Dear
Trader…
The 30-share BSE benchmark Sensex declined
609 points or 0.82% to settle at 73,730. The broader NSE Nifty dropped 78.95
points or 0.35% to end at 22,575.
Tech Mahindra, Hindalco Industries, SBI Life Insurance, ITC, and Tata Steel are the top gainers on NSE Nifty 50 index whereas the top laggards
include Bajaj Finance, Bajaj Finsrv, Apollo
Hospitals, ICICI Bank, and Kotak Mahindra
Bank.
Nifty futures opened at 22684.00 points against the previous
close of 22653.95 and opened at a low of 22530.00 points. Nifty Future closed
with an average movement of 175.00 points and a decline of around 78.95 points
and 22575.00 points…!!
At the start of intra-day trading, June gold opened at Rs.71698,
fell from a high of Rs.72022 points to a low of Rs.71698 with a rise of 690 points,
a trend of around Rs.71999 and May Silver opened at Rs.80819, fell from a high
of Rs.81400 points to a low of Rs.80800 with a rise of 586 points, a trend of
around Rs.81253.
Meanwhile,
Data from the US
reflects weakening of the US economy. Q1 GDP growth has come lower than
expected at 1.6 per cent but the Fed is unlikely to cut rates in the next
couple of meetings since inflation continues to remain hot.
US stocks closed lower on Thursday as markets were shocked
by data showing slower-than-expected US economic growth and persistent
inflation.
The world’s largest technology companies soared in late
trading as stellar results from Microsoft Corp. and Google’s parent Alphabet
Inc. fuelled confidence in Wall Street’s megacap group. However, Intel shares
dropped 8 per cent in extended hours trading after it forecast second-quarter
revenue and profit below market estimates.
Technically,
the important key resistances are placed in Nifty future are at 22575 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 22606 – 22707 levels. Immediate support is placed at 22404 –
22373 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
