Dear
Trader…
Following mixed global cues, Indian equity
indices ended marginally higher in a highly volatile session on Thursday, led
by banking, financial and FMCG stocks. Sensex snaps 5-day losing
streak to end 79 pts higher on mixed global cues and Nifty near 17K. From the Sensex pack, Nestle, Titan, Asian Paints and
HUL closed with over 2% gains. Sun Pharma, SBI, Tata Motors, Power Grid and
Bajaj Finserv also rose. On the other hand, Tata Steel, IndusInd Bank, Bharti
Airtel and Infosys reported losses.
Asian markets slid on Thursday with contagion fears hitting
banks but European equities rallied after troubled banking giant Credit Suisse
said it had taken a huge loan from the Swiss central bank. Credit Suisse later
announced it would borrow nearly $54 billion to support the group. The news
sent shares in the firm surging 32% at the start of business Thursday. Meanwhile,
Hong Kong gave up 1.7%, while Tokyo, Sydney, Shanghai, Seoul, Singapore,
Bangkok, Taipei, Manila and Jakarta were also down.
Nifty futures
opened at 17019.90 points against the previous close of 17037.35 and opened at
a low of 16918.50 points. Nifty Future closed with an average movement of 211.50
points and a rise of around 9.95 points and 17047.30 points…!!
On the NSE,
the midcap 100 index will rise 0.09% and small cap 100 index is closing decline
0.52%. Speaking of various sectoral indices only Metal, IT and PVT Bank 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.57955, fell from a high of Rs.58390
points to a low of Rs.57845 with a decline of 1 points, a trend of around Rs.58338
and May Silver opened at Rs.67080, fell from a high of Rs.67816 points to a low
of Rs.66685, with a rise of 347 points, a trend of around Rs.67646.
Meanwhile, Traders
got some encouragement as Minister of State for Finance Pankaj Chaudhary said
the government is taking steps to make India a $5 trillion economy earlier than
the International Monetary Fund’s forecast year of 2026-27. Some support also
came with Commerce and Industry Minister Piyush Goyal’s statement that the
country’s goods and services exports are marching ahead to cross $750 billion
in the current financial year (FY23) and talks for expanding rupee trade with
certain countries are at an advanced stage. Sentiments remained positive in
afternoon deals with Anurag Jain, the secretary in the Department for Promotion
of Industry and Internal Trade (DPIIT), stating that inclusion and equity are
important for India to transform into a developed nation, with technology
aiding this growth.
However, gains
remain capped amid foreign fund outflows. Traders also turned cautious amid a
private report stating that venture capital (VC) funding for Indian startups
has taken a sharp cut. It dropped to $25.7 billion in 2022 from $35.8 billion
in 2021 as the global economy experienced turbulence. Some anxiety also came
with another private report stating that hiring intentions will remain
marginally lower during the second quarter (April-June) this year as employers
continue to have difficulty in finding people with the right skills.
Technically,
the important key resistances are placed in Nifty future are at 17107 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 17170 – 17202 levels. Immediate support is placed at 17007
– 16919 levels.
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