Dear
Trader…
Market started the week on an upbeat note and gained nearly a
percent, in continuation to Friday’s move.
The IT majors were on the front foot at the opening trade and the move
further cascaded to select heavyweights from the banking and energy basket as
the day progressed. Consequently, the Nifty future index settled around the
day’s high at 22,140.50 level. The broader indices also inched higher and
posted modest gains.
Nifty may take a breather around 22,202 however the tone is
likely to remain positive. We are closely eyeing the performance of banking
majors for cues as others have done their part in the recent surge. A decisive
break above 48,404 in the banking index could prompt the index to a newer high.
Amid all, we thus suggest continuing with a “buy on dips” approach, with a
focus on stock selection.
Nifty futures opened at 22050.19 points against the previous
close of 21947.00 and opened at a low of 21995.00 points. Nifty Future closed
with an average movement of 154.90 points and a rise of around 193.50 points
and 22140.50 points…!!
On the NSE,
the midcap 100 index will rise 0.68% and small cap 100 index is closing rise
0.42%. Speaking of various sectoral indices only Media and Metal 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.62502, fell from a high of Rs.62646
points to a low of Rs.62501 with a rise of 168 points, a trend of around Rs.62530
and March Silver opened at Rs.72796, fell from a high of Rs.72842 points to a
low of Rs.72580.00 with a rise of 162 points, a trend of around Rs.72642.
Meanwhile, The
FIIs as per Monday’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 11076.76 crore against gross selling of Rs
11507.49 crore. Thus, FIIs stood as net sellers of Rs 430.73 crore in equities.
In the debt
segment, the gross purchase was of Rs 3094.45 crore with gross sales of Rs
481.62 crore. Thus, FIIs stood as net buyers of Rs 2612.83 crore in debt. In
the hybrid segment, the gross buying was of Rs 66.73 crore against gross
selling of Rs 24.37 crore. Thus, FIIs stood as net buyers of Rs 42.36 crore in
hybrid segment.
Technically, the important key resistances are placed in Nifty future are at 22188 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 22202 – 22272 levels. Immediate support is placed at 22008 – 21909 levels.
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