Dear
Trader…
It was an exceptional session for market participants, as the
benchmark index surged nearly 2% after consolidating within a range for almost
two weeks. Following a flat opening, strength in auto and IT heavyweights
fueled an early rally, which was later supported by other sectors. As a result,
the Nifty future ended near the day’s high at 24,282.65. Broader indices also
mirrored the positive sentiment, gaining between 0.6% and 1.1%.
This up move has significantly eased the recent pressure,
bringing the Nifty future closer to its next resistance at the medium-term
moving average, the 100-day exponential moving average (DEMA), currently around
the 24,250 mark. A decisive breakout above this level could open the door to
24,404. On the downside, it is crucial for the Nifty to sustain above the
24,008 level; failure to do so might lead to a sideways bias again. We continue
to emphasize the importance of selective stock picking, prioritizing those with
relatively stronger performance.
Nifty futures opened at 23911 points against the previous
close of 23897 and opened at a low of 23863 points. Nifty Future closed with an
average movement of 451 points and a rise of around 384 points and 24282 points…!!
On the NSE, the midcap 100 index will rise 1.14% and smallcap 100 index is closing rise
0.64%. Speaking of various sectoral indices only, Media
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.77000, fell from a high of Rs.77385 points to a low of Rs.76965 with a rise
of 427 points, a trend of around Rs.77320 and March Silver opened at Rs.88234,
fell from a high of Rs.88835 points to a low of Rs.88150 with a rise of 1092 points,
a trend of around Rs.88670.
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 2398.74 crore against gross selling of Rs
2996.20 crore. Thus, FIIs stood as net sellers of Rs 597.46 crore in equities.
In the debt segment, the gross purchase was of Rs 9.41 crore
with gross sales of Rs 860.03 crore. Thus, FIIs stood as net sellers of Rs
850.62 crore in debt. Of the total debt, FIIs stood as net sellers in
Debt-General Limit segment at Rs 83.54 crore, they stood at net sellers in
Debt-VRR segment at Rs 767.71 crore, while net buyers in Debt-FAR segment at Rs
0.63 crore.
In the hybrid segment, the gross buying was of Rs 24.63 crore
against gross selling of Rs 11.26 crore. Thus, FIIs stood as net buyers of Rs
13.37 crore in hybrid segment.
Technically,
the important key resistances are placed in Nifty future are at 24303 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 24373 – 24404 levels. Immediate support is placed at 24180 –
24008 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
