Dear
Trader…
Nifty Future rallied 0.99% to close at 23,200, crossing the
23k mark after a month. The rally was driven by gains in the US market after
the Federal Reserve maintained its forecast of two rate cuts this year despite
the ongoing tariff concerns. Although, it lowered the economic growth forecasts
and raised projections for inflation.
It also highlighted the growing uncertainty over the impact
of Trumps policies on the economy, resulting in mixed sentiments among
investors. Broader market indices too ended on a positive note, with Nifty
Midcap100 and Smallcap100 gaining 0.7% each.
Amongst sectors, Oil and gas was the top gainer, rising by
1.7%. Auto, IT, FMCG and Metal indices followed with gains of over 1% each. The
German government approved a significant increase in defence spending which is
likely to increase the scope for exports for domestic defence companies.
This development led to a surge in the Nifty India Defence
index. With the Indian equities witnessing gains for the last four trading
sessions; we expect the market recovery to continue in the near term, driven by
continued buying interest and positive global cues.
Nifty futures opened at 23069 points against the previous
close of 22972 and opened at a low of 23015 points. Nifty Future closed with an
average movement of 217 points and a rise of around 227 points and 23200 points…!!
On the NSE, the midcap 100 index will rise 0.64% and smallcap 100 index is closing rise
0.70%. Speaking 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.89460,
fell from a high of Rs.89796 points to a low of Rs.88350 with a decline of 4 points,
a trend of around Rs.88598 and May Silver opened at Rs.100499, fell from a high
of Rs.100767 points to a low of Rs.98518 with a decline of 744 points, a trend
of around Rs.99180.
Meanwhile, both
the exchanges reacted to global trends after the US Federal Reserve kept
interest rates unchanged. The US Fed maintained its policy rate in the 4.25 per
cent to 4.50 per cent range but signalled a potential half-percentage-point cut
by the end of the year.
Technically, the important key resistances are placed in Nifty future are at 23202 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 23303 – 23373 levels. Immediate support is placed at 23088 – 23008 levels.
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