Dear
Trader…
Markets started the week on a feeble note and lost over a
percent, in continuation to Friday’s fall. Weak global cues triggered a
gap-down start, followed by volatile swings till the end. Eventually, Nifty
future oscillated sharply on both sides and finally closed around the day’s low
at 22,364 levels. In line with the
benchmark, the selling pressure was widespread wherein IT, financials and
banking were among the top losers. The broader indices too felt the heat and
lost nearly one and a half percent each.
Nifty has slipped below the immediate support of short term
moving average i.e. 20 EMA after two days of the slide and is likely to take a
breather around the 22,088 level.
Traders should continue with a hedged approach for now and wait for
clarity.
Nifty futures opened at 22420.00 points against the previous
close of 22601.45 and opened at a low of 22342.00 points. Nifty Future closed
with an average movement of 175.69 points and a decline of around 237.40 points
and 22364.05 points…!!
On the NSE, the midcap 100 index will decline 1.57% and smallcap
100 index is closing
decline 1.73%. Speaking of various sectoral indices, the NSE saw gains in only Oil
and Gas stocks, while all other sectoral indices closed lower.
At the start
of intra-day trading, June gold opened at Rs.72030, fell from a high of Rs.72199
points to a low of Rs.71680 with a rise of 190 points, a trend of around Rs.72030
and May Silver opened at Rs.82799, fell from a high of Rs.83978 points to a low
of Rs.82798 with a rise of 953 points, a trend of around Rs.83766.
Meanwhile, The
FIIs as per Monday’s data were net sellers in both equity and debt segments,
according to data released by the NSDL. In equity segment, the gross buying was
of Rs 15334.67 crore against gross selling of Rs 23274.44 crore. Thus, FIIs
stood as net sellers of Rs 7939.77 crore in equities.
In the debt
segment, the gross purchase was of Rs 2352.86 crore with gross sales of Rs
4119.23 crore. Thus, FIIs stood as net sellers of Rs 1766.37 crore in debt. In
the hybrid segment, the gross buying was of Rs 30.15 crore against gross
selling of Rs 29.16 crore. Thus, FIIs stood as net buyers of Rs 0.99 crore in
hybrid segment.
Technically,
the important key resistances are placed in Nifty future are at 22404 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 22474 – 22505 levels. Immediate support is placed at 22188
– 22088 levels.
Past Performance is not an
Indicator of Future Returns. 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
