Dear
Trader…
Markets recovered after Wednesday’s fall and gained over half
a percent. After the initial downtick, Nifty future inched gradually higher in
the first half however profit taking around the hurdle area i.e. 22,300 capped
the upside. Eventually, it settled with decent gains at 22,256.80 level. All
the key snd belectors, barring banking, participated in the move wherein
energy, IT and metal were among the top gainers. Importantly, it was the
rebound in the broader indices, which eased some pressure and aided strong
market breadth.
Participants shouldn’t read much into a single-day rebound,
especially in the broader indices and wait for some stability. Meanwhile, focus
on sectors and stocks that are showing relatively higher strength like IT and
select banking and FMCG names for long trades and maintain a few shorts also as
a hedge.
Nifty futures opened at 22080.00 points against the previous
close of 22103.25 and opened at a low of 22034.80 points. Nifty Future closed
with an average movement of 294.80 points and a rise of around 153.55 points
and 22256.80 points…!!
On the NSE, the midcap 100 index will rise 2.02% and small
cap 100 index is closing rise 3.45%. Speaking of various sectoral indices only
Private Bank, Bank and Financial Services stocks were seen selling on the NSE,
while all other sectoral indices closed higher.
At the start
of intra-day trading, April gold opened at Rs.65800, fell from a high of Rs.65843
points to a low of Rs.65701 with a decline of 169 points, a trend of around Rs.65728
and March Silver opened at Rs.75349, fell from a high of Rs.75580 points to a
low of Rs.75032 with a rise of 330 points, a trend of around Rs.75500.
Meanwhile, The
FIIs as per Thursday’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 34926.57 crore against gross selling of Rs 20344.22 crore. Thus, FIIs
stood as net buyers of Rs 14582.35 crore in equities.
In the debt
segment, the gross purchase was of Rs 2403.84 crore with gross sales of Rs
1594.19 crore. Thus, FIIs stood as net buyers of Rs 809.65 crore in debt. In
the hybrid segment, the gross buying was of Rs 51.69 crore against gross
selling of Rs 53.68 crore. Thus, FIIs stood as net sellers of Rs 1.99 crore in
hybrid segment.
Technically,
the important key resistances are placed in Nifty future are at 22303 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 22373 – 22404 levels. Immediate support is placed at 22088 –
22008 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
/ trading, mentioned on www.nikhilbhatt.in
