Dear
Trader…
Markets traded under pressure and lost over a percent,
tracking feeble global cues. The tone was negative from the beginning and
pressure in the heavyweights across sectors pushed the index lower as the day
progressed. Eventually, the Nifty future index settled around the day’s low at
22,602.50 level. All sectors faced the heat wherein pharma, FMCG and banking
were among the top losers. Meanwhile,
the broader indices showed resilience and lost nearly half a percent each.
Nifty future has been facing resistance around the
22707-22808 zone and pressure in the US markets is adding to the worries. Apart
from the global cues, the reaction of the IT majors to TCS numbers would set
the tone on Monday. We are eyeing the 22505-22404 zone to offer a cushion in
case profit-taking extends. Meanwhile, we suggest keeping a check on leveraged
positions and preferring hedged trades.
Nifty futures opened at 22738.05 points against the previous
close of 22812.40 and opened at a low of 22590.00 points. Nifty Future closed
with an average movement of 177.40 points and a decline of around 209.90 points
and 22602.50 points…!!
On the NSE, the midcap 100 index will decline 0.62% and smallcap
100 index is closing
decline 0.45%. Speaking of various sectoral indices, Phamra, Healthcare, PSU
Bank, Oil and Gas, Media and FMCG stocks saw heavy selling on the NSE, while
all other sectoral indices also closed lower.
At the start
of intra-day trading, June gold opened at Rs.71999, fell from a high of Rs.78828
points to a low of Rs.71999 with a rise of 1106 points, a trend of around Rs.72750
and May Silver opened at Rs.83239, fell from a high of Rs.84668 points to a low
of Rs.83238 with a rise of 1489 points, a trend of around Rs.84336.
Meanwhile, The
FIIs as per Friday’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 13829.69 crore against gross selling of Rs 10599.31 crore. Thus, FIIs
stood as net buyers of Rs 3230.38 crore in equities.
In the debt
segment, the gross purchase was of Rs 3458.43 crore with gross sales of Rs
2081.86 crore. Thus, FIIs stood as net buyers of Rs 1376.57 crore in debt. In
the hybrid segment, the gross buying was of Rs 14.36 crore against gross
selling of Rs 15.69 crore. Thus, FIIs stood as net sellers of Rs 1.33 crore in
hybrid segment.
Technically,
the important key resistances are placed in Nifty future are at 22676 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 22707 – 22770 levels. Immediate support is placed at 22474
– 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
