Dear
Trader…
Indian equity market continued its winning streak for the 5th
consecutive day with Nifty future closing at 23,379 (+0.77%). FIIs bought
Rs3,239 crore on Thursday aiding the positive sentiments. Today there was also
the likely inflows of $1.4-1.6 billion in the last 30 minutes of the trading
session due to the FTSE rebalancing. Broader market indices outperformed, with
Nifty Midcap100 and Smallcap100 gaining 1.3% and 2% respectively. Amongst
sectors, Oil and gas was amongst the top gainers, rising by 1.8%. Banks,
Financial services, Pharma and Healthcare indices followed with gains of over
1% each.
Defence stocks gained after the Defence Acquisition Council
(DAC) approved eight defence proposals worth over Rs54,000 crore and also
approved guidelines to reduce the timelines of acquisition. Nifty future has
recovered 6.3% in the last three weeks indicating value buying at lower levels.
We expect this upward momentum to continue, on the back the foreign
institutional investors’ return to the Indian market amid attractive valuations
and signs of economic recovery.
Nifty futures opened at 23195 points against the previous
close of 23200 and opened at a low of 23172 points. Nifty Future closed with an
average movement of 266 points and a rise of around 179 points and 23379 points…!!
On the NSE, the midcap 100 index will rise 1.38% and smallcap 100 index is closing rise
2.06%. Speaking of various sectoral indices only Consumer
Durables and 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.89230,
fell from a high of Rs.89273 points to a low of Rs.88794 with a decline of 516 points,
a trend of around Rs.89009 and May Silver opened at Rs.99000, fell from a high
of Rs.99000 points to a low of Rs.97830 with a decline of 790 points, a trend
of around Rs.98602.
Meanwhile, The
FIIs as per Friday’s data were net buyers in equity and debt segments both,
according to data released by the NSDL. In equity segment, the gross buying was
of Rs 16341.42 crore against gross selling of Rs 13159.85 crore. Thus, FIIs
stood as net buyers of Rs 3181.57 crore in equities.
In the debt
segment, the gross purchase was of Rs 5343.61 crore with gross sales of Rs
1936.03 crore. Thus, FIIs stood as net buyers of Rs 3407.58 crore in debt. Of
the total debt, FIIs stood as net buyers in Debt-General Limit segment at Rs
82.35 crore, they stood at net buyers in Debt-VRR segment at Rs 379.52 crore,
while net buyers in Debt-FAR segment at Rs 2945.71 crore.
In the
hybrid segment, the gross buying was of Rs 27.51 crore against gross selling of
Rs 29.99 crore. Thus, FIIs stood as net sellers of Rs 2.48 crore in hybrid
segment.
Technically, the important key resistances are placed in Nifty future are at 23474 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 23570 – 23606 levels. Immediate support is placed at 23202 – 23088 levels.
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