Dear
Trader…
During the day, the Nifty50 surpassed the
19000 mark for the first time ever and hit a high of 19009.95 points. The BSE
Sensex, which surged past the 64000 mark to a high of 64050.44 points during
the day, also closed shy of that level at 63915.42 points, gaining 0.8%.In
three sessions, investors turned wealthier by more than Rs 3 lakh crore, and
the bulls are still counting money. The BSE Sensex, which surged past the 64000
mark to a high of 64050.44 points during the day, also closed shy of that level
at 63915.42 points, gaining 0.8%.
1)
F&O Expiry – The upside breakout by indices made room for
traders to cover short positions ahead of the expiry of the June derivative
contract, which partly aided the rally in the market. The rollovers to the July
series of Nifty 50 have been above the 3-month average and largely on the long
side.
2) FII Buying –FIIs have been one of
the main driving forces of the recent rally in the market, amid increasing
faith in the domestic growth prospects in the backdrop of a subdued global
environment. So far in June, they have poured in more than $3 billion into
Indian equities. In four months, they have net invested over $11 billion, which
is about half of the total investment made by them in 2020.
3) Monsoon Spirits – After seeing
below-normal monsoon in the first half of June, India finally witnessed
above-normal rainfall on Tuesday.
4) Index Contributors – In terms of
sectors, information technology, metals, and consumer discretionary stocks were
among the top gainers in trade on Wednesday. Apart from Nifty Bank, Nifty
Financial Services also hit a lifetime high.
5) Adani Stocks – The Adani Group stocks
outperformed the market, buoyed by news of additional investment by GQG
Partners.
6) Global Markets – Positive trends in
global markets have also contributed to the gains in the domestic market. Improving
economic indicators in the US and indications of likely stimulus measures by
China have propelled sentiment globally.
Nifty
futures opened at 18850.50 points against the previous close of 18811.20 and
opened at a low of 18845.30 points. Nifty Future closed with an average
movement of 164.60 points and a rise of around 155.10 points and 18966.30
points…!!
On the
NSE, the midcap 100 index will rise 0.63% and small cap100 index is closing rise
0.35%.
At the
start of intra-day trading August gold opened at Rs.58176 fell from a high of
Rs.58198 points to a low of Rs.57945 with a decline of 114 points, a trend of
around Rs.57993 and JULY Silver opened at Rs.69569, fell from a high of Rs.69580
points to a low of Rs.68700 with a decline of 384 points, a trend of around Rs.68957.
Meanwhile, India shines as an attractive destination
for investors from across the globe, offering steady growth, falling inflation,
better external trade/services situation, improving corporate earnings
trajectory, prudent growth-enhancing , and fiscal policies. Most money managers
have held their bullish view on Indian equities and expect the current market
momentum to sustain.
Technically, the
important key resistances are placed in july Nifty future are at 19072 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 19109 – 19180 levels. Immediate support is placed at 18939 –
18880 levels.
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