Dear
Trader…
Markets started the week on an upbeat note and gained ~2%,
tracking favorable cues. After the initial uptick, Nifty continued to move
gradually higher as the day progressed and finally settled closer to the day’s
high at 21,875.20 levels. The majority of key sectors contributed to the move
wherein energy, financials and metal were among the top performers. The broader indices also traded in sync with
the trend and gained over 1.5% each.
The stability in banking combined with buoyancy on the global
front is aiding recovery however the upside seems capped citing multiple
hurdles. We thus suggest focusing on sectors/themes that are attracting
consistent buying. Needless to say, the volatility is here to stay so limit
aggressive longs and prefer hedged bets.
Nifty futures opened at 21591.00 points against the previous
close of 21488.55 and opened at a low of 21575.00 points. Nifty Future closed
with an average movement of 310.00 points and a rise of around 386.65 points
and 21875.20 points…!!
On the NSE,
the midcap 100 index will rise 1.63% and small cap 100 index is closing rise 1.49%.
Speaking of various sectoral indices only FMCG 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.62080, fell from a high of Rs.62247
points to a low of Rs.62041 with a rise of 226 points, a trend of around Rs.62190
and March Silver opened at Rs.71854, fell from a high of Rs.72233 points to a
low of Rs.71853.00 with a rise of 372 points, a trend of around Rs.72145.
Meanwhile, The
FIIs as per Monday’s data were net buyers in both equity and debt segments,
according to data released by the NSDL. In equity segment, the gross buying was
of Rs 43302.19 crore against gross selling of Rs 38232.31 crore. Thus, FIIs
stood as net buyers of Rs 5069.88 crore in equities.
In the debt
segment, the gross purchase was of Rs 2430.79 crore with gross sales of Rs
2059.38 crore. Thus, FIIs stood as net buyers of Rs 371.41 crore in debt. In
the hybrid segment, the gross buying was of Rs 39.57 crore against gross
selling of Rs 45.38 crore. Thus, FIIs stood as net sellers of Rs 5.81 crore in
hybrid segment.
Technically, the important key resistances are placed in Nifty future are at 21505 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 21533 – 21606 levels. Immediate support is placed at 21303 – 21188 levels.
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