Dear Trader…
Markets traded under pressure and ended
marginally lower amid mixed signals. After a flat start, weakness in banking
counters weighed on sentiment, with other sectors joining the decline as the
session progressed. As a result, the Nifty closed at 24,379.60, down 0.33%.
Most sectors, except auto, witnessed losses, with PSU banks, realty, and energy
leading the decline. The broader markets also felt the impact, falling over 2%.
Elevated levels in the volatility index (India
VIX), coupled with ongoing geopolitical tensions, continue to dampen investor
sentiment. In addition to geopolitical concerns, global cues will also remain
in focus, especially with all eyes on the US Fed’s interest rate decision due
on Wednesday. On the benchmark front, the Nifty may continue to consolidate
with a positive bias unless there is a decisive close below the 23,800 level.
Meanwhile, we recommend a stock-specific trading approach with a strong
emphasis on managing overnight risk.
Nifty futures opened at 24574 points against the
previous close of 24553 and opened at a low of 24410 points. Nifty Future
closed with an average movement of 166 points and a decline of around 122 points
and 24431 points…!!
On the NSE, the midcap 100 index will decline 2.27%
and smallcap 100 index is closing decline 2.50%. Speaking of various sectoral
indices, the NSE saw gains in only Auto stocks, while all other sectoral
indices closed lower.
At
the start of intra-day trading, June gold opened at Rs.95200, fell from a high
of Rs.96693 points to a low of Rs.95200 with a rise of 1827 points, a trend of
around Rs.96476 and July Silver opened at Rs.95400, fell from a high of Rs.96788
points to a low of Rs.95400 with a rise of 2076 points, a trend of around Rs.96500.
Meanwhile,
The FIIs as per Tuesday’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 10469.44 crore against gross selling of Rs 8673.31 crore.
Thus, FIIs stood as net buyers of Rs 1796.13 crore in equities. In the debt
segment, the gross purchase was of Rs 1706.09 crore with gross sales of Rs
1095.08 crore. Thus, FIIs stood as net buyers of Rs 611.01 crore in debt.
Of
the total debt, FIIs stood as net buyers in Debt-General Limit segment at Rs
46.69 crore, they stood at net sellers in Debt-VRR segment at Rs 331.06 crore,
while net buyers in Debt-FAR segment at Rs 895.38 crore. In the hybrid segment,
the gross buying was of Rs 7.94 crore against gross selling of Rs 3.38 crore.
Thus, FIIs stood as net buyers of Rs 4.56 crore in hybrid segment.
Technically,
the important key resistances are placed in Nifty future are at 24431 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 24575 – 24606 levels. Immediate support is placed at 24373
– 24303 levels.
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