Dear
Trader…
Finally, the Sensex on Monday settled at
74,671.28, up 941.12 points or 1.28%, while Nifty future closed at 22,745.15,
gaining 189.50 or 1%.Volatility remained high as India VIX closed at 12.24%,
gaining 12% over Friday’s closing.
Indian shares rose on Monday as gains in the country’s no.2
private lender ICICI Bank on better-than-expected quarterly profit spurred a
rise in heavyweight financials.
Top lenders ICICI Bank, State Bank of India (SBI) and Axis
Bank hit record highs and were among the top five gainers on the Nifty 50. India’s largest state-owned lender SBI rose more than 3%.Financial stocks rose 2.14%, with ICICI Bank climbing 4.72%
to hit a record high in its best session in over two years. The lender, on Saturday,
posted March-quarter profit that beat analysts’ estimates on strong loan
growth.
Peer Axis Bank also hit a record high, days after beating
fourth-quarter profit estimates. It has jumped 9% in three sessions.
The market breadth was
skewed in the favour of the bulls. About 1,982 stocks gained, 1,934 declined,
and 172 remained unchanged on the BSE.
Nifty futures opened at 22610.00 points against the previous
close of 22556.00 and opened at a low of 22564.00 points. Nifty Future closed
with an average movement of 200.80 points and a rise of around 189.15 points
and 22745.15 points…!!
At the start of intra-day trading, June gold opened at Rs.71230,
fell from a high of Rs.71660 points to a low of Rs.71147 with a decline of 112 points,
a trend of around Rs.71388 and May Silver opened at Rs.80723, fell from a high
of Rs.80970 points to a low of Rs.80448 with a decline of 120 points, a trend
of around Rs.80560.
Meanwhile,
The earnings in financials have been better-than-expected so far. This has
allayed any lingering concerns over elevated valuations, aiding the rise over
the last week.
The Indian benchmark indexes rebounded,
aided by an upbeat in US tech quarter earnings and a drop in US 10-year yield.
Domestically, the Bank Nifty outperformed, driven by its strong performance in
the fourth quarter. An ease in Middle East tensions, coupled with stable
earnings, is expected to maintain positive market sentiment. Moving forward,
FED policy and US non-farm payroll data will dictate the overall market
dynamics.
Technically,
the important key resistances are placed in Nifty future are at 22745 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 22808 – 22880 levels. Immediate support is placed at 22606 –
22474 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
