Dear
Trader…
Markets traded volatile for yet another session and ended
marginally higher amid mixed cues. After the flat start, Nifty hovered in a
narrow range for most of the session however buying in select heavyweights
aided recovery in the final hour. Eventually, it settled at 21722.96; up by
0.49%. Meanwhile, a mixed trend on the sectoral front kept the participants
occupied wherein metal, IT and media were among the top performers. The broader
indices also traded in tandem wherein midcap managed to edge higher.
We are seeing a balancing act by select heavyweights amid the
mixed trend in banking and IT majors. And, indications are in the favor of
prevailing consolidation to continue in the index thus participants should
maintain their focus on stock selection and risk management.
Nifty
futures opened at 21579.80 points against the previous close of 21616.85 and
opened at a low of 21501.00 points. Nifty Future closed with an average
movement of 236.00 points and a rise of around 106.10 points and 21722.96
points…!!
On the NSE,
the midcap 100 index will rise 0.29% and small cap 100 index is closing decline
0.15%. Speaking of various sectoral indices only FMCG, PSU Bank, Realty and Financial
Services stocks were seen selling on the NSE, while all other sectoral indices
closed higher.
At the start
of intra-day trading, February gold opened at Rs.62230, fell from a high of Rs.62399
points to a low of Rs.62066 with a rise of 106 points, a trend of around Rs.62285
and March Silver opened at Rs.72204, fell from a high of Rs.72394 points to a
low of Rs.71806.00 with a rise of 43 points, a trend of around Rs.72090.
Meanwhile, India
will become the world’s third-largest economy by 2027-28, with its GDP
surpassing $5 trillion during that period, Finance Minister Nirmala Sitharaman
said on Wednesday at the Vibrant Gujarat Global Summit. The estimate that
India will be at least a $30 trillion economy by 2047 is a conservative
estimate, the Finance Minister said.
“We are not
only aiming to become a $30 trillion economy by 2047, but also aim to ensure
inclusive growth,” she explained. She emphasized that the nation’s goal extends
beyond achieving economic milestones, with a commitment to fostering inclusive
growth in the long term. The finance minister said India has received USD 919
billion in foreign direct investment in 23 years till 2023 as much as 65 per
cent or USD 595 billion of which came in the last 8-9 years of the Narendra
Modi government.
Technically, the important key resistances are placed in Nifty future are at 21770 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 21808 – 21880 levels. Immediate support is placed at 21606 – 21474 levels.
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