Dear
Trader…
Markets
consolidated in a range after the recent surge and ended almost unchanged. After the initial downtick, the Nifty future oscillated
in a narrow band and finally settled at 21033.85 levels. Meanwhile, a mixed
trend on the sectoral front kept the traders busy wherein energy and pharma posted
decent gains while FMCG and metal settled lower. Amid all, the market breadth
was inclined on the advancing side, thanks to the upbeat midcap and smallcap
pack.
The overbought
reading in the index may result in further consolidation however the bias would
remain on the positive side. We suggest maintaining focus on stock selection
and using intermediate dips to gradually add quality names. Apart from the
domestic factors, traders should keep a close eye on the performance of the US
markets for cues.
Nifty futures
opened at 21019.90 points against the previous close of 21039.30 and opened at
a low of 20956.25 points. Nifty Future closed with an average movement of 91.75
points and a decline of around 5.45 points and 21033.85 points…!!
On the NSE,
the midcap 100 index will rise 0.59% and smallcap 100 index is closing rise 0.37%.
Speaking of various sectoral indices, FMCG, Metal, IT, Private 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, February gold opened at Rs.62414, fell from a high of Rs.62595
points to a low of Rs.62322 with a rise of 139 points, a trend of around Rs.62579
and March Silver opened at Rs.74750, fell from a high of Rs.74961 points to a low
of Rs.74416.00 with a rise of 9 points, a trend of around Rs.74840.
Meanwhile, S&P
Global Ratings has said that India will become the world’s third largest
economy by 2030, as it forecast the nation’s GDP growth reaching 7 per cent in
2026-27 fiscal year. It expects India will be the fastest growing major economy
in the next three years. Currently, the country is the fifth largest economy in
the world behind the US, China, Germany and Japan.
In its Global
Credit Outlook 2024, S&P saw a 6.4 per cent GDP growth in the fiscal year
through March 2024 (2023-24) as compared to 7.2 per cent in the previous
financial year. The growth rate will remain at 6.4 per cent in the next fiscal
(2024-25) before climbing to 6.9 per cent in the next and 7 per cent in 2026-27.
S&P said
‘a paramount test will be whether India can become the next big global
manufacturing hub, an immense opportunity. It noted that developing a strong
logistics framework will be key in transforming India from a services-dominated
economy into a manufacturing-dominant one’. Unlocking the labour market
potential will largely depend upon upskilling workers and increasing female participation
in the workforce. It said ‘success in these two areas will enable India to
realize its demographic dividend’. It further said a booming domestic digital
market could also fuel expansion in India’s high-growth startup ecosystem
during the next decade, especially in financial and consumer technology. In the
automotive sector, India is poised for growth, building on infrastructure,
investment, and innovation.
Technically, the important key resistances are placed in Nifty future are at 21088 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 21108 – 21188 levels. Immediate support is placed at 21008 – 20939 levels.
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