Dear
Trader…
Markets started the week with a cut and lost over half a
percent amid mixed cues. After the flat start, Nifty inched gradually lower as
the session progressed and finally settled around the day’s low at 22,404.10
level. Mostly sectors traded in sync with the move and closed in the red
wherein metal, banking and energy were among the top losers. The broader
indices traded mixed wherein smallcap shed ~2%.
The intermediate dip in the index after every uptick and
underperformance of the broader indices are making traders’ life difficult and
we feel it might continue due to mixed trends across the index majors. In the
present scenario, traders should avoid aggressive longs and prefer a hedged
approach.
Nifty futures opened at 22608.00 points against the previous
close of 22552.35 and opened at a low of 22392.50 points. Nifty Future closed
with an average movement of 215.50 points and a decline of around 148.25 points
and 22404.10 points…!!
On the NSE, the midcap 100 index will decline 0.39% and smallcap
100 index is closing
decline 1.99%. Speaking of various sectoral indices, the NSE saw gains in only Healthcare
and Pharma stocks, while all other sectoral indices closed lower.
At the start
of intra-day trading, April gold opened at Rs.66023, fell from a high of Rs.66139
points to a low of Rs.65900 with a rise of 28 points, a trend of around Rs.66051
and May Silver opened at Rs.74181, fell from a high of Rs.74449 points to a low
of Rs.74112 with a rise of 120 points, a trend of around Rs.74382.
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 26287.64 crore against gross selling of Rs 15699.03 crore. Thus, FIIs
stood as net buyers of Rs 10588.61 crore in equities.
In the debt
segment, the gross purchase was of Rs 5151.65 crore with gross sales of Rs
769.49 crore. Thus, FIIs stood as net buyers of Rs 4382.16 crore in debt. In
the hybrid segment, the gross buying was of Rs 194.03 crore against gross
selling of Rs 10.53 crore. Thus, FIIs stood as net buyers of Rs 183.50 crore in
hybrid segment.
Technically,
the important key resistances are placed in Nifty future are at 22474 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 22505 – 22575 levels. Immediate support is placed at 22303
– 22232 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
