Dear
Trader…
Markets resumed a corrective tone after the recent breather
and lost over a percent. After the gap-down opening, Nifty future inched
gradually lower as the day progressed and finally settled at 21,883.60 levels.
All the key sectors settled in the red wherein IT, pharma and FMCG were among
the top losers. The broader indices also felt the heat and lost over a percent
each.
Nifty future has slipped below the crucial support zone of
the previous swing low i.e. 21,909 level and we are now eyeing 21,606. Traders
should continue with the “sell on rise” approach but avoid aggressive trades
citing the upcoming outcome of the US Fed meet.
Nifty futures opened at 22070.00 points against the previous
close of 22135.45 and opened at a low of 21868.00 points. Nifty Future closed
with an average movement of 226.00 points and a decline of around 251.85 points
and 21883.60 points…!!
On the NSE, the midcap 100 index will decline 1.24% and smallcap
100 index is closing
decline 1.19%. Speaking of various sectoral indices, IT, Media, Pharma, FMCG
and Oil and Gas 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.65609, fell from a high of Rs.65719
points to a low of Rs.65375 with a decline of 114 points, a trend of around Rs.65494
and May Silver opened at Rs.75575, fell from a high of Rs.755719 points to a
low of Rs.74995 with a rise of 199 points, a trend of around Rs.75297.
Meanwhile, The
FIIs as per Tuesday’s data were net sellers in both equity and debt segments,
according to data released by the NSDL. In equity segment, the gross buying was
of Rs 11281.72 crore against gross selling of Rs 12448.39 crore. Thus, FIIs
stood as net sellers of Rs 1166.67 crore in equities.
In the debt
segment, the gross purchase was of Rs 1463.15 crore with gross sales of Rs
2244.48 crore. Thus, FIIs stood as net sellers of Rs 781.33 crore in debt. In
the hybrid segment, the gross buying was of Rs 68.60 crore against gross
selling of Rs 84.53 crore. Thus, FIIs stood as net sellers of Rs 15.93 crore in
hybrid segment.
Technically,
the important key resistances are placed in Nifty future are at 21939 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 21676 – 21606 levels.
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and are not recommendatory.
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