Dear Trader…
Markets traded in a narrow range and ended marginally lower amid mixed cues. Initially, weak global cues were weighing on sentiment however buying in select heavyweights capped the damage. Consequently, Nifty future settled at 17877.10 levels; down by 0.38%. Meanwhile, most sectoral indices traded in sync with the trend and ended lower wherein metal and energy were among the top losers. Meanwhile, buying in select stocks from the broader indices kept the participants busy.
The recent move in the Nifty index shows indecisiveness among the participants thus we recommend focusing more on stock selection and trade management. We’re seeing rotational buying in select index majors across sectors while others are still sitting on the sidelines. Traders should align their positions accordingly.
Nifty futures opened at 17851.00 points against the previous close of 17945.85 and opened at a low of 17799.00 points. Nifty Future closed with an average movement of 100.90 points and a decline of around 68.75 points and 17877.10 points...!!
On the NSE, the midcap 100 index will decline 0.24% and smallcap 100 index is closing decline 0.54%. Speaking of various sectoral indices only Metal, FMCG and IT stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, April gold opened at Rs.56760, fell from a high of Rs.56864 points to a low of Rs.56496 with a decline of 111 points, a trend of around Rs.56741 and March Silver opened at Rs.66755, fell from a high of Rs.67169 points to a low of Rs.66258, with a decline of 220 points, a trend of around Rs.66810.
Meanwhile, B B Swain, Secretary to the Union Ministry for Micro, Small and Medium Enterprises (MSMEs) stating that the government has acknowledged MSMEs' contribution to the country's economic growth, and the Budget 2023-24 has given a boost to the fund-starved sector with higher credit flow and by simplifying compliances.
However, markets witnessed some selling in afternoon deals, as traders turned cautious with private report stating that the Reserve Bank of India is likely to raise interest rates once again in April as inflation pressures persist and the Federal Reserve continues to tighten, a day after the central bank delivered what many had expected to be its last hike in the current cycle.
But, markets turned higher during the last hour of trade, as some optimism came among traders with Union Minister of State for Commerce and Industry Som Prakash’s statement that the industrial growth during 2021-22 was 11.7% over the corresponding period of the last year. He also highlighted that the government has undertaken various steps to boost industrial performance.
Technically, the important key resistances are placed in Nifty future are at 17909 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 18008 – 18088 levels. Immediate support is placed at 17676 – 17606 levels.
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