Dear
Trader…
Markets traded
volatile in a narrow range and ended marginally in the green amid mixed cues.
After the flat start, Nifty future tried hard to inch higher however a sharp
cut in the final hour trimmed the gains and it finally settled at 17037.40
levels. Most of the sectoral indices, barring defensive viz. FMCG and pharma,
continue to reel under pressure wherein realty, energy and auto were among the
top losers. Meanwhile, the broader indices underperformed and shed in the range
of 0.5%-2%.
Amid uncertain
global environment, participants are not reacting positively to any
intermediate uptick in world indices and now a fresh decline in the broader
markets further adding to their worries. We thus recommend maintaining a check
on leveraged positions and let the market stabilize.
Nifty futures
opened at 16995.25 points against the previous close of 16955.05 and opened at
a low of 16940.80 points. Nifty Future closed with an average movement of 183.75
points and a rise of around 82.35 points and 17037.40 points…!!
On the NSE,
the midcap 100 index will decline 0.47% and small cap 100 index is closing decline
1.59%. Speaking of various sectoral indices only Realty, Media, Auto, PVT Bank
and Financial Services 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.59300, fell from a high of Rs.59310
points to a low of Rs.58575 with a decline of 672 points, a trend of around Rs.58601
and May Silver opened at Rs.70251, fell from a high of Rs.70408 points to a low
of Rs.69751, with a decline of 441 points, a trend of around Rs.69970.
Meanwhile, After
making a cautious start, key gauges soon slipped into red amid foreign fund
outflows. Provisional data from exchanges showed that FIIs were net sellers to
the tune of Rs 995 crore in the cash markets on March 23. However, key
gauges managed to erase losses and traded marginally higher in afternoon deals,
as traders took some support with report stating that India’s exports to the
UAE are expected to touch an all-time high of $32 billion by the end of this
fiscal due to the benefits of free trade agreement between the countries.
Some support
came after Chief Economic Advisor (CEA) V Anantha Nageswaran indicated that
with global crude oil prices on the slide, India’s current account deficit
(CAD), too, will drop in the current fiscal year (2022-23, or FY23) and the
next (2023-24, or FY24), with the external situation being quite stable. Besides,
shares of asset management companies also fell on Friday after the finance
minister announced amendments to the Finance Bill to treat returns on debt
mutual funds as short-term capital gain, which is likely to eliminate the
long-term tax benefits on such investments.
Traders
overlooked Union Minister of State for Consumer Affairs, Food and Public
Distribution, Ashwini Kumar Choubey’s statement that retail food inflation,
measured by the Consumer Food Price Index (CFPI) brought out by the Ministry of
Statistics and Programme Implementation (MoSPI), has declined from 8.60 percent
in September 2022 to 5.95 per cent in February 2023.
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 16939 – 16880 levels.
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