Dear
Trader…
Markets started the week with modest gains amid volatility,
in continuation of the recent pause. After the initial downtick, Nifty
oscillated sharply in a range and finally settled at 22,134 levels. Meanwhile, a mixed trend on the sectoral
front kept the traders occupied wherein metal, auto and energy were among the
top gainers while IT and FMCG witnessed profit taking. The broader indices
edged lower after two days of rebound and lost nearly half a percent each.
The recent price action in Nifty shows indecisiveness among
the participants and frequent breakout failures on the stock-specific front
further adding to their worries. We thus feel it is prudent to limit positions
in the current scenario and wait for clarity over the next directional move.
Nifty futures opened at 22143.94 points against the previous
close of 22133.20 and opened at a low of 22018.25 points. Nifty Future closed
with an average movement of 201.65 points and a rise of around 0.80 points and 22134.00
points…!!
On the NSE, the midcap 100 index will decline 0.39% and small
cap 100 index is closing decline 0.57%. Speaking of various sectoral indices
only IT, FMCG, Private Bank, Financial Services and Bank 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.65348, fell from a high of Rs.65650
points to a low of Rs.65180 with a rise of 95 points, a trend of around Rs.65637
and May Silver opened at Rs.75400, fell from a high of Rs.75770 points to a low
of Rs.75184 with a rise of 62 points, a trend of around Rs.75712.
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 50330.25 crore against gross selling of Rs 49557.16 crore. Thus, FIIs
stood as net buyers of Rs 773.09 crore in equities.
In the debt
segment, the gross purchase was of Rs 3100.90 crore with gross sales of Rs
2145.02 crore. Thus, FIIs stood as net buyers of Rs 955.88 crore in debt. In
the hybrid segment, the gross buying was of Rs 321.72 crore against gross
selling of Rs 309.98 crore. Thus, FIIs stood as net buyers of Rs 11.74 crore in
hybrid segment.
Technically,
the important key resistances are placed in Nifty future are at 22303 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 22373 – 22404 levels. Immediate support is placed at 22088 –
22008 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
/ trading, mentioned on www.nikhilbhatt.in
