Dear
Trader…
Nifty bounced back from a weak start and closed with gains of
155 points at 21786 levels. Global markets will keenly await the US Fed’s
commentary on the rate cut timeline. On the domestic front, investor’s focus
will be on the Budget. While the Interim Budget is non-event, the general
expectations are minimal in terms of major proposals.
Given that India’s economic growth has been strong in the
last 2 years, the government could focus on fiscal consolidation and could set
a fiscal deficit target of around 5.2%-5.4% of GDP. Since it is colliding with
the US Fed outcome we expect the market to see some volatility. However, the
overall trend continues to remain positive.
Nifty futures opened at 21614.94 points against the previous
close of 21630.50 and opened at a low of 21570.00 points. Nifty Future closed
with an average movement of 270.00 points and a rise of around 155.95 points
and 21786.45 points…!!
On the NSE,
the midcap 100 index will rise 1.63% and small cap 100 index is closing rise 2.25%.
Speaking of various sectoral indices, Healthcare, Pharma, PSU Bank, Realty and
Auto stocks saw heavy gains on the NSE, while all other sectoral indices also
closed higher.
At the start
of intra-day trading, February gold opened at Rs.62573, fell from a high of Rs.62821
points to a low of Rs.62560 with a rise of 158 points, a trend of around Rs.62790
and March Silver opened at Rs.72278, fell from a high of Rs.72429 points to a
low of Rs.72145.00 with a decline of 75 points, a trend of around Rs.72267.
Meanwhile, The
FIIs as per Wednesday’s data were net sellers in equity segment, while they
were net buyers in debt segment, according to data released by the NSDL. In
equity segment, the gross buying was of Rs 14446.61 crore against gross selling
of Rs 16261.26 crore. Thus, FIIs stood as net sellers of Rs 1814.65 crore in
equities.
In the debt
segment, the gross purchase was of Rs 3205.16 crore with gross sales of Rs
698.61 crore. Thus, FIIs stood as net buyers of Rs 2506.55 crore in debt. In
the hybrid segment, the gross buying was of Rs 15.40 crore against gross
selling of Rs 18.42 crore. Thus, FIIs stood as net sellers of Rs 3.02 crore in
hybrid segment.
Technically, the important key resistances are placed in Nifty future are at 21808 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 21939 – 22008 levels. Immediate support is placed at 21606 – 21474 levels.
The securities quoted are for illustration only and are not recommendatory. Investment in securities market are subject to market risks. Read Disclaimer and related all the documents carefully before investing, mentioned on www.nikhilbhatt.in
