Dear
Trader…
Markets made a firm start and gained over a percent, tracking
upbeat global cues. After the gap-up start, Nifty remained in a narrow range in
the first half however buying in select heavyweights pushed the index higher as
the session progressed. Consequently, it settled around the day’s high at
19723.60 levels. All sectors participated in the move wherein realty, IT and
auto were among the top performers. The broader indices also traded in sync and
gained nearly a percent each.
Nifty has decisively crossed the trend line hurdle and looks
set to test 19808 now. Interestingly, noticeable contributions from
heavyweights like Reliance, Infosys and TCS, which were on the sidelines,
largely fuelled the up move. And, we expect their participation to continue
thus reiterating our view to maintain a “buy on dips” approach and focus on
stock selection.
Nifty futures
opened at 19700.19 points against the previous close of 19497.15 and opened at
a low of 19637.00 points. Nifty Future closed with an average movement of 125.65
points and a rise of around 226.45 points and 19723.60 points…!!
On the NSE,
the midcap 100 index will rise 0.96% and small cap 100 index is closing rise
1.32%. Speaking of various sectoral indices, Realty, IT, Auto, Oil & Gas
and Metal stocks saw heavy gains on the NSE, while all other sectoral indices
also closed higher.
At the start
of intra-day trading, December gold opened at Rs.60166, fell from a high of Rs.60434
points to a low of Rs.60156 with a rise of 318 points, a trend of around Rs.60383
and December Silver opened at Rs.71794, fell from a high of Rs.72400 points to
a low of Rs.71721.00 with a rise of 789 points, a trend of around Rs.72382.
Meanwhile, Wholesale
price inflation (WPI) remained in the negative territory for the seventh month
in a row in October 2023 at (-) 0.52 per cent on easing prices of food items.
The negative rate of inflation in October, 2023, is primarily due to fall in
prices of chemicals and chemical products, electricity, textiles, basic metals,
food products, paper and paper products, etc. as compared to the corresponding
month of previous year.
The Component
wise, primary articles index, having weight of 22.62%, increased by 1.15% to
184.5 (provisional) in October, 2023 from 182.4 (provisional) for the month of
September, 2023. Prices of Minerals and Food Articles increased in October,
2023 as compared to September, 2023. Prices of Crude Petroleum & Natural
Gas and Non-food Articles declined in October, 2023 as compared to September,
2023.
Fuel &
Power index, having weight of 13.15%, increased by 0.65% to 154.1 (provisional)
in October, 2023 from 153.1 (provisional) in the month of September,
2023. Prices of Mineral Oils increased in October, 2023 as compared to
September, 2023. Prices of Electricity declined in October, 2023 as compared to
September, 2023.
Besides,
Manufactured Products constituting the major portion of the index with weight
of 64.23%, remained constant at 140.3 (provisional) in October, 2023 and
September, 2023. Meanwhile, for the month of August, 2023 the final Wholesale
Price Index and inflation rate for ‘All Commodities’ (Base Year: 2011-12=100)
stood at 152.5 and -0.46% respectively.
Technically, the important key resistances are placed in Nifty future are at 19770 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 19808 – 19880 levels. Immediate support is placed at 19676 – 19606 levels.
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