Dear
Trader…
Indian benchmark equity indices reversed
their early gains and closed in the red after inching closer to fresh record
highs on Monday, amid profit-taking at higher valuations, and being dragged by
banking, financial, and auto stocks. Broader peers, however, extended their
rally to log record levels.
The 30-share BSE benchmark Sensex declined
216 points or 0.34% to settle at 63,168. The broader NSE Nifty dropped 70
points or 0.37% to end at 18,755.
Among Sensex stocks, Kotak Mahindra Bank,
Axis Bank, NTPC, HUL, ICICI Bank, and Bharti Airtel closed lower. On the other
hand, Bajaj Finance, Bajaj Finserv, Tech Mahindra, TCS, Sun Pharma and Titan
ended with gains.
Sector-wise, Nifty Private Bank declined
0.89%, and Nifty Auto fell 0.62%. Nifty FMCG and Nifty Realty also closed
lower. In the broader market, Nifty Midcap100 and Smallcap100 hit their new
52-week highs, rising 0.04% and 0.27%, respectively.
The market breadth was skewed in the favour
of the bears. About 1,990 stocks declined, 1,669 gained, and 168 remained
unchanged on the BSE.
Global Markets –
Global shares drifted on Monday, consolidating
gains after hitting a 14-month high last week, as investors awaited testimony
from US Federal Reserve Chair Jerome Powell in markets that remain dominated by
monetary policy bets.In Europe, the Stoxx 600 share index fell 0.5% in
early trading.
In Asia, Japan’s Nikkei tumbled 1%, edging
down from three-decade highs. Chinese blue chips fell 0.9%, while Hong Kong’s
Hang Seng index slumped 1.2%, as investors’ hopes of forceful economic stimulus
from Beijing were dashed by the lack of concrete details from a cabinet meeting
on Friday.
Nifty
futures opened at 18920.00 points against the previous close of 18899.15 and
opened at a low of 18789.15 points. Nifty Future closed with an average
movement of 134.30 points and a decline of around 58.95 points and 18840.20
points…!!
On the
NSE, the midcap 100 index will rise 0.04% and small cap100 index is closing rise
0.27%.
At the
start of intra-day trading August gold opened at Rs.59272 fell from a high of
Rs.59370 points to a low of Rs.59153 with a decline of 189 points, a trend of
around Rs.59165 and JULY Silver opened at Rs.72540, fell from a high of Rs.72977
points to a low of Rs.72414 with a decline of 161 points, a trend of around Rs.72527.
Meanwhile,
Indian equities shied
away from closing at all-time high levels amid profit booking, primarily driven
by private banks. Global markets also took a breather after a strong rally last
week as investors looked forward to China’s rate decision and the Fed chair’s
testimony, Indian equities started the week on a steady note. Near the
record levels, bearish divergence in RSI and weakness of the banking counters
dragged the Index lower to end the session.
Technically, the
important key resistances are placed in Nifty future are at 18840 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 18880 – 18939 levels. Immediate support is placed at 18787 –
18707 levels.
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