Dear
Trader…
Domestic indices ended broadly in green on Wednesday. The NSE
Nifty 50 rose 90.10 pts or 0.51% to 17,812.40, BSE Sensex surged 235.05 pts or
0.39% to 60,392.77 and Bank Nifty climbed 191.45 pts or 0.46% to 41,557.95. The
top gainers on Nifty 50 were Divis Lab, Bajaj Auto, Adani Enterprises, Eicher
Motors and Dr Reddy while the top losers were Power Grid, NTPC, Nestle India,
UltraTech Cement and Hindustan Unilever Ltd.
Tata
Consultancy Services Ltd shares rose 1.5% on Wednesday ahead of the Q4 results
announcement. TCS stock touched an intraday high of Rs 3,260.95 and closed at
Rs 3,245.50. In comparison, NSE Nifty 50 rose 90.10 pts or 0.51% settling at
17,812.40 and Nifty IT surged 304.55 pts or 1.06%, concluding at 28,980.30. TCS
shares have fallen nearly 3% in the past one month and over 12% in the last one
year. However, the stock has risen over 100% in the past 5 years. At the
current market price of Rs 3242.50, the company’s market capitalisation stands
at Rs 11.86 lakh crore. The shares hit an intraday low of Rs 3,199 on
Wednesday. TCS stock touched a 52-week high of Rs 3,738.60 on 12 April 2022 and
a 52-week low of Rs 2,926 on 26 September 2022.
Global Markets –
The
US market ended the overnight session mostly in red – Dow Jones Industrial
Average rose 0.29%, S&P 500 fell 0.17 pts and the tech-heavy Nasdaq plunged
0.43%.
Asian
markets were trading mixed, with Japan’s Nikkei 225 rising 0.53%, China’s
Shanghai Composite climbing 0.38%, South Korea’s KOSPI dropping 0.17% and
Hong Kong’s Hang Seng falling 0.89%.
The
Nifty futures on the Singapore Exchange were trading 6 pts or 0.03% higher at
17793 in the early morning trade.
Foreign
institutional investors (FII) bought shares worth a net Rs 342.84 crore,
whereas domestic institutional investors (DII) sold shares worth Rs 264.02 crore
on April 11, National Stock Exchange’s provisional data showed.
Nifty
futures opened at 17806.00 points against the previous close of 17788.20 and opened at a low of 1778.30 points. Nifty Future
closed with an average movement of 70.05 points and a rise of around 101.04 points
and 17863.35 points…!!
On the NSE, the midcap 100 index will down 0.65% and small
cap 100 index is closing down 0.53%.
At the start of intra-day trading, JUNE gold opened
at Rs.60779, fell from a high of Rs.60950 points to a low of Rs.60618 with a rise
of 126 points, a trend of around Rs.60631 and JUNE Silver opened at Rs.75692,
fell from a high of Rs.76009 points to a low of Rs.75170 with a rise of 327 points,
a trend of around Rs.775367.
Meanwhile, There are some clear
trends in the market now. Confidence and stability have returned to the market
helping Nifty to rise by 4.5% from the March lows. This, in turn, has been
facilitated mainly by the sustained buying by FIIs. The correlation between
eight straight days of FII buying and seven straight days of Nifty appreciation
is significant. Another trend is that beyond sectoral moves like strength in
banking and autos and weakness in IT, there are bouts of activity in individual
stocks. This stock-specific action triggered by results/news is likely to
gather momentum in the coming days. For equity markets, globally, today’s March
US inflation data is crucial since it will determine the Fed response in the
May policy meeting
Technically, the important key resistances are placed
in Nifty future are at 17863.35 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 17808– 17737 levels.
Immediate support is placed at 17909 – 17939 levels.
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