Dear
Trader…
Against the backdrop of weak global sentiment, our Indian
equities Benchmark corrected sharply. The Nifty future fell by over 3 percent,
while the Sensex was down by 2200 points. Among sectors, all major sectoral
indices traded in the red, with the Metal and Realty indices losing the most
Metal down 6 percent and Realty down 5 percent.
Technically, the market opened with a significant gap down
but, following the gap down, witnessed intraday recovery from lower levels.
However, the short-term texture of the market is still on the weak side. We
believe that the current market environment is extremely volatile and
uncertain; hence, traders may prefer to adopt a cautious stance in the near
future.
Nifty futures opened at 22201 points against the previous
close of 22958 and opened at a low of 21860 points. Nifty Future closed with an
average movement of 487 points and a decline of around 694 points and 22263 points…!!
On the NSE, the midcap 100 index will decline 3.63% and smallcap
100 index is closing decline 3.88%. Speaking of various sectoral indices,
Metal, Realty, Media, Auto and Private Bank stocks saw heavy selling on the
NSE, while all other sectoral indices also closed lower.
At the start
of intra-day trading, June gold opened at Rs.88000, fell from a high of Rs.88780
points to a low of Rs.87830 with a rise of 174 points, a trend of around Rs.88249
and May Silver opened at Rs.88884, fell from a high of Rs.90150 points to a low
of Rs.87678 with a rise of 1659 points, a trend of around Rs.88870.
Meanwhile, Meanwhile,
Selling was seen in most Asian markets. Tokyo, Shanghai, Bangkok, Seoul and
Hang Seng fell upto 11 per cent. The US markets witnessed a massive sell-off on
Friday due to reciprocal tariffs. The Dow closed by 5.50 per cent down and the
technology index Nasdaq down by nearly 5.82 per cent.
Oil prices
have been driven sharply lower amid global uncertainties, especially as Saudi
Arabia issued its biggest price cut on the commodity in years. Brent crude
slipped 2.67 per cent to $63.82 a barrel, while West Texas Intermediate fell
2.69 per cent to $60.31.
Technically, the important key resistances are placed in Nifty future are at 22404 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 22474 – 22606 levels. Immediate support is placed at 22188 – 22008 levels.
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