Dear Trader…
Market traded volatile for yet another session and ended on a flat note, tracking mixed cues. Weak global markets triggered a gap-down start however buying in select heavyweights pared losses in no time. Consequently, Nifty future retested yesterday’s high also but failed to surpass the same and eventually closed at 22,546.80 levels. Meanwhile, the sectoral indices also traded mixed wherein IT and financial services edged higher while realty and FMCG closed in the red.
The prevailing resilience in the index amid weak global cues shows that bulls are in control and we expect the tone to strengthen above 22,550 levels in Nifty. Traders should align their positions accordingly, with a focus on stock selection.
Nifty futures opened at 22486.00 points against the previous close of 22577.50 and opened at a low of 22450.00 points. Nifty Future closed with an average movement of 180.75 points and a decline of around 30.70 points and 22546.70 points…!!
On the NSE, the midcap 100 index will rise 0.52% and smallcap 100 index is closing rise 1.16%. Speaking of various sectoral indices, Realty, FMCG, Auto, Healthcare, Pharma and Private 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.69475, fell from a high of Rs.69699 points to a low of Rs.69182 with a rise of 334 points, a trend of around Rs.69317 and May Silver opened at Rs.77189, fell from a high of Rs.78230 points to a low of Rs.77189 with a rise of 924 points, a trend of around Rs.77960.
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 14907.75 crore against gross selling of Rs 15355.04 crore. Thus, FIIs stood as net sellers of Rs 447.29 crore in equities.
In the debt segment, the gross purchase was of Rs 2627.70 crore with gross sales of Rs 1633.43 crore. Thus, FIIs stood as net buyers of Rs 994.27 crore in debt. In the hybrid segment, the gross buying was of Rs 12.90 crore against gross selling of Rs 12.60 crore. Thus, FIIs stood as net buyers of Rs 0.30 crore in hybrid segment.
Technically, the important key resistances are placed in Nifty future are at 22606 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 22676 – 22707 levels. Immediate support is placed at 22373 – 22303 levels.
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