Dear
Trader…
Amid weak global cues, Indian equity indices closed flat on
Friday as gains from IT and FMCG stocks were offset by losses in banking and
auto stocks. The BSE Sensex index ended 22 points or 0.04%
higher at 59,655, while Nifty50 ended above the 17,600 level.
From the Sensex pack, ITC, TCS, Wipro, Asian Paints and HCL
Tech were the top performers, rising 1-2%. HDFC, Kotak Bank, Infosys and Bajaj
Finance also closed higher. On the flip side, Tech Mahindra, Maruti, Tata
Steel, UltraTech Cement, Bajaj Finserv and Tata Motors also closed in the red.
However, the market received some support towards the closing
bell from the IT and FMCG sectors, facilitating its recovery.
Global Markets –
Global stocks struggled on Friday as investors pored over
economic data for clues on the likelihood of more interest rate hikes and
possible recession in the US as a new earnings season unfolded.
The MSCI all-country stock index was down 0.1%, though it remains
about 8% firmer for the year. The STOXX index of 600 European companies
remained slightly weaker after the PMI data, though still on track for the
fifth week of gains. Japan’s Nikkei touched an eight-month high and was on
track for a second consecutive weekly gain.
Rupee Strengthens – The Indian rupee ended marginally higher against the US
dollar on Friday amid tepid risk appetite, but snapped a four-week winning
streak, as rising bets of a US Federal Reserve rate hike boosted the dollar.
Brent futures for June delivery edged down by 4 cents, or 0.05%,
to $81.06 a barrel. West Texas Intermediate crude (WTI) for June delivery was
down 1 cent, or 0.01%, at $77.36.
Crude oil price falls – Oil prices were on track for a hefty weekly loss as economic
and interest rate uncertainty weighed, though prices were stable on Friday as
the euro zone recovery gathered pace unexpectedly.
Brent futures for June delivery edged down by 4 cents, or
0.05%, to $81.06 a barrel. West Texas Intermediate crude (WTI) for June
delivery was down 1 cent, or 0.01%, at $77.36.
Nifty
futures opened at 17650.00 points against the previous close of 17655.80 and opened
at a low of 17583.00 points. Nifty Future closed with an average movement of 107.00
points and a decline of around 1.50 points and 17650.00 points…!!
On
the NSE, the midcap 100 index will down 0.42% and small cap 100 index is
closing up 0.34%.
At
the start of intra-day trading, JUNE gold opened at Rs.60381 fell from a high
of Rs.60476 points to a low of Rs.59939 with a decline of 477 points, a trend
of around Rs.60026 and MAY Silver opened at Rs.75303, fell from a high of Rs.75397
points to a low of Rs.74680 with a decline of 376 points, a trend of around Rs.75125.
Meanwhile, Mounting
uncertainty in both global and domestic markets has kept Indian equities highly
volatile. Weak signals of a softening job market and declining manufacturing
activity in the US have raised fears of a possible recession. Despite the RBI MPC’s
unanimous decision to pause rates, its minutes revealed that its members
continue to hold concerns about high inflation.
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 17570 – 17474 levels.
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