Dear
Trader…
Market extended gains and almost retested the record high,
tracking favorable cues. After the initial uptick, Nifty future moved from strength to
strength for most of the session however a sharp dip in the final hour trimmed
the gains. Eventually, it settled at 22,464.95 level; up by 0.60%. All the key
sectors contributed to the move wherein metal, pharma and auto were among the
top gainers. Meanwhile, the broader indices traded mixed but managed to end in
the green.
The recent move indicates a change in tone but profit taking
at record highs indicates caution at higher levels. We feel the alignment
between the Nifty and banking majors would play a key role in setting the next
directional move. Besides, global cues, especially from the US markets, will
also be the focus. Amid all, we suggest continuing focus on stock selection,
with a preference for the index majors and large midcaps.
Nifty futures opened at 22340.00 points against the previous
close of 22331.80 and opened at a low of 22340.00 points. Nifty Future closed
with an average movement of 300.00 points and a rise of around 133.15 points
and 22464.95 points…!!
On the NSE, the midcap 100 index will rise 0.50% and small
cap 100 index is closing rise 0.04%. Speaking of various sectoral indices only,
Media 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.66497, fell from a high of Rs.66978
points to a low of Rs.66428 with a rise of 512 points, a trend of around Rs.66879
and May Silver opened at Rs.74779, fell from a high of Rs.74995 points to a low
of Rs.74357 with a decline of 27 points, a trend of around Rs.74635.
Meanwhile, The
FIIs as per Thursday’s data were net buyers in equity and debt segments both,
according to data released by the NSDL. In equity segment, the gross buying was
of Rs 19964.98 crore against gross selling of Rs 15922.48 crore. Thus, FIIs
stood as net buyers of Rs 4042.50 crore in equities.
In the debt
segment, the gross purchase was of Rs 3516.65 crore with gross sales of Rs
2075.55 crore. Thus, FIIs stood as net buyers of Rs 1441.10 crore in debt. In
the hybrid segment, the gross buying was of Rs 19.14 crore against gross
selling of Rs 9.76 crore. Thus, FIIs stood as net buyers of Rs 9.38 crore in
hybrid segment.
Technically,
the important key resistances are placed in Nifty future are at 22505 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 22570 – 22606 levels. Immediate support is placed at 22330 –
22202 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
/ trading, mentioned on www.nikhilbhatt.in
