Dear
Trader…
Markets remained volatile and ended nearly unchanged,
extending the prevailing consolidation phase. After an initial dip, Nifty
future staged a swift recovery in the early hours but struggled to sustain
gains due to a lack of follow-up buying and pressure on select heavyweight
stocks. It remained range-bound for the rest of the session, eventually closing
at 22,964.
The ongoing indecisiveness in the index is keeping
participants on edge, and this volatility may persist on Thursday. We maintain
our view of adopting a stock-specific approach, focusing on resilient sectors
and themes, particularly those holding strong even during market downturns, and
accumulating them gradually. Additionally, traders should avoid reading too
much into the single-day rebound in midcap and smallcap stocks and wait for a
clearer recovery signal before taking fresh positions.
Nifty futures opened at 22900 points against the previous
close of 22972 and opened at a low of 22881 points. Nifty Future closed with an
average movement of 225 points and a decline of around 8 points and 22964 points…!!
On the NSE, the midcap 100 index will rise 1.56% and smallcap
100 index is closing rise 2.36%. Speaking of various sectoral indices only IT,
Healthcare, Pharma, FMCG and Auto stocks were seen selling on the NSE, while
all other sectoral indices closed higher.
At the start
of intra-day trading, April gold opened at Rs.86058, fell from a high of Rs.86592
points to a low of Rs.85950 with a rise of 147 points, a trend of around Rs.86260
and March Silver opened at Rs.96566, fell from a high of Rs.97518 points to a
low of Rs.96422 with a rise of 331 points, a trend of around Rs.97179.
Meanwhile, all
eyes are now on the FOMC meeting minutes, set for release later tonight which
could shape market expectations on the U.S. interest rate outlook. Meanwhile,
geopolitical developments were in focus as US and Russia held a high-level
meeting in Riyadh, agreeing to work towards ending the Russia-Ukraine war and
establishing better diplomatic and economic ties.
We expect
the market to continue trading in a range-bound manner, tracking the global
market cues, Trump’s tariff policies and political developments in the
Russia-Ukraine war.
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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