Dear
Trader…
Markets experienced volatility and ended down nearly half a
percent amid mixed signals. Following an initial dip, the Nifty Future moved
within a range, ultimately closing near the lower end. Most sectors, except
FMCG, declined, with banking, pharma, and IT leading the losses. However,
broader indices showed resilience, with the small-cap index gaining over a
percent.
Nifty Future has struggled to surpass the 24,550 resistance
level for the past three sessions due to mixed trends among heavyweights. We
continue to recommend focusing on leading stocks in banking and IT for a
decisive break above this level; otherwise, consolidation is likely to persist.
In the meantime, traders should maintain a hedged approach and prioritize
selective stock picking.
Nifty futures opened at 24427.95 points against the previous
close of 24477.70 and opened at a low of 24314.95 points. Nifty Future closed
with an average movement of 205.05 points and a decline of around 106.65 points
and 24371.05 points…!!
On the NSE, the midcap 100 index will rise 0.16% and smallcap
100 index is closing
rise 1.05%. Speaking of various sectoral indices, the NSE saw gains in only Media,
FMCG, Metal and Auto stocks, while all other sectoral indices closed lower.
At the start
of intra-day trading, October gold opened at Rs.79947, fell from a high of Rs.80282
points to a low of Rs.79850 with a rise of 179 points, a trend of around Rs.79877
and October Silver opened at Rs.98403, fell from a high of Rs.98935 points to a
low of Rs.97924 with a decline of 596 points, a trend of around Rs.98134.
Meanwhile, According
to market experts, the domestic market is trying to show some signs of a
recovery from the recent lows as the Diwali festival approaches. A notable
decline in crude oil prices is bolstering market sentiment, though it also
indicates a potential slowdown in global demand.
Currently,
stock-specific action related to ongoing Q2 earnings, which is largely weak, is
expected to drive the market sentiment in the near term, the experts said,
noting that PSU banks have rebounded from recent corrections, driven by
positive initial earnings reports, while auto stocks declined due to
disappointing results.
Technically, the important key resistances are placed in Nifty future are at 24404 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 24505 – 24575 levels. Immediate support is placed at 24272 – 24202 levels.
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