Dear
Trader…
Markets
started the March month on a positive note and gained nearly a percent, taking
a breather after the recent fall. After
the initial uptick, the Nifty index traded in a narrow range for most of the
session but buying in select heavyweights kept the tone positive. On the
sectoral front, recovery in the IT and metal pack combined with continued
resilience in banking played a crucial role. Besides, recovery on the broader
front further added to the buoyancy.
We expect the
rebound to extend further but the existence of a hurdle around 17,676 in Nifty
might cap the upside. We reiterate our
view to focus on identifying trading opportunities based on sectoral trends
while keeping a check on leveraged trades. In absence of any major domestic
event, global cues would continue to induce volatility in between.
Nifty futures
opened at 17433.05 points against the previous close of 17403.40 and opened at
a low of 17417.35 points. Nifty Future closed with an average movement of 132.65
points and a rise of around 129.30 points and 17532.70 points…!!
On the NSE,
the midcap 100 index will rise 1.55% and small cap 100 index is closing rise
1.34%. Speaking of various sectoral indices, Metal, PSU Bank, Media, IT and
Realty stocks saw heavy gains on the NSE, while all other sectoral indices also
closed higher.
At the start
of intra-day trading, February gold opened at Rs.55760, fell from a high of Rs.55890
points to a low of Rs.55627 with a rise of 83 points, a trend of around Rs.55839
and March Silver opened at Rs.64000, fell from a high of Rs.64301 points to a
low of Rs.63752, with a rise of 137 points, a trend of around Rs.63920.
Meanwhile, After
making a cautious start, markets traded marginally higher as traders took some
support with Comptroller & Auditor General of India (CAG) G C Murmu’s
statement that the blue economy occupies a vital position in India’s economic
growth and it could well be the next multiplier of GDP and well-being, provided
sustainability and socio-economic welfare are kept at the centre stage.
However, soon
markets cut some gains in afternoon deals, as traders got anxious with ICRA
Ratings’ stating that India Inc’s operating profit margin narrowed by a sharp
2.37% in the December quarter to 16.3% on an annual basis due to high inflation
and rising energy costs. Traders were also cautious amid a private report
stating that a dove-turned-hawk in India’s monetary policy committee said
demand in the economy was leading to significant price gains and high interest
rates are required to keep a lid over inflation, including the core measure.
Continued foreign fund outflows also dented the market sentiment. Foreign
institutional investors (FII) sold shares worth Rs 2,022.52 crore on February
27, the National Stock Exchange’s provisional data showed.
Technically, the important key resistances are placed in Nifty future are at 17606 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 17676 – 17707 levels. Immediate support is placed at 17474 – 17404 levels.
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