Dear Trader…
The markets traded under pressure, losing over a percent, as they
resumed their corrective trend after two days of gains. Despite a strong
overnight performance in U.S. markets following Donald Trump’s presidential
win, Nifty Future maintained a bearish tone, dipping early and holding that
sentiment throughout the session. All major sectors aligned with the benchmark,
with metals, pharma, and energy stocks leading the decline. Broader indices
struggled to hold higher levels, ending down by nearly half a percent.
With the focus now on the U.S. Fed post-election, markets are expected
to react to the outcome of the FOMC meeting and the Fed Chair’s commentary in
early trades. On the index front, Nifty was unable to breach the 24474
resistance once again, suggesting that consolidation may continue, with key
support at 24008. Traders are advised to maintain a stock-specific approach and
consider hedged positions.
Nifty futures opened at 24587 points against the previous close of 24549
and opened at a low of 24280 points. Nifty Future closed with an average
movement of 287 points and a decline of around 306 points and 24281 points…!!
On the NSE, the midcap 100 index will decline 0.43% and smallcap 100
index is closing diceline 0.75%. Speaking of various sectoral indices, the NSE
saw gains in only PSU Bank stocks, while all other sectoral indices closed
lower.
At the start of intra-day trading, December gold opened at Rs.77042,
fell from a high of Rs.77349 points to a low of Rs.76998 with a decline of 135 points,
a trend of around Rs.77201 and December Silver opened at Rs.90432, fell from a
high of Rs.90949 points to a low of Rs.90036 with a decline of 324 points, a
trend of around Rs.90496.
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 12918.69 crore against gross selling of Rs 16632.36
crore. Thus, FIIs stood as net sellers of Rs 3713.67 crore in equities.
In the debt segment, the gross purchase was of Rs 1495.98 crore with
gross sales of Rs 4254.15 crore. Thus, FIIs stood as net sellers of Rs 2758.17
crore in debt. Of the total debt, FIIs stood as net sellers in Debt-General
Limit segment at Rs 324.84 crore, they stood at net sellers in Debt-VRR segment
at Rs 87.48 crore, while net sellers in Debt-FAR segment at Rs 2345.85 crore.
In the hybrid segment, the gross buying was of Rs 18.23 crore against
gross selling of Rs 37.72 crore. Thus, FIIs stood as net sellers of Rs 19.49 crore
in hybrid segment.
Technically, the important key resistances are placed in Nifty future are at 24373 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 24404 – 24474 levels. Immediate support is placed at 24088 – 24008 levels.
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