Dear Trader…
The markets decisively broke out of a week-long
consolidation, surging nearly 1.5% and reinforcing the recovery momentum. Nifty
future exhibited strong upward movement throughout the session, closing near
the day’s high at 22,895.40, with broad-based participation across sectors, led
by real estate, auto, and banking. Broader indices also posted impressive gains
of over 2%.
Looking ahead, the alignment between the benchmark index and
banking majors supports further recovery, with Nifty eyeing the 23,130 level.
However, global factors such as the Federal Reserve meeting and geopolitical
uncertainties may introduce intermittent volatility. A ‘buy on dips’ strategy
remains prudent, with a focus on sectors/themes that align with the prevailing
market trend.
Nifty futures opened at 22705 points against the previous
close of 22584 and opened at a low of 22672 points. Nifty Future closed with an
average movement of 239 points and a rise of around 311 points and 22895 points…!!
On the NSE, the midcap 100 index will
rise 2.18 % and smallcap 100 index is closing rise 2.71%. Speaking of various sectoral indices, Media,
Realty, Consumer Durables, Auto, PSU Bank and Metal 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.88274, fell from a high of Rs.88800 points to a low of Rs.88257 with
a rise of 769 points, a trend of around Rs.88792 and May Silver opened at Rs.100964,
fell from a high of Rs.101980 points to a low of Rs.100854 with a rise of 1418 points,
a trend of around Rs.101954.
Meanwhile,
The Asian markets too closed in the green, buoyed by renewed optimism over
China’s economic recovery. Heavyweight banking stocks recorded strong gains,
taking Nifty Bank index higher by 2% to cross 49,000-mark, its two week high.
Shares of domestic metal companies gained on expectations of increased global
demand after China recently unveiled stimulus plans to boost domestic spending.
The
US Fed’s and Bank of Japan’s monetary policy meet begins today with both
expected to hold the interest rates steady. The market will focus on Fed’s
updated economic projections and commentary for clues on the path ahead. We
expect the market recovery to continue in the near term on the back of positive
global cues and value buying at lower levels.
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 – 23130 levels. Immediate support is placed at 22838 –
22770 levels.
Investment in securities market are subject to market risks. Read Disclaimer and related all the documents carefully before investing, mentioned on www.nikhilbhatt.in
