Dear
Trader…
Markets extended
losses for yet another session and settled with a cut of nearly half a percent.
The tone was positive initially but selling resumed as the session progressed.
Consequently, Nifty finally settled at 17403.40 level. On the sectoral front,
most sectors traded under pressure however selective buying in auto, and realty
pack combined with rebound on broader front kept the the traders busy.
Markets are
not seeing respite despite the oversold positions however the pace of decline
has subsided in the recent sessions. We expect Nifty to respect 17288-17474
zone thus possibility of consolidation is high. Meanwhile, focus on
stock-specific opportunities based on sectoral trend and limit leveraged
positions.
Nifty futures
opened at 17493.05 points against the previous close
of 17497.95 and opened at a low of 17345.00 points. Nifty Future closed with an
average movement of 189.00 points and a decline of around 94.55 points and 17403.40
points…!!
On the NSE,
the midcap 100 index will rise 0.74% and smallcap 100 index is closing rise 0.41%.
Speaking of various sectoral indices, the NSE saw gains in only, Media, Realty,
Auto, PSU Bank and PVT Bank stocks, while all other sectoral indices closed
lower.
At the start
of intra-day trading, April gold opened at Rs.55397, fell from a high of Rs.55429
points to a low of Rs.55290 with a decline of 88 points, a trend of around Rs.55344
and March Silver opened at Rs.62725, fell from a high of Rs.63337 points to a
low of Rs.62550, with a decline of 187 points, a trend of around Rs.63246.
Meanwhile, markets
remained higher during morning deals, as some support came in after the finance
ministry stated that the Indian economy is estimated to grow by 7 per cent
year-on-year in the current fiscal despite the global economy operating under
an extremely challenging macroeconomic environment. Traders got some
encouragement as Finance Minister Nirmala Sitharaman pitched for a global
framework to regulate cryptocurrencies, besides firming up ways to tackle
global debt vulnerabilities and strengthening multilateral development banks
during bilateral meetings with her counterparts, including from US and Japan,
ahead of the G-20 meeting.
However, trade
turned negative during the afternoon deals and remained weak till the end of
the trading session, as market participants got cautious, after External
Affairs Minister S Jaishankar said that the responsibility for the trade
imbalance with China rests squarely on businesses as well, blaming Indian
corporates for not developing the right sourcing arrangements. On the sectoral
front, stocks related to the apparel sector remained in focus, after the
Apparel Export Promotion Council’s (AEPC) Chairman Naren Goenka expressed
confidence that in the coming years, the apparel sector will be able to support
the government’s efforts to make India a $2 trillion ($1 trillion goods and $1
trillion services) export target by 2030.
Technically, the important key resistances are placed in Nifty future are at 17505 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 17574 – 17606 levels. Immediate support is placed at 17373 – 17303 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
