Dear
Trader…
The markets remained volatile for yet another
session, shedding half a percent amid mixed cues. The Nifty future index saw a
weak start, retesting the recent low of around 22,707, but a late recovery in
select heavyweight stocks helped trim losses. Eventually, the index settled at
22,822.60, down 0.52%. Sector-wise, all key indices, except metals, ended in
the red, with auto and pharma being the biggest laggards.
We anticipate the ongoing consolidation phase to
conclude soon and maintain our view to focus on banking and IT for market
direction. A decisive break below 22606 in Nifty could signal trend resumption,
with support levels at 22474 and a major cushion around 22,000. On the upside,
the 22880-23088 zone remains the immediate resistance. In the meantime, we
recommend a stock-specific trading approach while waiting for clearer market
signals.
Nifty futures opened at 22880 points against the
previous close of 22942 and opened at a low of 22757 points. Nifty Future
closed with an average movement of 182 points and a decline of around 119 points
and 22822 points…!!
On the NSE, the midcap 100 index will decline 1.32% and smallcap
100 index is closing decline 0.70%. Speaking of various sectoral indices only Metal
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.85715, fell from a high of Rs.85922
points to a low of Rs.85470 with a decline of 140 points, a trend of around Rs.85884
and March Silver opened at Rs.96802, fell from a high of Rs.97079 points to a
low of Rs.96444 with a decline of 213 points, a trend of around Rs.96900.
Meanwhile, The
FIIs as per Friday’s data were net sellers in equity and debt segments both,
according to data released by the NSDL. In equity segment, the gross buying was
of Rs 11215.84 crore against gross selling of Rs 14723.40 crore. Thus, FIIs
stood as net sellers of Rs 3507.56 crore in equities.
In the debt
segment, the gross purchase was of Rs 1580.28 crore with gross sales of Rs
2811.14 crore. Thus, FIIs stood as net sellers of Rs 1230.86 crore in debt. Of
the total debt, FIIs stood as net sellers in Debt-General Limit segment at Rs
127.52 crore, they stood at net sellers in Debt-VRR segment at Rs 223.33 crore,
while net sellers in Debt-FAR segment at Rs 880.01crore.
In the
hybrid segment, the gross buying was of Rs 9.35 crore against gross selling of
Rs 38.88 crore. Thus, FIIs stood as net sellers of Rs 29.53 crore in hybrid
segment.
Technically, the important key resistances are placed in Nifty future are at 22880 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 22979 – 23088 levels. Immediate support is placed at 22606 – 22474 levels.
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