Dear
Trader…
Domestic
indices saw roller coaster ride amid continued global uncertainty. Nifty opened
flat but soon witnessed selling pressure. Nifty future drifted below 17k zone
for a brief moment intraday – almost after more than 4 months – it was below
17k last time on 13 Oct 2022. Nifty finally ended the day with loss of 80.05
(-0.47%) at 17125 levels. The only positive factor today was the WPI data for
Feb’23, which came in at 25-month low at 3.85%.
Markets are
likely to remain under pressure in the near term, as the US banking crisis
deepens with more and more US banks coming under the cloud. Now all eyes will
be on the US inflation data that will be released late on Tuesday and would be
key factor for the Fed’s decision on interest rate in its upcoming meeting
amidst the ongoing banking turmoil.
Nifty futures
opened at 17190.00 points against the previous close of 17205.80 and opened at
a low of 17071.10 points. Nifty Future closed with an average movement of 206.90
points and a decline of around 80.05 points and 17125.75 points…!!
On the NSE,
the midcap 100 index will decline 0.52% and smallcap 100 index is closing decline
0.83%. Speaking of various sectoral indices, the NSE saw gains in only, Media
and Pharma stocks, while all other sectoral indices closed lower.
At the start
of intra-day trading, April gold opened at Rs.57483, fell from a high of Rs.57738
points to a low of Rs.57355 with a decline of 21 points, a trend of around Rs.57621
and March Silver opened at Rs.66411, fell from a high of Rs.67125 points to a
low of Rs.66001, with a decline of 197 points, a trend of around Rs.66455.
Meanwhile, Markets
pre opened positive as traders took some support with data showing that India’s
industrial production growth perked up slightly to 5.2 per cent in January from
4.7 per cent in December 2022, mainly due to good performance of the power,
mining and manufacturing sectors. Some support also came with the Central Board
of Direct Taxes (CBDT) stating that net direct tax collection so far this
fiscal grew 17 per cent to reach Rs 13.73 lakh crore, which is 83 per cent of
the revised target for the full financial year.
However, the
indices soon gave up the initial gains and came under intense selling pressure
in afternoon deals, as traders turned cautious with a private report that
India’s retail inflation probably breached the central bank’s target for a
second straight month in February, prompting the monetary authority to possibly
hike borrowing costs to the highest level in seven years. India’s Consumer
Price Index (CPI) data is to be out later in the day.
Weakness also
prevailed in the markets as foreign institutional investors (FII) net sold
shares worth Rs 2,061.47 crore on March 10, according to the provisional data
available on the NSE. Some anxiety also came amid a private report stating that
the central government has placed strict conditions on states to avail of the
Rs 1.3 trillion in long-term loans for their capital expenditure (capex) needs
in the approaching fiscal year (2023-24, or FY24) to ensure effective
utilisation of funds.
Technically,
the important key resistances are placed in Nifty future are at 17177 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 17202 – 17272 levels. Immediate support is placed at 17007
– 16939 levels.
Note :- Before Act please refer
& agree Terms & conditions, Disclaimer, privacy policy & agreement
on www.nikhilbhatt.inDear
Trader…
Domestic
indices saw roller coaster ride amid continued global uncertainty. Nifty opened
flat but soon witnessed selling pressure. Nifty future drifted below 17k zone
for a brief moment intraday – almost after more than 4 months – it was below
17k last time on 13 Oct 2022. Nifty finally ended the day with loss of 80.05
(-0.47%) at 17125 levels. The only positive factor today was the WPI data for
Feb’23, which came in at 25-month low at 3.85%.
Markets are
likely to remain under pressure in the near term, as the US banking crisis
deepens with more and more US banks coming under the cloud. Now all eyes will
be on the US inflation data that will be released late on Tuesday and would be
key factor for the Fed’s decision on interest rate in its upcoming meeting
amidst the ongoing banking turmoil.
Nifty futures
opened at 17190.00 points against the previous close of 17205.80 and opened at
a low of 17071.10 points. Nifty Future closed with an average movement of 206.90
points and a decline of around 80.05 points and 17125.75 points…!!
On the NSE,
the midcap 100 index will decline 0.52% and smallcap 100 index is closing decline
0.83%. Speaking of various sectoral indices, the NSE saw gains in only, Media
and Pharma stocks, while all other sectoral indices closed lower.
At the start
of intra-day trading, April gold opened at Rs.57483, fell from a high of Rs.57738
points to a low of Rs.57355 with a decline of 21 points, a trend of around Rs.57621
and March Silver opened at Rs.66411, fell from a high of Rs.67125 points to a
low of Rs.66001, with a decline of 197 points, a trend of around Rs.66455.
Meanwhile, Markets
pre opened positive as traders took some support with data showing that India’s
industrial production growth perked up slightly to 5.2 per cent in January from
4.7 per cent in December 2022, mainly due to good performance of the power,
mining and manufacturing sectors. Some support also came with the Central Board
of Direct Taxes (CBDT) stating that net direct tax collection so far this
fiscal grew 17 per cent to reach Rs 13.73 lakh crore, which is 83 per cent of
the revised target for the full financial year.
However, the
indices soon gave up the initial gains and came under intense selling pressure
in afternoon deals, as traders turned cautious with a private report that
India’s retail inflation probably breached the central bank’s target for a
second straight month in February, prompting the monetary authority to possibly
hike borrowing costs to the highest level in seven years. India’s Consumer
Price Index (CPI) data is to be out later in the day.
Weakness also
prevailed in the markets as foreign institutional investors (FII) net sold
shares worth Rs 2,061.47 crore on March 10, according to the provisional data
available on the NSE. Some anxiety also came amid a private report stating that
the central government has placed strict conditions on states to avail of the
Rs 1.3 trillion in long-term loans for their capital expenditure (capex) needs
in the approaching fiscal year (2023-24, or FY24) to ensure effective
utilisation of funds.
Technically, the important key resistances are placed in Nifty future are at 17177 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 17202 – 17272 levels. Immediate support is placed at 17007 – 16939 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
