Dear
Trader…
Indian Equity markets took a breather today after rising 5.6%
in the last 6 trading sessions. Nifty future closed on a flat note at
23,705.353 (+0.03%). The US market ended with gains on Monday due to President
Donald Trump’s softened stance on tariffs, while the Asian markets showed a
mixed performance at today’s close.
There is heightened uncertainty among investors regarding the
US reciprocal tariffs. On one hand, there are expectations that Trump may scale
back some of his broader tariffs planned to be imposed on India; while on the
other, there are latest threats from him to impose 25% “secondary tariffs” on
countries such as India and China that import oil from Venezuela. This led to a
surge in Brent crude prices, which negatively impacted the stocks of domestic
oil companies, pushing the Nifty Oil and Gas Index down by over 1%.
Nifty IT ended higher by 1.3%, mirroring gains in the
tech-heavy US Nasdaq Index. Private banks managed to close in the green as the
RBI announced changes in the Priority Sector Lending (PSL) norms which would
help banks to manage their PSL portfolios more effectively. These RBI measures
are likely to be positive for the banking sector as a whole, with private banks
being the largest beneficiaries of the same.
The market managed to close in the green for the seventh
consecutive trading session on Tuesday, which suggests there is continued
buying interest in domestic equities. We expect the market to continue with a
gradual up-move on the back of FII inflows, strong INR and positive cues from
US market.
Nifty futures opened at 23767 points against the previous
close of 23699 and opened at a low of 23660 points. Nifty Future closed with an
average movement of 233 points and a rise of around 6 points and 23705 points…!!
On the NSE, the midcap 100 index will decline 1.06% and smallcap 100 index is closing decline
1.56%. Speaking of various sectoral indices, the NSE
saw gains in only IT and Private Bank stocks, while all other sectoral indices
closed lower.
At the start of intra-day trading, April gold opened at Rs.87384,
fell from a high of Rs.87768 points to a low of Rs.87359 with a rise of 282 points,
a trend of around Rs.87555 and May Silver opened at Rs.97789, fell from a high
of Rs.98952 points to a low of Rs.97739 with a rise of 1211 points, a trend of
around Rs.98704.
Technically, the important key resistances are placed in Nifty future are at 23707 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 23770 – 23808 levels. Immediate support is placed at 23474 – 23404 levels.
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