Dear
Trader…
Markets oscillated in a narrow range on the budget day and
settled marginally lower. The tone was
positive at the beginning however profit taking emerged around the previous
swing high. Consequently, Nifty future
surrendered all its gains and finally settled closer to the day’s low at
21,741.00 level. Meanwhile, a mixed trend on the sectoral front kept the
participants occupied wherein energy, auto and banking posted decent gains
while metal and realty traded under pressure.
Markets are not in a hurry for the next directional move and
the recent price action reaffirms our view. Traders have no option but to align
their positions accordingly and focus more on stock-specific trading approach.
Though we are seeing consistent outperformance from the broader indices despite
the overbought condition, we feel it is prudent to restrict exposure and prefer
only quality names.
Nifty futures
opened at 21800.15 points against the previous close of 21808.60 and opened at
a low of 21725.00 points. Nifty Future closed with an average movement of 195.00
points and a decline of around 67.60 points and 21741.00 points…!!
On the NSE,
the midcap 100 index will decline 0.56% and smallcap 100 index is closing rise 0.63%.
Speaking of various sectoral indices, the NSE saw gains in only PSU Bank, Auto,
Bank, FMCG, Private Bank and Financial Services stocks, while all other
sectoral indices closed lower.
At the start
of intra-day trading, February gold opened at Rs.62880, fell from a high of Rs.62924
points to a low of Rs.62660 with a decline of 284 points, a trend of around Rs.62674
and March Silver opened at Rs.72146, fell from a high of Rs.72146 points to a
low of Rs.71156.00 with a decline of 1017 points, a trend of around Rs.71230.
Meanwhile, The
FIIs as per Thursday’s data were net buyers in both equity and debt segments,
according to data released by the NSDL. In equity segment, the gross buying was
of Rs 25952.76 crore against gross selling of Rs 24212.61 crore. Thus, FIIs
stood as net buyers of Rs 1740.15 crore in equities.
In the debt
segment, the gross purchase was of Rs 3363.41 crore with gross sales of Rs
770.82 crore. Thus, FIIs stood as net buyers of Rs 2592.59 crore in debt. In
the hybrid segment, the gross buying was of Rs 47.09 crore against gross selling
of Rs 31.82 crore. Thus, FIIs stood as net buyers of Rs 15.27 crore in hybrid
segment.
Technically,
the important key resistances are placed in Nifty future are at 21787 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.
The securities quoted are for illustration only
and are not recommendatory.
Investment in securities market are subject to market
risks. Read Disclaimer and related all the documents carefully before
investing, mentioned on www.nikhilbhatt.in
