Dear Trader…
Markets rebounded after Tuesday’s decline, gaining over half
a percent. Following a flat opening, Nifty future edged higher and remained
range-bound throughout the session, eventually closing at 23,438.95. Most key
sectors contributed to the recovery, with realty, FMCG, and banking leading the
gains. Meanwhile, broader indices continued their outperformance, rising nearly
one and a half percent each.
Markets will react to the announcement of reciprocal tariffs
and the initial response from global markets, which could influence sentiment.
Additionally, the scheduled weekly expiry may add to the volatility. We
recommend a cautious stance and favor a hedged approach until there is greater
clarity on the index’s next directional move. However, stocks continue to offer
trading opportunities on both sides, and participants should position
themselves accordingly.”
Nifty futures opened at 23326 points against the previous
close of 23459 and opened at a low of 23300 points. Nifty Future closed with an
average movement of 159 points and a rise of around 117 points and 23438 points…!!
On the NSE, the midcap 100 index will rise
1.61% and smallcap 100 index is closing rise 1.12%. Speaking of various sectoral indices, Realty, Consumer
Durables, FMCG, Pharma 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.91010, fell from a high of Rs.91100 points to a low of Rs.90245 with
a rise of 52 points, a trend of around Rs.90555 and May Silver opened at Rs.99666,
fell from a high of Rs.100374 points to a low of Rs.90326 with a rise of 364 points,
a trend of around Rs.99825.
Meanwhile,
The sentiments were further reinforced by India’s
manufacturing PMI for March, which reached an eight-month high, hinting at a
recovery in Q4 FY25 corporate earnings. Following a recent correction, the
index appears to be finding support around the critical 50 EMA on the daily
timeframe. Rupee remained flat near 85.47 as markets awaited US reciprocal
tariff measures and their potential impact on the global economy.
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 23303 –
23170 levels.
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