Dear
Trader…
Markets remained volatile and ended nearly unchanged, taking
a breather after Monday’s move. Following an initial decline, Nifty future
gradually recovered throughout the day, erasing all intraday losses to close
flat at 22,972.60. Sectoral trends remained mixed, with FMCG and auto among the
top losers, while IT posted decent gains.
The attempts of stabilizing the Nifty index around the
January low of 22808 has raised hopes for a potential rebound. However, the
continued underperformance of broader indices remains a key concern. We
maintain our preference for large-cap and larger mid-cap stocks that are
demonstrating relative strength within their sectors while advising against
bottom fishing in the broader market.
Nifty futures opened at 23029 points against the previous
close of 23026 and opened at a low of 22838 points. Nifty Future closed with an
average movement of 190 points and a decline of around 53 points and 22972 points…!!
On the NSE, the midcap 100 index will decline 0.20% and smallcap
100 index is closing decline 0.59%. Speaking of various sectoral indices, the
NSE saw gains in only IT, Oil & Gas, Metal, Realty and Financial Services stocks,
while all other sectoral indices closed lower.
At the start
of intra-day trading, April gold opened at Rs.85200, fell from a high of Rs.85586
points to a low of Rs.85200 with a rise of 524 points, a trend of around Rs.85579
and March Silver opened at Rs.95741, fell from a high of Rs.96211 points to a
low of Rs.95680 with a rise of 426 points, a trend of around Rs.96006.
Meanwhile, the
BSE MidCap index managed to end on a flat note. The Nifty Consumer Durables and
FMCG indices faced significant losses, with the Nifty Consumer Durables ending
1.36 per cent lower and the Nifty FMCG closing down 0.88 per cent.
Small-cap
stocks continued to struggle, extending their underperformance for another
trading session as the stocks in the segment declined up to 10 per cent during
the session. Market sentiment remained bearish, as nearly 3,000 stocks on the
BSE declined, while only around 1,000 stocks advanced.
Technically,
the important key resistances are placed in Nifty future are at 23008 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 23088 – 23202 levels. Immediate support is placed at 22880
– 22808 levels.
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