Dear
Trader…
The market resumed its corrective stance following a day of
consolidation, experiencing a decline of nearly one and a half percent. Despite
starting flat, Nifty gradually slid lower throughout the day, settling close to
the day’s lowest point at 22072.85 levels. Apart from the auto sector, which
remained relatively stable, all major sectors faced selling pressure,
particularly energy, metal, and realty, which emerged as the top losers.
Nifty has broken below both the lower boundary of its upward
channel and the support of the 50-day exponential moving average (DEMA) around
the 22,150 level. The ongoing increase in the volatility index suggests that
the current market sentiment may persist, potentially leading Nifty to test the
21,880-21,808 zone soon. Traders are advised to adjust their positions
accordingly and prioritize stock selection.
Nifty futures opened at 22342.00 points against the previous
close of 22393.85 and opened at a low of 22051.35 points. Nifty Future closed
with an average movement of 336.65 points and a decline of around 321 points
and 22072.85 points…!!
On the NSE, the midcap 100 index will decline 1.85% and smallcap
100 index is closing
rise 2.83%. Speaking of various sectoral indices, the NSE saw gains in only Auto
stocks, while all other sectoral indices closed lower.
At the start
of intra-day trading, June gold opened at Rs.71050, fell from a high of Rs.71262
points to a low of Rs.70877 with a rise of 63 points, a trend of around Rs.71190
and July Silver opened at Rs.83119, fell from a high of Rs.83706 points to a
low of Rs.83100 with a Rise of 603 points, a trend of around Rs.83597.
Meanwhile, The
FIIs as per Thursday’s data were net sellers in both equity and debt segments,
according to data released by the NSDL. In equity segment, the gross buying was
of Rs 13068.22 crore against gross selling of Rs 18405.02 crore. Thus, FIIs
stood as net sellers of Rs 5336.80 crore in equities.
In the debt
segment, the gross purchase was of Rs 1778.31 crore with gross sales of Rs
2310.82 crore. Thus, FIIs stood as net sellers of Rs 532.51 crore in debt. In
the hybrid segment, the gross buying was of Rs 29.68 crore against gross
selling of Rs 36.13 crore. Thus, FIIs stood as net sellers of Rs 6.45 crore in
hybrid segment.
Technically,
the important key resistances are placed in Nifty future are at 22133 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 22202 – 22232 levels. Immediate support is placed at 21880
– 21808 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
