Dear
Trader…
Markets remained volatile, shedding nearly half a percent
amid mixed cues. After an initial uptick, Nifty future quickly reversed course,
retesting the crucial 22,808 support zone once again. However, a late-hour
recovery helped trim losses, with the index closing at 22,995.65. All major
sectors faced selling pressure, with pharma, energy, and realty among the top
laggards. Additionally, broader indices took a significant hit, declining
between 2.6% and 3.7%, further exacerbating market weakness.
Relentless FII selling, coupled with mixed earnings, has put
bulls on the defensive. While efforts to hold the 22,808 level continue, the
overall market structure suggests further downside risks. Moving forward, the
performance of the banking and IT sectors will be crucial in determining market
direction. Traders should adjust their strategies accordingly, with a strong
emphasis on trade management.
Nifty futures opened at 23169 points against the previous
close of 23107 and opened at a low of 22846 points. Nifty Future closed with an
average movement of 359 points and a decline of around 112 points and 22995 points…!!
On the NSE, the midcap 100 index will decline 2.41% and smallcap
100 index is closing decline 3.55%. Speaking of various sectoral indices, Pharma,
Healthcare, PSU Bank, Metal, Realty and Auto stocks saw heavy selling on the
NSE, while all other sectoral indices also closed lower.
At the start
of intra-day trading, April gold opened at Rs.86020, fell from a high of Rs.86358
points to a low of Rs.85903 with a rise of 121 points, a trend of around Rs.85930
and March Silver opened at Rs.95449, fell from a high of Rs.98130 points to a
low of Rs.95449 with a rise of 2389 points, a trend of around Rs.97620.
Meanwhile, Global
trade concerns escalated after US President Donald Trump signed an order
instructing the Trade Representative and the Commerce Secretary to develop new
country-specific tariffs. Trump also announced plans to impose additional
import taxes on key industries, including automobiles, semiconductors and
pharmaceuticals.
Markets
opened higher on optimism around Trump-PM Modi talks but soon turned negative
as trade war concerns overshadowed sentiment. Crude oil prices firmed up after
the U.S. delayed tariff implementation, but broader market sentiment remained
cautious. For the week, Nifty and Sensex faced resistance at higher levels,
leading to profit booking. Global macro uncertainties and mixed earnings kept
investors wary.
Technically, the important key resistances are placed in Nifty future are at 23088 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 23133 – 23202 levels. Immediate support is placed at 22808 – 22676 levels.
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