Dear
Trader…
After a positive start supported by favourable global cues,
Indian benchmark indices declined sharply. This was on account of profit
booking which came in as cross-border tensions between India and Pakistan
escalated, following the terrorist attacks in Pahalgam, Kashmir. Nifty future
ended with loss of 233 points at 24139 (-0.96%). There were deeper cuts in the
broader market indices with Nifty Midcap100 and Smallcap100 down by over 2.5%
each. All the sectoral indices, barring
Nifty IT, closed in the red. Realty and Financial services indices were the top
losers, falling by ~3% each. Nifty IT being the exception, ended with gains of
0.7% on the back a rally in the tech-heavy US Nasdaq index yesterday.
Hotel and aviation stocks were under selling pressure as
tourism is expected to be negatively impacted after the attack on tourists in
Kashmir. On the positive side, news-flows indicated some softness in the
US-China tariff war, while India is expected to be closer to signing a trade
deal with the US. Geo-political developments between India and Pakistan could
add volatility to the Indian market over the next few days. Meanwhile,
stock/sector specific action would continue on the back of ongoing Q4 earnings
announcements. Key results next week include those from large-caps like
Ultratech Cement, Bajaj Finance, Trent, Ambuja Cement amongst others.
Nifty futures opened at 24465 points against the previous
close of 24373 and opened at a low of 23975 points. Nifty Future closed with an
average movement of 536 points and a decline of around 233 points and 24139 points…!!
On the
NSE, the midcap 100 index will decline 2.55% and smallcap 100 index is closing decline
2.45%. Speaking of various sectoral indices, the NSE saw gains in only IT stocks,
while all other sectoral indices closed lower.
At the start of intra-day trading, June
gold opened at Rs.95999, fell from a high of Rs.96239 points to a low of Rs.94580
with a decline of 1285 points, a trend of around Rs.94627 and May Silver opened
at Rs.97495, fell from a high of Rs.97631 points to a low of Rs.96800 with a decline
of 637 points, a trend of around Rs.96874.
Meanwhile, The FIIs as per Friday’s
data were net buyers in equity and debt segments both, according to data
released by the NSDL. In equity segment, the gross buying was of Rs 21177.26
crore against gross selling of Rs 15751.68 crore. Thus, FIIs stood as net
buyers of Rs 5425.58 crore in equities.
In the debt segment, the gross
purchase was of Rs 1520.00 crore with gross sales of Rs 1416.40 crore. Thus,
FIIs stood as net buyers of Rs 103.60 crore in debt. Of the total debt, FIIs
stood as net sellers in Debt-General Limit segment at Rs 124.45 crore, they
stood at net sellers in Debt-VRR segment at Rs 669.25 crore, while net buyers
in Debt-FAR segment at Rs 897.3 crore.
In the hybrid segment, the gross
buying was of Rs 11.95 crore against gross selling of Rs 23.80 crore. Thus,
FIIs stood as net sellers of Rs 11.85 crore in hybrid segment.
Technically, the important key resistances are placed in Nifty future are at 24272 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 24303 – 24373 levels. Immediate support is placed at 24008 – 23808 levels.
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