Dear
Trader…
Markets edged lower and lost over a percent, pressurized by
weakness in the select heavyweights. After the flat start, the Nifty plunged
sharply lower in the first half, followed by a gradual decline till the end.
And, it eventually settled around the day’s low at 21895.00 levels. All the key
sectors faced the heat wherein realty, energy and auto were among the top
losers. The broader indices too slipped lower and lost over 2% each.
Nifty has again reached its short term moving average i.e. 20
DEMA and a close below the 21,808 mark would change the bias. And, it may
result in further deterioration in the prevailing underperformance of the
broader indices. Traders should thus plan their exit in existing longs
accordingly and strictly avoid averaging to the loss-making positions. For
shorting opportunities, prefer the laggards from the respective sectors.
Nifty futures opened at 22196.85 points against the previous
close of 22203.05 and opened at a low of 21890.00 points. Nifty Future closed
with an average movement of 335.00 points and a decline of around 308.05 points
and 21895.00 points…!!
On the NSE, the midcap 100 index will decline 1.94% and smallcap
100 index is closing
decline 1.87%. Speaking of various sectoral indices, Media, PSU Bank, Realty,
Oil and Gas, Auto and Metal stocks saw heavy selling on the NSE, while all
other sectoral indices also closed lower.
At the start
of intra-day trading, April gold opened at Rs.62215, fell from a high of Rs.62258
points to a low of Rs.62077 with a decline of 151 points, a trend of around Rs.62150
and March Silver opened at Rs.68772, fell from a high of Rs.69121 points to a
low of Rs.68576.00 with a decline of 193 points, a trend of around Rs.68892.
Meanwhile, The
FIIs as per Wednesday’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 18357.35 crore against gross selling of Rs 16301.38 crore. Thus, FIIs
stood as net buyers of Rs 2055.97 crore in equities.
In the debt
segment, the gross purchase was of Rs 1506.97 crore with gross sales of Rs
326.73 crore. Thus, FIIs stood as net buyers of Rs 1180.24 crore in debt. In
the hybrid segment, the gross buying was of Rs 54.26 crore against gross
selling of Rs 41.98 crore. Thus, FIIs stood as net buyers of Rs 12.28 crore in
hybrid segment.
Technically,
the important key resistances are placed in Nifty future are at 21979 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 22008 – 22088 levels. Immediate support is placed at 21808
– 21737 levels.
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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
