Dear
Trader…
Benchmark indices NSE Nifty and BSE Sensex extended losses on
Tuesday and settled in the red. The NSE Nifty 50 fell 46.7 points or 0.26% to
17,660.15 and BSE Sensex plunged 183.74 points or 0.31% to 59,727.01. In
sectoral indices, Bank Nifty rose 2.65 points or 0.01% to 42,265.20 and Nifty
IT jumped 158.75 points or 0.59% to 27,166.95. The top gainers on Nifty 50 were
Coal India, Maruti, Sun Pharma, Hindalco and UPL while the top losers were
Power Grid, UltraTech Cement, Adani Enterprises, Apollo Hospital and Titan. Fall
in index major Reliance Industries, HDFC Bank and ICICI Bank also dented
sentiment.
The banking stocks pared their performance during the day
while the market was grappling with the sell-off in the IT sector. However, the
IT sector experienced a marginal relief rally, aided by bottom fishing, as the
recent correction has made the sector attractive for long-term investment. The
pharma sector also bucked the negative trend due to an improvement in outlook
along with strong movements in mid and small-cap stocks.
Global Markets –
Global markets struggled to make much headway on Tuesday as
investors weighed Chinese data that pointed to an uneven recovery, as well as
the possibility of further policy tightening by the Federal Reserve and other
central banks.
In
Asian markets, Seoul and Hong Kong ended lower, while Japan Shanghai settled
with gains.
European
markets were trading with gains during the afternoon trade. The US markets had
ended in positive territory on Monday.
Meanwhile, global oil benchmark Brent crude dipped 0.12 per
cent to USD 84.66 per barrel. Foreign portfolio investors (FPIs) offloaded
equities worth Rs 533.20 crore on Monday, according to exchange data.
Nifty
futures opened at 17775.00 points against the previous close of 17760.10 and
opened at a low of 17652.85 points. Nifty Future closed with an average movement
of 128.00 points and a decline of around 47.75 points and 17709.05 points…!!
On
the NSE, the midcap 100 index will down 0.29% and small cap 100 index is
closing down 0.22%.
At
the start of intra-day trading, JUNE gold opened at Rs.60229 fell from a high
of Rs.60445 points to a low of Rs.60200 with a rise of 196 points, a trend of
around Rs.60376 and MAY Silver opened at Rs.74936, fell from a high of Rs.75240
points to a low of Rs.74716 with a rise of 121 points, a trend of around Rs.74933.
Meanwhile, Indian
equity markets fell as much as 0.6% on Tuesday after a report claimed that the
Indian government has been planning to hike tax levied on capital gains. The
report from Bloomberg noted that a panel or committee may be appointed to build
on proposals submitted to the Finance Ministry in 2019 and the policy will
likely be implemented in 2024 if the government returns to power.
The banking stocks pared the performance during the day while
the market was grappling with the sell-off in the IT sector. However, the IT
sector experienced a marginal relief rally, aided by bottom fishing, as the
recent correction has made the sector attractive for long-term investment.
Technically, the important key resistances are placed
in Nifty future are at 17709 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 – 17570 levels.
Immediate support is placed at 17838 – 17880 levels.
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