Dear
Trader…
Markets witnessed some respite after 3 days of decline and
gained over half a percent. Firm global cues triggered a gap-up start in Nifty,
followed by range bound movement till the end.
Meanwhile, a mixed trend on the sectoral front kept traders occupied
wherein FMCG, metal and energy edged higher while banking continued to reel
under pressure. The broader indices maintained their outperformance and gained
over a percent each.
Nifty has reclaimed its short term moving average but lacks
decisiveness. We reiterate our cautious view citing the prevailing
underperformance of the banking and eyeing the 21,707-21,808 zone to act as a
hurdle. Traders should continue stock-specific approach and prefer hedged
trades.
Nifty futures opened at 21627.00 points against the previous
close of 21527.45 and opened at a low of 21579.30 points. Nifty Future closed
with an average movement of 128.70 points and a rise of around 147.55 points
and 21675.00 points…!!
On the NSE,
the midcap 100 index will rise 1.52% and small cap 100 index is closing rise
1.09%. Speaking of various sectoral indices only Media, Private Bank and Bank 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.61876, fell from a high of Rs.62133
points to a low of Rs.61840 with a rise of 343 points, a trend of around Rs.62112
and March Silver opened at Rs.71461, fell from a high of Rs.71885 points to a
low of Rs.71461.00 with a rise of 205 points, a trend of around Rs.71820.
Meanwhile, The
Reserve Bank of India (RBI) sold $1.93 billion, on a net basis, in the spot
foreign exchange market in November, data released on Thursday as part of the
central bank’s monthly bulletin showed. The RBI said it purchased nearly $35
billion and sold $36.9 billion. In October, the central bank had sold a net of
$310 million in the spot market. The rupee depreciated by 0.2% against the
dollar over November, during which it hit a lifetime low of 82.42.
The RBI’s
net outstanding forward sales stood at $11.9 billion as of end-November,
compared with net forward sales of $$14.6 billion at the end of the previous
month, the data showed. The central bank intervenes in the spot and forwards
market to curb exchange rate volatility of the rupee.
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 – 21570 levels.
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