentum on the upside.
After witnessing 700 points rally in the last five trading sessions, a consolidation is highly likely.The rupee held minor gains and forward premiums fell on Thursday after the RBI surprised markets by holding rates, with the local currency posting its third straight weekly advance, Reuters reported. The rupee finished at 81.8850 per dollar, compared with its previous close of 82. It gained about 0.34% in the holiday-shortened week.
Technically, the important key resistances are placed in Nifty future are at 17650 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 17707 – 17808 levels. Immediate support is placed at 17474 – 17303 levels.
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