Dear
Trader…
Markets remained subdued on the weekly expiry day, ending
nearly unchanged amid the ongoing tussle. After an initial dip, Nifty future
fluctuated within a narrow range and closed flat at 22,942.50. Sectoral trends
remained mixed, with metal, energy, and auto emerging as top gainers, while
banking and IT underperformed.
The ongoing lack of sustained alignment between two key
sectors—banking and IT—continues to create uncertainty among market
participants, as other sectors are not in a position to drive a major trend.
However, the recent rebound in broader indices has offered some relief.
In this scenario, a cautious stance on the index is
recommended, with close attention to banking and IT for potential signals.
Meanwhile, select pockets across various sectors, except FMCG, are showing
notable traction. Traders should prioritize identifying quality stocks while
refraining from aggressive positions.
Nifty futures opened at 22895 points against the previous
close of 22964 and opened at a low of 22855 points. Nifty Future closed with an
average movement of 106 points and a decline of around 22 points and 22942 points…!!
On the NSE, the midcap 100 index will rise 1.26% and smallcap
100 index is closing rise 1.43%. Speaking of various sectoral indices only Financial
Services, Private Bank, Bank, Pharma, IT and FMCG 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.86420, fell from a high of Rs.86560
points to a low of Rs.86246 with a rise of 348 points, a trend of around Rs.86258
and March Silver opened at Rs.96797, fell from a high of Rs.97763 points to a
low of Rs.96797 with a rise of 1006 points, a trend of around Rs.97412.
Meanwhile, Asian
markets declined as U.S. President Donald Trump’s proposed tariffs and Federal
Reserve’s stance of keeping rate cuts on hold in the near term, weighed on
investor sentiments.
Minutes of
the FOMC’s latest policy meeting released on Wednesday suggested that Trump’s
trade policies could keep the inflation rate above Fed’s target, reinforcing
its patient approach towards future rate cuts.On the macro front, preliminary
release of February-month manufacturing and services PMI of US and India
tomorrow, will be the key data to watch out for.
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 – 23188 levels. Immediate support is placed at 22880 – 22808 levels.
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 / trading, mentioned on www.nikhilbhatt.in
