Dear
Trader…
The benchmark
index started with a decent gap up at the opening bell but failed to capitalize
on the initial gains. And soon after, a sell-off got triggered that dragged the
index below yesterday’s low, signifying a sense of tentativeness at the higher
levels. However, the bulls firmly came for the safeguard and gradually
levitated the market to pare down the lost grounds. With the intense day of
trade, Nifty future concluded the session near the day’s high amid the
trail-end buying emergence and settled a tad above 18300, procuring a mere gain
of 0.21 percent.
one needs to
stay abreast with the ongoing domestic developments over the state election,
which is likely to impact the near-term trend. Simultaneously, one must keep a
close tab on the mentioned levels and continue with the stock-specific approach
for better trading opportunities.
Nifty futures
opened at 18325.00 points against the previous close of 18306.40 and opened at
a low of 18255.55 points. Nifty Future closed with an average movement of 102.95
points and a rise of around 39.10 points and 18345.50 points…!!
On the NSE, the
midcap 100 index will rise 0.05% and small cap 100 index is closing rise 0.14%.
Speaking of various sectoral indices only PSU Bank, Metal, IT and Healthcare stocks
were seen selling on the NSE, while all other sectoral indices closed higher.
At the start
of intra-day trading, June gold opened at Rs.61270, fell from a high of Rs.61400
points to a low of Rs.61173 with a decline of 150 points, a trend of around Rs.61269
and July Silver opened at Rs.77374, fell from a high of Rs.77627 points to a
low of Rs.77061, with a decline of 326 points, a trend of around Rs.77130.
Meanwhile, Markets
made an optimistic start as traders took encouragement with Economic Affairs
Secretary Ajay Seth’s statement that Indian financial system is well protected
and regulated despite the daunting global financial situation. Some solace also
came as Fitch Ratings affirmed India’s sovereign rating with a stable outlook
and said that the country has a robust growth outlook and resilient external
finances. It has affirmed the country’s Long-Term Foreign-Currency Issuer
Default Rating (IDR) at ‘BBB-‘ with a Stable Outlook and added that strong
growth potential is a key supporting factor for the sovereign rating.
Sentiments
remained positive in noon deals, as provisional data from the National Stock
Exchange showed foreign institutional investors (FII) bought shares worth Rs
2,123.76 crore on May 8, 2023. Traders took a note of Union Finance Minister
Nirmala Sitharaman’s statement that regulators should maintain a constant vigil
as ensuring ‘financial sector stability is a shared responsibility’ of the
regulators. She said regulators must take appropriate and timely action to
mitigate any vulnerability and strengthen financial stability.
Technically,
the important key resistances are placed in Nifty future are at 18404 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 18434 – 18474 levels. Immediate support is placed at 18288
– 18202 levels.
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