Dear
Trader…
The 30-share BSE benchmark Sensex declined 20 points or 0.03%
to settle at 75,390. The broader NSE Nifty future dropped 19 points or 0.08% to
end at 23,001.
Wipro, NTPC, Sun Pharma, M&M, ITC, and Reliance
Industries were the top Sensex laggards, falling up to 2.3%. On the other hand,
IndusInd Bank, Axis Bank, Bajaj Finance, and HDFC Bank ended higher.
On the sectoral front, Nifty Media, Metal, and Oil & Gas
closed 0.5% to 1% lower, while Nifty Bank, Financial Services, IT, Realty, and
Consumer Durables closed higher.
The volatility index has surged almost 90% in the last one
month, including climbing 6.8% on the day.
The market breadth was skewed in the favour of the bears.
About 2,323 stocks declined, 1,650 surged, and 132 remained unchanged on the
BSE.
Global
Markets –
World shares
firmed up on Monday as investors braced for a busy run of inflation data that
could set the scene for a European rate cut as soon as next week and a US
policy easing within just a few months.
MSCI’s broadest index of stocks gained 0.2%, having slipped
0.38% last week and just shy of an all time peak of over 796.The pan-European
STOXX 600 index was up 0.1%. With the US and UK markets closed on Monday,
trading activity was light across the board.
Crude
Oil – Oil prices were little changed on Monday,
making marginal advances in muted trade owing to public holidays in Britain and
the United States after a downbeat week characterised by the outlook for US
interest rates in the face of sticky inflation.
The Brent crude July contract was up 21 cents at $82.33 a
barrel. The more active August contract rose 26 cents to $82.10. US West Texas
Intermediate (WTI) crude futures were up 23 cents at $77.95.
Indian
Rupee – The Indian rupee closed slightly down on
Monday, unable to build on recent gains as local dollar demand pressured the
currency even as most of its Asian peers rose.
The rupee ended at 83.13 against the US dollar, against its
close at 83.0975 in the previous session. The rupee had rallied to a two-month
high of 83.0250 on Friday.
Nifty futures opened at 23070.00 points against the previous
close of 23019.60 and opened at a low of 22921.00 points. Nifty Future closed
with an average movement of 256.00 points and a decline of around 18.50 points
and closed 23001.10 points…!!
At the start of intra-day trading, June gold opened at Rs.71595,
fell from a high of Rs.71920 points to a low of Rs.71456 with a rise of 628 points,
a trend of around Rs.71884 and July Silver opened at Rs.91479, fell from a high
of Rs.92475 points to a low of Rs.91461 with a rise of 1885 points, a trend of
around Rs.92419.
Meanwhile,
The bulls are facing stiff resistance at 23,000
levels as investors start booking profit at higher levels to avoid any knee
jerk reaction in the market ahead of the election result.
Technically, the
important key resistances are placed in Nifty future are at 23001 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 23088 – 23202 levels. Immediate support is placed at 22808 –
22676 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
