Dear
Trader…
Benchmark index Nifty future ended higher by 92 points at
23,433 (+0.40%), in a volatile trading session today. Indian market showed
resilience, despite the global market cues being flat to negative as US tariff
uncertainties persist. Positive investor sentiment was supported by better than
expected data on India’s retail inflation (CPI), which eased to a six-year low
of 3.34% in March against 3.61% in February.
Further, the FIIs turned net buyers yesterday for the first
time this month, with inflows exceeding 6,000 crore. On the sectoral front,
banking stocks witnessed a smart rally, extending gains for the third straight
session as the cool-off in retail inflation boosted expectations of further
rate cuts by the RBI. On the flip side, Auto, Pharma and Healthcare indices
ended in the red over lingering tariff concerns.
Nifty futures opened at 23338 points against the previous
close of 23340 and opened at a low of 23277 points. Nifty Future closed with an
average movement of 172 points and a rise of around 92 points and 23433 points…!!
On the NSE, the midcap 100 index will rise 0.71% and smallcap 100 index is closing rise
1.05%. Speaking of various sectoral indices only Auto,
Pharma and Healthcare stocks were seen selling on the NSE, while all other
sectoral indices closed higher.
At the start of intra-day trading, June gold opened at Rs.94573,
fell from a high of Rs.95435 points to a low of Rs.94311 with a rise of 1736 points,
a trend of around Rs.95187 and May Silver opened at Rs.94800, fell from a high
of Rs.96965 points to a low of Rs.94666 with a rise of 1795 points, a trend of
around Rs.96569.
Meanwhile, Investors will be tracking the comments from the US Federal
Reserve later today for insights into the status of the US economy, impact of
trade tariffs and the future direction of interest rates.
We expect continued positive momentum for Indian markets on
the back of progress in US-India trade settlement as the two countries signed
the terms of reference for the first part of the Bilateral Trade Agreement
(BTA). However, the escalation of tariff war between US and China could induce
some volatility. Further, market will be closely watching the upcoming Q4
results which includes those from Infosys, HDFC AMC, HDFC Life Insurance to be
announced tomorrow.
Technically, the important key resistances are placed in Nifty future are at 23505 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 23575 – 23606 levels. Immediate support is placed at 23303 – 23180 levels.
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