Dear
Trader…
Markets
extended rebound and gained over half a percent, tracking favorable global
cues. After the gap-up start, the Nifty
future index inched higher initially however profit taking in index majors
across sectors trimmed the gains as the day progressed. Consequently, it settled around the 17,774.95
level; up by 0.59%. Meanwhile, a mixed trend on the sectoral trend kept the
participants busy wherein energy, IT and auto performed well. The broader
indices too witnessed decent traction and gained in the range of 0.8%-1.2%.
Buoyancy on
the global front is helping the index to stage recovery however multiple
hurdles are capping the upside on every uptick. We thus reiterate our view to
continue with a stock-specific trading approach and prefer sectors that are
showing resilience.
Nifty futures
opened at 17730.00 points against the previous close of 17671.55 and opened at
a low of 17724.00 points. Nifty Future closed with an average movement of 139.90
points and a rise of around 103.40 points and 17774.95 points…!!
On the NSE,
the midcap 100 index will rise 0.85% and small cap 100 index is closing rise
1.12%. Speaking of various sectoral indices only Realty and PSU Bank stocks
were seen selling on the NSE, while all other sectoral indices closed higher.
At the start
of intra-day trading, February gold opened at Rs.55878, fell from a high of Rs.55982
points to a low of Rs.55825 with a rise of 157 points, a trend of around Rs.55878
and March Silver opened at Rs.64657, fell from a high of Rs.64934 points to a
low of Rs.64480, with a rise of 164 points, a trend of around Rs.64565.
Meanwhile, After
the gap up start, markets gradually inched higher as the session progressed, as
traders took encouragement after Chief Economic Advisor V Anantha Nageswaran
expressed hope that the GDP growth for the current financial year will exceed
the projected 7 per cent in view of the expected revision of high frequency
data.
Sentiments
remained up-beat as a private business survey showed activity in India’s
dominant services sector expanded at the fastest pace in 12 years in February
on strong demand as price pressures eased further amid mild job rises &
capacity pressures in the country. The S&P Global India Services Purchasing
Managers’ Index rose from 57.2 in January to 59.4 in February, its highest
since February 2011. It was above the 50-mark separating growth from
contraction for a 19th straight month, its longest stretch of expansion since
June 2013.
Markets
extended gains in late afternoon deals, taking support from report stating that
the Centre has taken steps to enhance exports by micro, small and medium
enterprises (MSME) sector by setting up facilitation centers across the
country. It also said the export facilitation centers will provide the
requisite mentoring and handholding support to the sector and also help to set
up a network of entrepreneurial leaders.
Technically, the important key resistances are placed in Nifty future are at 17808 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 17909 – 18008 levels. Immediate support is placed at 17737 – 17676 levels.
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