Dear Trader…
Market extended decline for the third successive session and lost over half a percent, in continuation to the prevailing corrective move. After the gap-down start, Nifty future oscillated in a range and finally settled at 22,211.00 levels. Meanwhile, a mixed trend on the sectoral front kept the traders occupied wherein FMCG, pharma and energy posted modest gains while IT, realty and metal ended in the red. Interestingly, the broader indices showed resilience amid decline and the smallcap index managed to gain over half a percent.
Weak global cues are largely weighing on the sentiment and this trend may continue, with intermediate pause/rebound. We reiterate our view to Nifty to find support around the 22088-22008 zone and are likely to face a hurdle around 22,373 first. Amid all, certain pockets are still showing noticeable resilience and participants should align their longs accordingly.Â
Nifty futures opened at 22176.55 points against the previous close of 22357.30 and opened at a low of 22113.85 points. Nifty Future closed with an average movement of 135.95 points and a decline of around 146.30 points and 22211.00 points…!!
On the NSE, the midcap 100 index will decline 0.09% and smallcap 100 index is closing rise 0.75%. Speaking of various sectoral indices IT, PSU Bank, Private Bank, Bank, Metal, Realty and Financial Services 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.72829, fell from a high of Rs.72927 points to a low of Rs.72290 with a rise of 353 points, a trend of around Rs.72630 and May Silver opened at Rs.83990, fell from a high of Rs.84255 points to a low of Rs.83246 with a Decline of 389 points, a trend of around Rs.83462.
Meanwhile, The FIIs as per Tuesday’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 10735.30 crore against gross selling of Rs 13968.78 crore. Thus, FIIs stood as net sellers of Rs 3233.48 crore in equities.
In the debt segment, the gross purchase was of Rs 2119.04 crore with gross sales of Rs 2102.96 crore. Thus, FIIs stood as net buyers of Rs 16.08 crore in debt. In the hybrid segment, the gross buying was of Rs 50.92 crore against gross selling of Rs 47.16 crore. Thus, FIIs stood as net buyers of Rs 3.76 crore in hybrid segment.
Technically, the important key resistances are placed in Nifty future are at 22272 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 22303 – 22373 levels. Immediate support is placed at 22088 – 22008 levels.
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