Dear
Trader…
Sharp selling was seen in the broader domestic market on
account of the rise in crude oil prices and muted global cues amid the Lunar
New Year holiday in Asian markets. Mid and small caps had witnessed strong
rallies over the past few months thus making valuations a little stretched.
However, buying was seen in large caps where there is still some comfort. After
a subdued start, Nifty made a recovery in the second half of the session to
close near the day’s high with gains of 35 points at 21848 levels. Sector-wise
it was a mixed bag with buying seen in Banking, Financial, and Pharma stocks.
A mixed set of results and a sharp run-up in PSUs over the
past months led to profit booking in this counter. Further, early diminishing
hopes of early rate cuts too dampened the sentiments. Post the hawkish
commentary from the US Fed and RBI and their focus on bringing inflation under
control, next week’s inflation data would be important data to watch out for.
We expect the market to turn cautious and consolidate in the near term amid key
macro data to be announced and the last leg of Q3 results.
Nifty futures opened at 21809.90 points against the previous
close of 21814.60 and opened at a low of 21674.20 points. Nifty Future closed
with an average movement of 193.20 points and a rise of around 34.30 points and
21848.90 points…!!
On the NSE,
the midcap 100 index will decline 0.89% and small cap 100 index is closing decline
1.40%. Speaking
of various sectoral indices, IT, Auto, Media, Financial Services, Metal and
Realty stocks were seen selling on the NSE, while all other sectoral indices
closed higher.
At the start
of intra-day trading, March gold opened at Rs.62464, fell from a high of Rs.62500
points to a low of Rs.62370 with a decline of 52 points, a trend of around Rs.62391
and March Silver opened at Rs.71050, fell from a high of Rs.71180 points to a
low of Rs.70822 with a rise of 43 points, a trend of around Rs.70880.
Meanwhile, The
FIIs as per Friday’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 16241.59 crore against gross selling of Rs
20286.43 crore. Thus, FIIs stood as net sellers of Rs 4044.84 crore in
equities.
In the debt
segment, the gross purchase was of Rs 2783.21 crore with gross sales of Rs
128.87 crore. Thus, FIIs stood as net buyers of Rs 2654.34 crore in debt. In
the hybrid segment, the gross buying was of Rs 16.62 crore against gross
selling of Rs 18.21 crore. Thus, FIIs stood as net sellers of Rs 1.59 crore in
hybrid segment.
Technically,
the important key resistances are placed in Nifty future are at 21909 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 21979 – 22008 levels. Immediate support is placed at 21676 –
21606 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
