Dear
Trader…
The ease in US
inflation data led to some relief in the global markets, tracking which SGX
Nifty indicated a positive opening for our markets. Simulating to which the
benchmark index Nifty50 started with a decent gap but once again failed to
capitalize on the initial gains and showcased a lackluster trading session.
We remain
sanguine and expect any dip to augur well for the bulls. Meanwhile, the global
markets should be watched closely as any further relief could act as a catalyst
to open up the next leg of the rally. Going forward, the broader market is
keeping the buzz and one needs to adopt a pragmatic approach in such market
conditions to seize better opportunities.
Nifty futures
opened at 18375.10 points against the previous close of 18345.50 and opened at
a low of 18316.00 points. Nifty Future closed with an average movement of 74.55
points and a rise of around 7.90 points and 18353.40 points…!!
On the NSE,
the midcap 100 index will rise 0.30% and small cap 100 index is closing rise
0.53%. Speaking of various sectoral indices only Pharma, Healthcare and Metal 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.61279, fell from a high of Rs.61515
points to a low of Rs.61052 with a rise of 132 points, a trend of around Rs.61402
and July Silver opened at Rs.76555, fell from a high of Rs.76620 points to a
low of Rs.75346, with a decline of 1104 points, a trend of around Rs.75584.
Meanwhile, Markets
made a positive start but soon wiped out gains and traded with negative bias,
as traders restrained from taking any long position ahead of upcoming
macro-economic data. Some concern came as Automobile dealers’ body the
Federation of Automobile Dealers Associations (FADA) raised the issue of
unauthorised multi-brand outlets (MBOs) in the two-wheeler industry, which are
not certified as bona fide dealers and sell unregistered vehicles without any
trade certificates or after-sales services.
Sentiments
were positive, amid a report by industry body FISME stating that steps such as
increasing awareness, easier documentation, simplified customs processes and
standard operating practice for product returns would help in promoting the
country’s exports through e-commerce medium. Markets added some gains in late
afternoon deals, as traders found some solace with a private report that
India’s consumer inflation likely cooled to an 18-month low in April as rises
in food and fuel prices moderated, keeping it below the Reserve Bank of India’s
upper tolerance limit for the second consecutive month.
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 18474 – 18505 levels. Immediate support is placed at 18303
– 18272 levels.
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