Dear
Trader…
Markets saw a breather after Monday’s sharp decline, ending
marginally higher. The Nifty future benchmark index opened with a gap-up,
driven by favorable global cues, and traded within a range before closing at
23,795.05. Sectoral trends were mixed, with metals and energy advancing, while
IT saw a slight decline.
Despite the respite, markets continue to face significant
selling pressure during recovery attempts, indicating that bears remain in
control. On a positive note, the dip in the volatility index (India VIX)
reflects reduced nervousness among the participants. Given these mixed signals,
we recommend maintaining a “sell on rise” strategy in the index
unless it decisively surpasses the resistance at 24,202.
Additionally, the start of the earnings season is expected to
create stock-specific opportunities, so traders should focus on selective
positioning and prioritize risk management.
Nifty futures opened at 23800 points against the previous
close of 23721 and opened at a low of 23738 points. Nifty Future closed with an
average movement of 152 points and a rise of around 74 points and 23795 points…!!
On the NSE, the midcap 100 index will rise 0.89% and smallcap 100 index is closing rise
1.35%. Speaking of various sectoral indices only, IT 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.77229, fell from a high of Rs.77406 points to a low of Rs.77112 with a rise
of 222 points, a trend of around Rs.77380 and March Silver opened at Rs.90436,
fell from a high of Rs.91256 points to a low of Rs.90400 with a rise of 660 points,
a trend of around Rs.91214.
Meanwhile, The FIIs as per Tuesday’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 10263.57 crore against gross selling of Rs
13318.73 crore. Thus, FIIs stood as net sellers of Rs 3055.16 crore in
equities.
In the debt segment, the gross purchase was of Rs 3229.37
crore with gross sales of Rs 3954.10 crore. Thus, FIIs stood as net sellers of
Rs 724.73 crore in debt. Of the total debt, FIIs stood as net sellers in
Debt-General Limit segment at Rs 485.41 crore, they stood at net sellers in
Debt-VRR segment at Rs 172.70 crore, while net sellers in Debt-FAR segment at
Rs 66.62 crore.
In the hybrid segment, the gross buying was of Rs 17.95 crore
against gross selling of Rs 15.73 crore. Thus, FIIs stood as net buyers of Rs
2.22 crore in hybrid segment.
Technically,
the important key resistances are placed in Nifty future are at 23808 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 23880 – 23909 levels. Immediate support is placed at 23676 –
23606 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
