Dear
Trader…
Market ended a 2-week long consolidation phase on Friday and
gained over a percent. Buoyancy in the IT heavyweights triggered a firm start,
which further strengthened with buying in heavyweights across sectors.
Consequently, the Nifty future index settled around the day’s high at
21,968.95; up by 1.34%. Apart from the IT pack, realty and PSU also posted
decent gains while auto and pharma traded subdued. Amid all, the broader
indices underperformed the benchmark but still managed to end with modest
gains.
We are now eyeing 22,088 in Nifty however selective
participation from banking could keep the momentum in check. We suggest
focusing on other key sectors and using any pause or dip to accumulate quality
names. Needless to say, the volatility would remain high due to earnings and
mixed global cues so plan the overnight trades accordingly.
Nifty futures opened at 21745.00 points against the previous
close of 21678.45 and opened at a low of 21731.00 points. Nifty Future closed
with an average movement of 264.00 points and a rise of around 290.50 points
and 21968.95 points…!!
On the NSE,
the midcap 100 index will rise 0.37% and small cap 100 index is closing rise
0.44%. Speaking of various sectoral indices only Media, Healthcare, Auto and
Pharma 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.61925, fell from a high of Rs.62546
points to a low of Rs.61925 with a rise of 662 points, a trend of around Rs.62450
and March Silver opened at Rs.71861, fell from a high of Rs.72273 points to a
low of Rs.71715.00 with a rise of 843 points, a trend of around Rs.72197.
Meanwhile, The
FIIs as per Friday’s data were net sellers in equity segment, while they were
net buyers in debt segment, according to data released by the NSDL. In
equity segment, the gross buying was of Rs 11673.48 crore against gross selling
of Rs 12448.94 crore. Thus, FIIs stood as net sellers of Rs 775.46 crore in
equities.
In the debt
segment, the gross purchase was of Rs 1621.70 crore with gross sales of Rs
718.29 crore. Thus, FIIs stood as net buyers of Rs 903.41 crore in debt.In the
hybrid segment, the gross buying was of Rs 40.76 crore against gross selling of
Rs 22.48 crore. Thus, FIIs stood as net buyers of Rs 18.28 crore in hybrid
segment.
Technically, the important key resistances are placed in Nifty future are at 22008 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 22088 – 22108 levels. Immediate support is placed at 21880 – 21808 levels.
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