Dear Trader…
Aided by a
late-session resurgence in Reliance and an uptick in banking and media stocks
on strong quarterly earnings, the BSE Sensex rallied 302 points to make a
closing record of 67,097, while the broader Nifty Future jumped 77 points to
settle at 19,870.
Almost all the
segments witnessed buying with banking and consumer durable stocks leading the
gains. Only Nifty IT closed with marginal cuts.
From the Sensex pack,
NTPC gained the most at nearly 3%, followed by Bajaj Finance and IndusInd Bank,
whose shares rose over 2% each.In the broader markets, Nifty Midcap 100
was up 0.68% and the smallcap index jumped 0.78%.
Global Markets –
Global stocks rallied
on Wednesday as good news on UK inflation added to a picture of cooling price
pressures. The MSCI index of world stocks edged 0.3% higher, towards its eighth
consecutive day of gains — its longest rally since mid-2021.
Asian markets, too,
mostly rose as optimism grew that the Fed would soon end its rate hike cycle.
Tokyo, Singapore, and Bangkok traded in the green, while Shanghai index
reversed early losses to inch up marginally.
Rupee falls –The rupee depreciated
by 6 paise to close at 82.10 against the US dollar on Wednesday, weighed down
by the rebound in the dollar in global markets and firm crude oil prices.
Crude Oil –Oil prices held steady
on China’s economic growth pledge as Brent rose 38 cents at $80.01 a barrel.
Meanwhile, US WTI crude was up at $75.95 per barrel Ends.
Nifty futures opened at 19801.00 points against the previous close
of 19770.55 and opened at a low of 19747.00 points. Nifty Future closed with an
average movement of 123.00 points and a rise of around 76.55 points and 19847.00
points…!!
On the
NSE, the midcap 100 index will rise 0.68% and small cap100 index is rise 0.78%.
At the
start of intra-day trading August gold opened at Rs.59765 fell from a high of
Rs.59878 points to a low of Rs.59672 with a decline of 53 points, a trend of
around Rs.59710 and September Silver opened at Rs.76156, fell from a high of Rs.76254
points to a low of Rs.75915 with a decline of 73 points, a trend of around Rs.76030.
Meanwhile, Despite the current high levels, domestic
investors have hardly lost confidence in the Indian economy. It is experiencing
a broad-based rally strengthened by encouraging domestic macroeconomic data and
sustained inflows from FIIs.
Technically, the
important key resistances are placed in july Nifty future are at 19847 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 19909 – 20008 levels. Immediate support is placed at 19808 –
19676 levels.
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