Dear
Trader…
Markets started the week on a subdued note and shed nearly
half a percent. After the flat opening, the Nifty oscillated in a narrow range
however a sharp dip in the final hours pushed the index lower. Meanwhile,
traction continued in pharma, auto and energy packs while FMCG, financials and
IT were slightly on the back foot. It was a muted session for the broader
indices too as both ended flat.
Indications are in favor of consolidation to continue and
expect Nifty to respect the 21606 zone, in case the profit taking extends. Interestingly, the prevailing buoyancy in the
PSU pack and broader indices has not been impacted so far but we feel traders
should now maintain caution while chasing the momentum and keep an exit plan in
place.
Nifty
futures opened at 21925.00 points against the previous close of 21951.40 and
opened at a low of 21765.00 points. Nifty Future closed with an average
movement of 271.30 points and a decline of around 164.40 points and 21787.00
points…!!
On the NSE,
the midcap 100 index will decline 0.14% and smallcap 100 index is closing rise 0.26%.
Speaking of various sectoral indices, the NSE saw gains in only Pharma,
Healthcare, Oil and Gas, Auto, Realty and Metal stocks, while all other
sectoral indices closed lower.
At the start
of intra-day trading, April gold opened at Rs.62493, fell from a high of Rs.62525
points to a low of Rs.62210 with a decline of 270 points, a trend of around Rs.62292
and March Silver opened at Rs.70776, fell from a high of Rs.71030 points to a
low of Rs.70580.00 with a decline of 499 points, a trend of around Rs.70709.
Meanwhile, The
FIIs as per Monday’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 15613.80 crore against gross selling of Rs 15385.32 crore. Thus, FIIs
stood as net buyers of Rs 228.48 crore in equities.
In the debt
segment, the gross purchase was of Rs 5307.30 crore with gross sales of Rs
2406.91 crore. Thus, FIIs stood as net buyers of Rs 2900.39 crore in debt. In
the hybrid segment, the gross buying was of Rs 20.50 crore against gross
selling of Rs 19.03 crore. Thus, FIIs stood as net buyers of Rs 1.47 crore in
hybrid segment.
Technically, the important key resistances are placed in Nifty future are at 21808 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 21880 – 21939 levels. Immediate support is placed at 21676 – 21606 levels.
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