Dear
Trader…
Markets traded volatile for yet another session but ended
with decent gains. The tone was negative in the first half, tracking weak
global cues, however resilience in banking combined with sharp recovery in the
IT and FMCG majors completely changed the mood as the day progressed.
Eventually, Nifty future settled around the day’s high at 22,602.00 levels. Among
the sectoral indices, banking, financials and pharma put up a good show while
realty and metal witnessed profit taking. Meanwhile, underperformance continued
on the broader front wherein smallcap shed nearly 2%.
The rotational buying across sectors is helping the index to
maintain a positive tone and we are eyeing 22,737 in Nifty. However, the
distribution on the broader front can’t be ignored. We thus reiterate our
preference for index majors and large midcaps for long trades and suggest
reducing exposure to the smallcap counters.
Nifty futures opened at 22398.00 points against the previous
close of 22433.25 and opened at a low of 22322.00 points. Nifty Future closed
with an average movement of 283.00 points and a rise of around 168.75 points
and 22602.00 points…!!
On the NSE, the midcap 100 index will decline 0.52% and small
cap 100 index is closing decline 1.96%. Speaking of various sectoral indices, Media,
Realty, Oil and Gas and Metal stocks were seen selling on the NSE, while all
other sectoral indices closed higher.
At the start
of intra-day trading, April gold opened at Rs.64702, fell from a high of Rs.64917
points to a low of Rs.64679 with a rise of 14 points, a trend of around Rs.64859
and March Silver opened at Rs.73203, fell from a high of Rs.73564 points to a
low of Rs.73022 with a rise of 76 points, a trend of around Rs.73450.
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 14304.65 crore against gross selling
of Rs 14526.00 crore. Thus, FIIs stood as net sellers of Rs 221.35 crore in
equities.
In the debt
segment, the gross purchase was of Rs 1952.09 crore with gross sales of Rs
1154.75 crore. Thus, FIIs stood as net buyers of Rs 797.34 crore in debt. In
the hybrid segment, the gross buying was of Rs 74.62 crore against gross
selling of Rs 35.87 crore. Thus, FIIs stood as net buyers of Rs 38.75 crore in
hybrid segment.
Technically,
the important key resistances are placed in Nifty future are at 22676 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 22707 – 22737 levels. Immediate support is placed at 22474 –
22404 levels.
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