Dear
Trader…
Markets traded lackluster amid mixed cues and lost over half
a percent. After the initial downtick, the Nifty future inched gradually lower
and almost reached closer to Thursday’s low. Though it tried to recoup losses
in the latter half, pressure on select heavyweights capped the recovery.
Eventually, it settled at 22,120 level; down by 0.65%. Most sectors traded in
line with the move and settled in the red wherein auto, energy and pharma were
among the top losers. Meanwhile, the broader indices traded mixed and that
resulted in neutral market breadth.
Indications are in favor of consolidation with negative bias
until the Nifty decisively reclaims 22303 levels. However, the pace of decline
would remain gradual citing the resilience of select heavyweights across
sectors. Traders should continue with stock-specific approach and maintain
positions on both sides.
Next week will be important from an economic perspective as
major central banks globally including Japan, the US, and the UK will announce
interest rate decisions. US Fed policy outcome and commentary will be important
as mixed set macro data has kept investors anxious over rate cut timeline.
Thus, we expect the market to remain volatile in the near term with a focus on
large caps and defensive names.
Nifty futures opened at 22185.65 points against the previous
close of 22264.55 and opened at a low of 22000.00 points. Nifty Future closed
with an average movement of 172.75 points and a decline of around 144.55 points
and 22120.00 points…!!
On the NSE, the midcap 100 index will decline 0.46% and smallcap
100 index is closing
rise 0.39%. Speaking of various sectoral indices, the NSE saw gains in only Metal
and FMCG stocks, while all other sectoral indices closed lower.
At the start
of intra-day trading, April gold opened at Rs.65659, fell from a high of Rs.65897
points to a low of Rs.65581 with a rise of 12 points, a trend of around Rs.65607
and May Silver opened at Rs.75307, fell from a high of Rs.75838 points to a low
of Rs.75307 with a rise of 314 points, a trend of around Rs.75540.
Meanwhile, India’s
merchandise trade deficit in February stood at $18.71 billion, according
to a Reuters calculation based on export and import data released by the
government on Friday. Economists had expected the country’s February trade
deficit to be $18.30 billion, according to a Reuters poll.
India’s
merchandise exports in February stood at $41.40 billion, while imports were
$60.11 billion, government data showed. In the previous month, merchandise
exports were $36.92 billion, while imports stood at $54.41 billion. In
February, services exports were $32.35 billion, while imports were $15.39
billion. In January, services exports were $32.80 billion and imports were
$16.05 billion.
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 22272 – 22303 levels. Immediate support is placed at 22008
– 21880 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
