Dear
Trader…
Market started the week with modest gains and hit new life
highs, gaining over half a percent. After the gap-up opening, Nifty future
traded lackluster in the narrow range and finally closed around the opening
range at 22611 levels. On the sectoral front, realty and metal performed well
while FMCG and Auto traded subdued. The broader indices outperformed the
benchmark, wherein smallcap gained over three percent while midcap closed
higher by one and a half percent.
We are now eyeing 22,808 in nifty thus participants should
maintain a “buy on dips” approach. We feel the participation of the banking
pack would continue to play a critical role in maintaining the prevailing
momentum, while others may play a supportive role on a rotational basis.
Traders should maintain a stock-specific approach and focus on the stocks which
are showing higher relative strength.
Nifty futures opened at 22539.94 points against the previous
close of 22488.20 and opened at a low of 22515.10 points. Nifty Future closed
with an average movement of 131.90 points and a rise of around 122.80 points
and 22611.00 points…!!
On the NSE, the midcap 100 index will rise 1.74% and small
cap 100 index is closing rise 3.26%. Speaking of various sectoral indices only,
Auto and FMCG 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.68699, fell from a high of Rs.69487
points to a low of Rs.68402 with a rise of 738 points, a trend of around Rs.68415
and May Silver opened at Rs.75450, fell from a high of Rs.76044 points to a low
of Rs.75450 with a rise of 550 points, a trend of around Rs.75598.
Meanwhile, The
country’s gross Good and Services Tax (GST) revenue for March 2024 jumped by
11.5 per cent over the same month of the previous year, to touch the
second-highest collection ever at Rs 1.78 lakh crore, data released by the
Finance Ministry on Monday showed. This surge was driven by a significant rise
in GST collection from domestic transactions at 17.6 per cent, reflecting the
increased level of economic activity during the month. GST revenue net of
refunds is Rs 1.65 lakh crore in March which represents a growth of 18.4 per
cent over the same month last year.
For the fully
financial year 2023-24 the total gross GST collection touched the significant
milestone of Rs. 20.14 lakh crore, an 11.7 per cent increase compared to the
previous year, according to the official figures. The average monthly
collection for this fiscal year ended on March 31, 2024 now stands Rs 1.68 lakh
crore, surpassing the previous year’s average of Rs 1.5 lakh crore. GST revenue
net of refunds as of March 2024 for 2023-24 is Rs 18.01 lakh crore which is a
growth of 13.4 per cent over the same period last year, the finance ministry
said.
Technically,
the important key resistances are placed in Nifty future are at 22707 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 22770 – 22808 levels. Immediate support is placed at 22570 –
22530 levels.
Past Performance is not an
Indicator of Future Returns. 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
