Dear
Trader…
The Indian
equity market has started the session on a mild note taking cues from mixed
global bourses. The benchmark index refrained from continuing its northward
journey and took a blip in the second half of the session, which pared down the
initial gains and had a muted closing. Amidst the hustle, the Nifty future
index concluded the day on a subdued note at 18306 with a mere loss of 0.02
percent.
Meanwhile, we
remain sanguine on the market with a bullish undertone. Also, one needs to keep
a close tab on the mentioned levels and utilize declines to add long in the
system. Simultaneously, individual pockets are comparatively performing well,
and traders need to focus on the stock-specific approach to gauge trading
opportunities.
Nifty futures
opened at 18335.60 points against the previous close of 18310.40 and opened at
a low of 18270.15 points. Nifty Future closed with an average movement of 118.70
points and a decline of around 4.00 points and 18306.40 points…!!
On the NSE,
the midcap 100 index will rise 0.04% and smallcap 100 index is closing decline 0.05%.
Speaking of various sectoral indices, the NSE saw gains in IT, Auto, Pharma, Healthcare,
Oil & Gas and PVT Bank stocks, while all other sectoral indices closed
lower.
At the start
of intra-day trading, June gold opened at Rs.60910, fell from a high of Rs.61350
points to a low of Rs.60905 with a rise of 342 points, a trend of around Rs.61269
and July Silver opened at Rs.77173, fell from a high of Rs.77325 points to a
low of Rs.76666, with a rise of 54 points, a trend of around Rs.77133.
Meanwhile, Some
support also came as data available with the depositories showed Foreign
portfolio investors (FPIs) continue to be buyers of Indian equities in May and
invested Rs 10,850 crore in the last four trading sessions due to the country’s
stable macroeconomic environment, robust GST collection and
better-than-expected corporate quarterly earnings. This came following a net
infusion of Rs 11,630 crore in equities in April and Rs 7,936 crore in March.
Markets extended gains in second half of trading session to settle near day’s
high points,
taking support
from a private report that India will likely grow at a moderate pace between 6
per cent and 6.5 per cent in FY2023-24 while the global economy continues to
struggle. It further noted that growth in the next year will likely pick up as
investment kickstarts the virtuous circle of job creation, income,
productivity, demand, and exports supported by favourable demographics in the
medium term.
Some solace
came as the Reserve Bank of India said India’s foreign exchange reserves jumped
$4.532 billion to $588.78 billion for the week ended April 28. The overall
reserves had dropped $2.164 billion to $584.248 billion in the previous
reporting week.
Technically,
the important key resistances are placed in Nifty future are at 18373 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 18404 – 18474 levels. Immediate support is placed at 18180
– 18080 levels.
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