Dear
Trader…
Following mixed cues from the global markets and concern over
Q4 results, Indian equity indices ended flat in a volatile market on Thursday, as
gains from banking stocks were offset by losses in financial and IT counters.
BSE Sensex ended 65 points or 0.11% higher at 59,632, while
Nifty50 rose 6 points or 0.03% to settle at 17,655, bringing an end to their
three-day losing run. In the Sensex pack, Asian Paints, NTPC and Tata Motors
were the top gainers, rising over 1%. Bharti Airtel, L&T, SBI, Wipro and
Maruti also closed with gains. Whereas, HUL, Sun Pharma, Infosys, UltraTech
Cement and Bajaj Finance settled in the red. Shares of ICICI Securities fell
nearly 5% after Q4 results, while Tata Communication rose over 3% and Mastek
ended over 11% higher after March quarter results.
On the sectoral front, Nifty Consumer Durables rose 0.36% and
Nifty Bank surged 0.27%. Whereas, Nifty Pharma declined 1.11%, and Nifty Metal
fell 0.39%. In the broader market, Nifty Midcap50 increased 0.16%, while
Smallcap50 ended flat.
Global Markets –
Shares were mostly lower in Asia in narrow trading Thursday
after they barely budged on Wall Street following a mixed batch of earnings
reports from big US companies.
Tokyo’s Nikkei 225 added 0.2% to 28,657, while South Korea’s
Kospi lost 0.5% to 2,563 and the Shanghai Composite index declined 0.2% to
3,362.
European shares edged lower following a mixed bag of earnings
on Wall Street, while investors awaited more economic data from the euro zone
and corporate results to assess the strength of the region. The STOXX 600
slipped throughout morning trading and was last down 0.4%, with the auto sector
taking a hit, down 3.2% and the biggest loser across sectors.
Rupee Strengthens – The Indian rupee snapped a three-day losing streak on
Thursday, as most Asian currencies advanced against the dollar, with upcoming
US data releases and Federal Reserve commentary awaited. The rupee finished at
82.1475 per US dollar compared with 82.2250 in the previous session, having
declined about 0.45% over the past three days.
Crude price falls – Oil prices were down in Asian trade on Thursday as the US
dollar strengthened on rate-hike expectations and after recent economic data
from the US and China did not do enough to encourage expectations that demand
will improve.
Nifty
futures opened at 17681.10 points against the previous close of 17649.65 and opened
at a low of 17610.95 points. Nifty Future closed with an average movement of 114.05
points and a decline of around 6.15 points and 17655.80 points…!!
On
the NSE, the midcap 100 index will down 0.03% and small cap 100 index is
closing up 0.10%.
At
the start of intra-day trading, JUNE gold opened at Rs.60245 fell from a high
of Rs.60525 points to a low of Rs.60157 with a rise of 175 points, a trend of
around Rs.60463 and MAY Silver opened at Rs.75333, fell from a high of Rs.75950
points to a low of Rs.75011 with a rise of 338 points, a trend of around Rs.75810.
Meanwhile, The ongoing Q4 earnings season is the focus area of the market. It has a negative bias due to lower than anticipated initial results announced, in especially the IT sector, global market has been unsupportive due to expectation of another rate hike and mixed earnings released in the US. Given cautious global sentiment withdrawal by FIIs during the week has hampered the market trend.
Technically,
the important key resistances are placed in Nifty future are at 17707 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 17737 – 17808 levels. Immediate support is placed at 17606
– 17575 levels.
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