Dear
Trader…
Markets started the week with a cut amid mixed cues and lost
over half a percent. After the flat
start, Nifty slipped gradually lower and finally settled around the day’s low
at 21,696.00 level. Most sectors felt the heat wherein realty, metal, energy
and banking were among the top losers.
The banking index has retested its long term moving average
i.e. 200 DEMA and others are also witnessing profit taking now. It would be
difficult for Nifty to hold 21,606 in the prevailing scenario. We thus
recommend maintaining shorts as well and using any pause or rebound to reduce
longs.
Nifty futures opened at 21905.60 points against the previous
close of 21842.60 and opened at a low of 21662.00 points. Nifty Future closed
with
an average movement of 426.65 points and a decline of around 146.60 points and 21696.00
points…!!
On the NSE,
the midcap 100 index will decline 2.48% and smallcap 100 index is closing decline
4.01%. Speaking of various sectoral indices, the NSE saw gains in only IT,
Healthcare and Pharma stocks, while all other sectoral indices closed lower.
At the start
of intra-day trading, April gold opened at Rs.62240, fell from a high of Rs.62310
points to a low of Rs.62126 with a decline of 93 points, a trend of around Rs.62201
and March Silver opened at Rs.71023, fell from a high of Rs.71590 points to a low
of Rs.70970.00 with a rise of 740 points, a trend of around Rs.71514.
Meanwhile, The
FIIs as per Monday’s data were net buyers in equity segment, while they were
net sellers in debt segment, according to data released by the NSDL. In equity
segment, the gross buying was of Rs 14047.13 crore against gross selling of Rs
13716.81 crore. Thus, FIIs stood as net buyers of Rs 330.32 crore in equities.
In the debt
segment, the gross purchase was of Rs 1840.40 crore with gross sales of Rs
2540.15 crore. Thus, FIIs stood as net sellers of Rs 699.75 crore in debt. In
the hybrid segment, the gross buying was of Rs 26.31 crore against gross
selling of Rs 10.21 crore. Thus, FIIs stood as net buyers of Rs 16.10 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 21909 – 22008 levels. Immediate support is placed at 21606
– 21570 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
