Dear
Trader…
Markets traded volatile and ended almost unchanged, taking a
breather after the recent surge. The beginning was upbeat however profit taking
in select heavyweights pulled the index lower as the day progressed. Meanwhile,
a mixed trend on the sectoral front kept the traders occupied wherein metal and
realty posted decent gains while energy and FMCG witnessed profit taking. The
broader indices were also aligned to the move and ended on a flat note.
We reiterate our positive view on the index and suggest
focusing on select themes/sectors that are attracting noticeable interest.
Apart from the global cues, the performance of the IT majors will be in focus
for cues.
Nifty futures opened at 22820.00 points against the previous
close of 22748.50 and opened at a low of 22702.15 points. Nifty Future closed
with an average movement of 142.85 points and a decline of around 13.50 points
and 22735.00 points…!!
On the NSE, the midcap 100 index will decline 0.29% and smallcap
100 index is closing
rise 0.27%. Speaking of various sectoral indices, Media, PSU Bank, Consumer
Durables, FMCG, Oil & Gas, Auto and Pharma stocks were seen selling on the
NSE, while all other sectoral indices closed higher.
At the start
of intra-day trading, June gold opened at Rs.71026, fell from a high of Rs.71739
points to a low of Rs.70988 with a rise of 463 points, a trend of around Rs.71375
and May Silver opened at Rs.81971, fell from a high of Rs.82849 points to a low
of Rs.81776 with a rise of 596 points, a trend of around Rs.82471.
Meanwhile, Rating
agency ICRA in its latest report has said that revenue of Indian road logistics
industry will remain range-bound and grow at a slower pace of 3-6 per cent in
the current financial year (FY25). It said operating profit margins are
expected to remain range-bound at 10.5-12.5 per cent in FY25 as concerns on
cost inflation persist.
ICRA expects
softening in the government capex during the elections (given the Model Code of
Conduct requirements) and moderation in consumer demand sentiments amid high
inflation and interest rates. It said the outlook for the sector
continues to be stable, fuelled by sustained momentum in economic activities,
enhanced traction of organised trade and continued support from varied segments
like e-commerce, FMCG, retail, pharmaceuticals, and industrial goods.
Technically,
the important key resistances are placed in Nifty future are at 22770 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 22808 – 22880 levels. Immediate support is placed at 22606
– 22570 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
