Dear
Trader…
Markets started
the week on a firm note and gained nearly a percent, in continuation of the
recent rebound. After the gap-up start,
Nifty oscillated in a narrow range for most of the day and finally settled
around the day’s high at 19484 levels.
All the key sectors contributed to the move wherein metal, energy and
pharma gained over a percent each. The broader indices also traded in tandem
and rose in the range of 0.9%-1.3%.
Markets are
largely mirroring the rebound of the US markets and look set to test the hurdle
at 19,505 in Nifty. Going ahead,
sustainability of the positive tone on the global front combined with improved
participation from the banking pack would be critical. Meanwhile, we maintain
our view to stay focused on stock selection.
Nifty futures
opened at 19429.00 points against the previous close of 19303.60 and opened at
a low of 19385.00 points. Nifty Future closed with an average movement of 107.50
points and a rise of around 180.40 points and 19484.00 points…!!
On the NSE,
the midcap 100 index will rise 0.88% and small cap 100 index is closing rise
1.39%. Speaking of various sectoral indices only PSU Bank and Consumer Durables
stocks were seen selling on the NSE, while all other sectoral indices closed
higher.
At the start
of intra-day trading, December gold opened at Rs.60847, fell from a high of Rs.60934
points to a low of Rs.60755 with a decline of 122 points, a trend of around Rs.60898
and December Silver opened at Rs.72230, fell from a high of Rs.72388 points to
a low of Rs.72010, with a rise of 57 points, a trend of around Rs.72309.
Meanwhile, Optimism
continued as soft US payroll data and expectations of moderation in monetary
tightening by the Fed supported the sentiment. Since most of the headwinds are
global in nature, investor sentiment has shifted to domestic-oriented
businesses, where festive demand is healthy. So far, the spread of earnings in
Q2 has been decent and brings more attention to capital goods, financials, and
auto stocks. We expect H2FY24 will also continue the momentum, however, the
tailwinds on margins are likely to moderate due to the recent uptick in
commodity prices.
Technically, the important key resistances are placed in Nifty future are at 19505 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 19570 – 19606 levels. Immediate support is placed at 19404 – 19373 levels.
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