Dear
Trader…
Markets took a breather after Tuesday’s slide and gained
nearly a percent amid volatility. The tone was negative at the beginning
however rebound in the select heavyweights not only capped the decline but also
helped the Nifty future to close in the green.
Meanwhile, a mixed trend continued on the sectoral front wherein metal,
energy, and IT performed well while banking and realty ended subdued. The
broader indices also witnessed some recovery and managed to gain over one and a
half percent each.
The Election commission has announced the tentative date of
Lok Sabha Polls, which will be tentatively held on April 16th.In terms of the
global events there was a standout speech by Gita Gopinath of IMF to not be
much optimistic of aggressive rate cuts by the FED in 2024, at the time when
consumer inflation in the US remains to be much higher than the FED target of
2%. FII continued to be sellers in the market this week.
We expect the domestic and FPI volumes to remain tepid during
truncated week , as most long only investors to stay defensive and wait for
clear trading trends to emerge in the last week of January . The coming week
will also be event heavy with multiple results and the interim budget on
Thursday 1st Feb.
Nifty futures opened at 21160.00 points against the previous
close of 21194.25 and opened at a low of 21141.00 points. Nifty Future closed
with an average movement of 364.00 points and a rise of around 294.65 points
and 21488.90 points…!!
On the NSE,
the midcap 100 index will rise 1.83% and small cap 100 index is closing rise 1.72%.
Speaking of various sectoral indices only Private 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.61994, fell from a high of Rs.62195
points to a low of Rs.61939 with a rise of 195 points, a trend of around Rs.62163
and March Silver opened at Rs.70754, fell from a high of Rs.71190 points to a
low of Rs.70731.00 with a rise of 44 points, a trend of around Rs.70860.
Meanwhile, The
FIIs as per Wednesday’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 26680.79 crore against
gross selling of Rs 29387.99 crore. Thus, FIIs stood as net sellers of Rs
2707.20 crore in equities. In the debt segment, the gross purchase was of Rs
1595.45 crore with gross sales of Rs 846.84 crore. Thus, FIIs stood as net
buyers of Rs 748.61 crore in debt.In the hybrid segment, the gross buying was
of Rs 75.65 crore against gross selling of Rs 70.32 crore. Thus, FIIs stood as
net buyers of Rs 5.33 crore in hybrid segment.
Technically, the important key resistances are placed in Nifty future are at 21505 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 21533 – 21606 levels. Immediate support is placed at 21303 – 21188 levels.
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