Dear
Trader…
The markets remained volatile but managed to close with
modest gains, continuing the ongoing consolidation phase. After an initial
rise, the Nifty future extended its gains and briefly surpassed the 24,000
level, only to lose momentum and gradually drift lower as the session
progressed, ultimately closing at 23,992.65 level. Sector-wise, the trend
remained mixed, with pharma and auto stocks performing well, while metal and
realty sectors faced pressure. The broader indices were subdued for yet another
session and ended nearly flat.
The markets continue to face resistance on the upside,
reinforcing our negative outlook on the index. However, individual stocks are
presenting opportunities on both sides, driven by noticeable strength in
defensive sectors like pharma and healthcare, as well as a rebound in select
heavyweights from other sectors. We maintain our view to stay stock-specific
and hold positions on both sides.
Nifty futures opened at 23940 points against the previous
close of 23919 and opened at a low of 23925 points. Nifty Future closed with an
average movement of 202 points and a rise of around 72 points and 23992 points…!!
On the NSE, the midcap 100 index will decline 0.26% and smallcap 100 index is closing rise
0.15%. Speaking of various sectoral indices, Metal, PSU
Bank, Oil & Gas, Realty and Consumer Durables stocks were seen selling on
the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, February gold opened at
Rs.76928, fell from a high of Rs.77172 points to a low of Rs.76732 with a rise
of 24 points, a trend of around Rs.76851 and March Silver opened at Rs.89815,
fell from a high of Rs.90249 points to a low of Rs.89350 with a rise of 104 points,
a trend of around Rs.89740.
Meanwhile,
India’s economy is expected to grow at around 6.5% in fiscal year 2024/25,
closer to the lower end of its 6.5%-7% projection, as global uncertainties pose
a dampening threat. The growth outlook for October to December appears bright,
with rural demand remaining resilient and urban demand picking up in the first
two months of the quarter, according to the finance ministry’s monthly economic
report for November.
Growth
slowed more than expected in July to September, hampered by weaker expansion in
manufacturing and consumption. India has maintained that its economy will grow
at a world-beating pace of 6.5%-7% despite a challenging environment. The
outlook is expected to be better in October-to-March than in the first six
months of the financial year, it said.
Technically,
the important key resistances are placed in Nifty future are at 24088 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 24180 – 24202 levels. Immediate support is placed at 23808 –
23676 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
