Dear
Trader…
Markets remained subdued, trading within a narrow range on
the monthly expiry day of the April derivatives contracts, and ended slightly
lower. After an initial dip, the Nifty future moved in a tight band throughout
the session and eventually settled at 24,245.70. Mirroring the benchmark, most
key sectors closed in the red, with realty and FMCG among the top losers. The
broader indices also traded in a narrow range and ended largely unchanged.
This phase of consolidation in the index is in line with
expectations and may continue in the coming sessions. Therefore, we recommend
maintaining a focus on stock selection and using market dips as buying
opportunities. Following their recent outperformance, banking and financial
stocks may see some consolidation. Meanwhile, sectors like PSEs, metals, and
pharmaceuticals could attract renewed interest, so plan your short-term
positions accordingly.
Nifty futures opened at 24288 points against the previous
close of 24312 and opened at a low of 24225 points. Nifty Future closed with an
average movement of 135 points and a decline of around 67 points and 24245 points…!!
On the
NSE, the midcap 100 index will decline 0.13% and smallcap 100 index is closing decline
0.04%. Speaking of various sectoral indices, the NSE saw gains in only Pharma,
Healthcare, Metal and Media stocks, while all other sectoral indices closed
lower.
At the start of intra-day trading, June
gold opened at Rs.95580, fell from a high of Rs.96188 points to a low of Rs.95562
with a rise of 1235 points, a trend of around Rs.95957 and May Silver opened at
Rs.97451, fell from a high of Rs.97770 points to a low of Rs.97150 with a decline
of 76 points, a trend of around Rs.97723.
Meanwhile, in a positive
development, the US Treasury Secretary indicated that India could be the first
country to sign a trade deal with the US. After a rally of 12% in the last 10
trading sessions, Indian market is expected to consolidate with a positive
bias.
Global market cues and Q4 corporate
earnings would be the key drivers for the market. Key results to watch out on
Friday include those from heavyweights like Reliance, Maruti, Hindustan Zinc,
Shriram Finance, Cholamandalam Inv amongst others.
Technically, the important key resistances are placed in Nifty future are at 24303 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 24373 – 24404 levels. Immediate support is placed at 24088 – 24008 levels.
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