Dear
Trader…
Nifty future opened
lower and saw some profit booking amid volatility. The index closed with a loss
of 164 points at 18129 levels. HDFC twins were major losers today, dragging
benchmark and Banking indices down. The majority of the sectors ended in red.
Despite weak global markets, Indian equities remained resilient on the back of
positive economic data, Healthy Q4FY23 results, and FIIs turning net buyers.
FIIs bought more than Rs10k in the last six trading sessions.
After the
sharp rise in the last few days, Nifty future is now consolidating around 18008-18303
zones. While the overall market structure remains positive, expect Nifty future
to consolidate in the near term on the back of subdued global cues and profit
booking in index heavyweights. Next week market would also take cues from
inflation, state election outcome and ongoing earning season.
Nifty futures
opened at 18180.00 points against the previous close of 18180.00 and opened at
a low of 18115.00 points. Nifty Future closed with an average movement of 152.75
points and a decline of around 164.95 points and 18129.70 points…!!
On the NSE,
the midcap 100 index will decline 0.70% and smallcap 100 index is closing decline
0.82%. Speaking of various sectoral indices, the NSE saw gains in only, Consumer
Durables, Auto and FMCG stocks, while all other sectoral indices closed lower.
At the start
of intra-day trading, June gold opened at Rs.61566, fell from a high of Rs.61629
points to a low of Rs.61187 with a decline of 303 points, a trend of around Rs.61190
and July Silver opened at Rs.78100, fell from a high of Rs.78292 points to a
low of Rs.77750, with a decline of 221 points, a trend of around Rs.77817.
Meanwhile, Domestic
sentiments got boost amid a private report stating that India’s exports of
goods and services could touch $900 billion in the current financial year, up
from $770 billion in the previous year, keeping resilient despite global
headwinds. Key gauges extended gains in late afternoon deals, taking support
from another private report stating that as many as 163 Indian companies have
invested more than $40 billion in the United States so far which has created nearly
425,000 jobs in the country.
However,
markets witnessed some selling in afternoon deals, as Traders turned cautious
with private report that the Centre has advised states to be prepared for worst
situation and ensure adequate availability of seeds for kharif sowing season in
case of less rainfall, amid concerns over possible impact of evolving El Nino
conditions on monsoon rains. Meanwhile, a Reserve Bank report said India’s
green financing requirement is estimated to be at least 2.5 per cent of GDP
annually till 2030. The country aims to achieve net zero emissions target by
2070.
Technically, the important key resistances are placed in Nifty future are at 18303 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 18373 – 18474 levels. Immediate support is placed at 18088 – 18008 levels.
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