Markets failed to capitalize on Monday’s advance and shed
nearly a percent. After the initial
uptick, Nifty future traded volatile in the first half however a sharp cut in
select heavyweights in the final hour pushed the index lower. Eventually, it
settled closer to the day’s low at 21,625.05 levels. Most sectors traded in
tandem with the move wherein energy and FMCG were among the top losers. Meanwhile, the broader indices traded mixed
wherein the smallcap index managed to make a new high and ended marginally
higher.
The recent price action shows indecisiveness among the
participants despite the favorable global cues and we feel the prevailing tone
may continue. Meanwhile, traders should focus on stock selection and maintain
positions on both sides.
Nifty futures
opened at 21900.19 points against the previous close of 21855.25 and opened at
a low of 21607.00 points. Nifty Future closed with an average movement of 331.80
points and a decline of around 230.20 points and 21625.05 points…!!
On the NSE,
the midcap 100 index will decline 0.39% and smallcap 100 index is closing rise 0.23%.
Speaking of various sectoral indices, the NSE saw gains in only PSU Bank,
Media, Realty and Metal stocks, while all other sectoral indices closed lower.
At the start
of intra-day trading, February gold opened at Rs.62174, fell from a high of Rs.62540
points to a low of Rs.62174 with a rise of 219 points, a trend of around Rs.62405
and March Silver opened at Rs.72549, fell from a high of Rs.72600 points to a
low of Rs.72225.00 with a decline of 41 points, a trend of around Rs.72336.
Meanwhile, The
FIIs as per Tuesday’s data were net sellers in both equity and debt segments,
according to data released by the NSDL. In equity segment, the gross buying was
of Rs 22001.20 crore against gross selling of Rs 26265.60 crore. Thus, FIIs
stood as net sellers of Rs 4264.40 crore in equities.
In the debt
segment, the gross purchase was of Rs 1784.02 crore with gross sales of Rs
1945.18 crore. Thus, FIIs stood as net sellers of Rs 161.16 crore in debt. In
the hybrid segment, the gross buying was of Rs 38.51 crore against gross
selling of Rs 35.11 crore. Thus, FIIs stood as net buyers of Rs 3.40 crore in
hybrid segment.
Technically,
the important key resistances are placed in Nifty future are at 21676 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 21737 – 21808 levels. Immediate support is placed at 21474
– 21303 levels.
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and are not recommendatory.
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risks. Read Disclaimer and related all the documents carefully before
investing, mentioned on www.nikhilbhatt.in
