Markets began the week on a muted note and ended nearly flat,
taking a breather after Friday’s surge. Following an initial uptick, the Nifty future
traded within a narrow range and ultimately closed at 24590 level. Sectoral
performance was mixed, with metals, energy, and IT showing decent gains, while
auto and banking lagged behind. The broader indices followed a similar pattern,
with the small-cap index performing well, gaining over one and a half percent.
The recovery in global markets is supporting the index’s
positive tone, but the underperformance of banking majors is limiting momentum.
Amid all, we recommend maintaining a “buy on dips” strategy, with a
focus on stock selection. Our preference remains for the IT and FMCG sector,
and we suggest being selective in others.
Nifty futures opened at 24640 points against the previous
close of 24585 and opened at a low of 24533 points. Nifty Future closed with an
average movement of 128 points and a rise of around 4 points and 24590 points…!!
On the NSE, the midcap 100 index will rise 0.18% and small
cap 100 index is closing rise 1.71%. Speaking of various sectoral indices only Auto,
Privete Bank, Bank and Financial Services stocks were seen selling on the NSE,
while all other sectoral indices closed higher.
At the start of intra-day trading, October gold opened at Rs.71458,
fell from a high of Rs.71720 points to a low of Rs.71181 with a Decline of 5 points,
a trend of around Rs.71370 and September Silver opened at Rs.83750, fell from a
high of Rs.84179 points to a low of Rs.83406 with a rise of 586 points, a trend
of around Rs.83799.
Meanwhile, The
FIIs as per Monday’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 19297.76 crore against gross selling of Rs 18101.27 crore. Thus, FIIs
stood as net buyers of Rs 1196.49 crore in equities.
In the debt
segment, the gross purchase was of Rs 1220.45 crore with gross sales of Rs
760.33 crore. Thus, FIIs stood as net buyers of Rs 460.12 crore in debt. In the
hybrid segment, the gross buying was of Rs 88.85 crore against gross selling of
Rs 15.51 crore. Thus, FIIs stood as net buyers of Rs 73.34 crore in hybrid
segment.
Technically,
the important key resistances are placed in Nifty future are at 24676 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 24737 – 24808 levels. Immediate support is placed at 24474 –
24404 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
