Dear
Trader…
The markets witnessed a volatile session following Tuesday’s
sharp decline but managed to close with gains of nearly half a percent. After a
flat opening, selling pressure persisted during the first half; however,
resilience in IT majors and a recovery in select heavyweights helped trim
losses and pushed the index into positive territory. As a result, the Nifty
future index settled at 23,198.95, up by 0.41%.
The market has been trending lower week by week, and any
intermediate pause or rebound should be viewed as a shorting opportunity unless
the Nifty decisively breaches the resistance zone of 23,303-23,373. On the
stock-specific front, the ongoing earnings season is presenting opportunities
on both sides of the trade, so traders are advised to align their positions
accordingly. Additionally, it is prudent to exercise extra caution in the
midcap and smallcap segments and avoid averaging into losing trades.”
Nifty futures opened at 23164.00 points against the previous
close of 23103.20 and opened at a low of 23020 points. Nifty Future closed with
an average movement of 199.90 points and a rise of around 95.75 points and 23198.95
points…!!
On the NSE, the midcap 100 index will decline 1.34% and smallcap 100 index is closing rise
1.63%. Speaking of various sectoral indices, the NSE
saw gains in only IT, Pharma, Healthcare, Financial Services, Private Bank and Bank
stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, February gold opened at
Rs.79328, fell from a high of Rs.79577 points to a low of Rs.79292 with a rise
of 311 points, a trend of around Rs.79535 and March Silver opened at Rs.92145,
fell from a high of Rs.92550 points to a low of Rs.92060 with a rise of 9 points,
a trend of around Rs.92100.
Meanwhile, Stocks
in renewable energy space witnessed selling pressure amid concerns over the new
US administration’s potential tariffs on solar imports. The anticipated policy
changes under President Trump, including higher tariffs and a shift towards
fossil fuels, could hinder solar demand growth and impact Indian exporters.
Banking
stocks will be in focus after HDFC bank’s earnings beat market expectation and
brought some cheer to the banking index in the last hour of trading today. The
management commentary and future guidance from HDFC bank will be closely
tracked.
Technically, the important key resistances are placed in Nifty future are at 23272 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 23303 – 23373 levels. Immediate support is placed at 23008 – 22939 levels.
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