Dear
Trader…
Domestic
indices bounced back following its global peers after the US reported strong
jobs data. Nifty future opened higher and continued to strengthen through the
session to close near the day’s high levels with gains of 180 points (+1%) at
18310 levels. Almost all sectors ended in green with Realty, Auto, Financial
Services, and Banking being top gainers. Continued earnings momentum in banking
stocks and sustained credit growth at 15.9% led to a rally in Nifty Bank.
For the week,
we expect the market to continue with its positive structure dictated by
corporate earnings and consistent buying by FIIs. Investors would watch out for
economic cues such as inflation data of India, the US and China along with UK
GDP data and BoE interest rate during the week.
Nifty futures
opened at 18160.00 points against the previous close of 18129.70 and opened at
a low of 18147.00 points. Nifty Future closed with an average movement of 197.70
points and a rise of around 180.70 points and 18310.40 points…!!
On the NSE,
the midcap 100 index will rise 1.02% and small cap 100 index is closing rise
0.94%. Speaking of various sectoral indices only PSU Bank and Media stocks were
seen selling on the NSE, while all other sectoral indices closed higher.
At the start
of intra-day trading, June gold opened at Rs.60783, fell from a high of Rs.61000
points to a low of Rs.60776 with a rise of 357 points, a trend of around Rs.60985
and May Silver opened at Rs.77248, fell from a high of Rs.77400 points to a low
of Rs.76890, with a rise of 273 points, a trend of around Rs.77320.
The FIIs as
per Monday’s data were net buyers in both equity and debt segment, according to
data released by the NSDL. In equity segment, the gross buying was of Rs
16826.30 crore against gross selling of Rs 12973.69 crore. Thus, FIIs stood as
net buyers of Rs 3852.61 crore in equities.
In the debt
segment, the gross purchase was of Rs 995.89 crore against gross selling of Rs
224.34 crore. Thus, FIIs stood as net buyers of Rs 771.55 crore in debt. In the
hybrid segment, the gross buying was of Rs 32.22 crore against gross selling of
Rs 180.88 crore. Thus, FIIs stood as net sellers of Rs 148.66 crore in hybrid
segment.
Meanwhile, Traders
remained cautious amid a private report predicting that the risks to earnings
growth, which include the impact of the global economic slowdown, specifically
on the IT sector, as well as potential delays in rural revival and the
possibility of a peak in urban demand, are apparent in the market movements.
On the
sectoral front, chemicals companies stocks remained in watch, after the credit
rating agency, India Ratings and Research (Ind-Ra) in its latest report has
maintained a neutral outlook on the Indian chemicals sector for FY24, amid
robust domestic demand, comfortable profitability and strong balance sheets.
Besides, the rating agency maintained a Stable Rating Outlook on its rated
chemical portfolio for FY24.
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 – 18404 levels. Immediate support is placed at 18180
– 18008 levels.
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