Dear
Trader…
Nifty future rebounded sharply, breaking a 10-day losing
streak to end with 1.13% gains at 22,441 level. This resulted from strength in
the Asian markets and value buying at lower levels in the Indian market. A key
driving factor for the market was the indication from the US Commerce Secretary
that the Trump administration could announce a pathway for reducing tariffs on
Mexican and Canadian goods. The broader market witnessed strong buying interest
for the second consecutive day with Nifty Midcap 100 and Smallcap 100 indices
rising 2.4% and 3% respectively.
The strong rise in steel stocks led to a rally in Nifty metal
index, which was up nearly 4.5%. On the macro front, India’s services PMI
showed recovery in February, rising to 59, up from 56.5 in January backed by
surge in new business order. Investors will watch out for US Service PMI to be
released later today and ECB interest rate decision tomorrow. Going ahead, a
sustained market recovery would be largely dependent on global developments
around the US tariffs as well as continued buying interest in domestic
equities.
Nifty futures opened at 22200 points against the previous
close of 22191 and opened at a low of 22168 points. Nifty Future closed with an
average movement of 330 points and a rise of around 250 points and 22441 points…!!
On the NSE, the midcap 100 index will rise 2.42 % and smallcap 100 index is closing rise
2.96%. Speaking of various sectoral indices, Metal,
Media, PSU Bank and Auto stocks saw heavy gains on the NSE, while all other
sectoral indices also closed higher.
At the start of intra-day trading, April gold opened at Rs.85931,
fell from a high of Rs.86230 points to a low of Rs.85840 with a decline of 11 points,
a trend of around Rs.86015 and May Silver opened at Rs.96400, fell from a high
of Rs.97545 points to a low of Rs.96400 with a rise of 1073 points, a trend of
around Rs.97329.
Meanwhile, The
FIIs as per Wednesday’s data were net sellers in equity segment, while they
were net buyers in debt segment, according to data released by the NSDL. In
equity segment, the gross buying was of Rs 12088.05 crore against gross selling
of Rs 15624.10 crore. Thus, FIIs stood as net sellers of Rs 3536.05 crore in
equities.
In the debt
segment, the gross purchase was of Rs 2595.61 crore with gross sales of Rs
2015.24 crore. Thus, FIIs stood as net buyers of Rs 580.37 crore in debt. Of
the total debt, FIIs stood as net sellers in Debt-General Limit segment at Rs
390.02 crore, they stood at net sellers in Debt-VRR segment at Rs 37.13 crore,
while net buyers in Debt-FAR segment at Rs 1007.52 crore.
In the
hybrid segment, the gross buying was of Rs 8.04 crore against gross selling of
Rs 18.19 crore. Thus, FIIs stood as net sellers of Rs 10.15 crore in hybrid
segment.
Technically, the important key resistances are placed in Nifty future are at 22505 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 22575 – 22606 levels. Immediate support is placed at 22373 – 22303 levels.
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