Dear
Trader…
Markets started the week on a feeble note and lost nearly half
a percent, in the absence of any major trigger. The tone was subdued from the
beginning and the decline in select heavyweights kept the bias negative for
most of the session. Consequently, Nifty future settled at 22,138.35 level;
down by 0.41%. The majority of sectors too traded under pressure wherein IT and
metal were among the top losers. The broader indices too witnessed a muted
action wherein both midcap and smallcap ended marginally lower.
The underperformance of the banking majors is largely weighing
on the sentiment however favorable global cues and rotational buying in other
heavyweights are capping the damage. Amid all, we reiterate our view to
continue with a “buy on dips” approach until Nifty decisively breaks 21,808
levels. However, traders should maintain extra caution in stock selection
citing mixed participation and avoid high beta counters.
Nifty futures opened at 22195.00 points against the previous
close of 22228.85 and opened at a low of 22088.00 points. Nifty Future closed
with an average movement of 142.60 points and a decline of around 90.50 points
and 22138.35 points…!!
On the NSE, the midcap 100 index will decline 0.36% and smallcap
100 index is closing
decline 0.26%. Speaking of various sectoral indices, the NSE saw gains in only Oil
and Gas, Auto and Realty stocks, while all other sectoral indices closed lower.
At the start
of intra-day trading, April gold opened at Rs.62327, fell from a high of Rs.62340
points to a low of Rs.62183 with a decline of 137 points, a trend of around Rs.62208
and March Silver opened at Rs.70182, fell from a high of Rs.70250 points to a
low of Rs.69415.00 with a decline of 1044 points, a trend of around Rs.69435.
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
15622.39 crore against gross selling of Rs 14070.54 crore. Thus, FIIs stood as
net buyers of Rs 1551.85 crore in equities.
In the debt
segment, the gross purchase was of Rs 2439.77 crore with gross sales of Rs
1206.53 crore. Thus, FIIs stood as net buyers of Rs 1233.24 crore in debt. In
the hybrid segment, the gross buying was of Rs 169.15 crore against gross
selling of Rs 149.83 crore. Thus, FIIs stood as net buyers of Rs 19.32 crore in
hybrid segment.
Technically,
the important key resistances are placed in Nifty future are at 22202 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 22273 – 22303 levels. Immediate support is placed at 22088
– 22008 levels.
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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
