Dear Trader…
Indian equities managed to close in the green despite cautious cues from the global markets, backed by continued buying interest and supportive RBI policy. Nifty future ended higher by 33 points at 24169.00 level (+0.14%), extending gains for the sixth straight session amid subdued sentiment in Asian markets and overnight losses in US equities. The US Dollar index continued its decline, hitting a three year low amid US trade tensions and President Trump’s criticism of Fed Chair Jerome Powell for not cutting interest rates, raising concerns about the president’s influence over the central bank.
Nifty Bank gained 0.6% as the RBI announced lower than proposed LCR requirement on deposits, giving banks more flexibility in managing funds (applicable from April’26). Nifty Metal made modest gains as the Indian government imposed a 12% provisional safeguard duty for 200 days on five steel product categories to protect domestic players against surge in cheap imports. The IT index declined by 0.6%, tracking losses in the US tech-heavy Nasdaq index.
Nifty futures opened at 24150 points against the previous close of 24135 and opened at a low of 24077 points. Nifty Future closed with an average movement of 162 points and a rise of around 33 points and 24169 points…!!
On the NSE, the midcap 100 index will rise 0.78% and smallcap 100 index is closing rise 0.73%. Speaking of various sectoral indices only IT and Oil and Gas 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.98753, fell from a high of Rs.99358 points to a low of Rs.97902 with a rise of 1312 points, a trend of around Rs.98591 and May Silver opened at Rs.95793, fell from a high of Rs.95989 points to a low of Rs.94417 with a rise of 331 points, a trend of around Rs.95578.
Meanwhile, we expect the gradual up-move to continue in the market on hopes of a Bilateral Trade Agreement between India and US, sustained FII buying and supportive RBI policies. While action would continue on the stock/sector front on the back of Q4 corporate earnings. Companies like LTI Mindtree, TATA Consumer, Bajaj housing, 360 One WAM amongst others will be announcing results on Wednesday.
Technically, the important key resistances are placed in Nifty future are at 24202 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 24272 – 24303 levels. Immediate support is placed at 24008 – 23880 levels.
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