Dear
Trader…
Markets edged higher and gained nearly half a percent, in
continuation of the prevailing trend. After the initial gap-up move, Nifty
future remained range bound for most of the session and finally settled at
22,804.00 levels. Meanwhile, the majority of sectors were aligned with the move
wherein FMCG, metal and energy were among the top gainers.
The rotational buying across sectors combined with stability
at the global front is helping the index to inch higher with every passing day.
We are eyeing the 22909-23008 zone in Nifty future ahead and expect the
22676-22606 zone would act as a strong support in case of any profit taking.
The beginning of the earnings season would trigger stock-specific volatility
ahead so participants should plan their positions accordingly.
Nifty futures opened at 22785.90 points against the previous
close of 22735.35 and opened at a low of 22753.00 points. Nifty Future closed
with an average movement of 76.00 points and a rise of around 68.65 points and 22804.00
points…!!
On the NSE, the midcap 100 index will rise 0.97% and small
cap 100 index is closing rise 0.73%. Speaking of various sectoral indices only,
Pharma and Auto 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.71438,
fell from a high of Rs.71709 points to a low of Rs.70990 with a decline of 60 points,
a trend of around Rs.71400 and May Silver opened at Rs.82671, fell from a high
of Rs.83092 points to a low of Rs.81980 with a rise of 136 points, a trend of
around Rs.82586.
Meanwhile, The
FIIs as per Wednesday’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 31363.61 crore against gross selling of Rs 22837.05 crore. Thus, FIIs
stood as net buyers of Rs 8526.56 crore in equities.
In the debt
segment, the gross purchase was of Rs 1325.47 crore with gross sales of Rs
769.01 crore. Thus, FIIs stood as net buyers of Rs 556.46 crore in debt. In the
hybrid segment, the gross buying was of Rs 110.36 crore against gross selling
of Rs 89.94 crore. Thus, FIIs stood as net buyers of Rs 20.42 crore in hybrid
segment.
Technically,
the important key resistances are placed in Nifty future are at 22880 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 22979 – 23009 levels. Immediate support is placed at 22676 –
22404 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
