Dear
Trader…
After a flat start, the market extended the
gains and ended 2 percent higher and also recorded the biggest weekly gain in
2024 amid volatility.
The benchmark equity indices ended Friday’s
trading session in the positive territory. The NSE Nifty future gained 434.65
points or 1.90% to settle at 23334.15, while the BSE Sensex jumped 1618.85
points or 2.16% to 76,693.36. Bank Nifty future index ended higher by 499.25
points or 1.01% to settle at 49,935.
The broader indices ended in positive
territory, with gain led by Large-cap and Mid-cap stocks. IT and Auto stocks outperformed
among the other sectoral indices while FMCG and Banks stock shine.
Mahindra & Mahindra, Wipro, Tech
Mahidra, Infosys,
and Tata Steel were the top gainers on the NSE Nifty 50, while the laggards
includes Hindalco Industries, SBI
Life Insurance, and Tata Consumer Products.
Global
Markets –
The Reserve Bank of India (RBI) left repo rates unchanged at
6.5% for the eighth time in a row. The monetary policy was a 4:2 decision, with
two members voting in favour of a rate cut by 25 bps taking a dovish view.
While the Street was expecting a status quo in the policy rate, markets
responded positively to the bimonthly policy witnessing a sharp upward move,
led by IT stocks.
Nifty futures opened at 22730.05 points against the previous
close of 22642.90 and opened at a low 22692.05 points. Nifty Future closed with
an average movement of 281.95 points and a rise of around 290.10 points and
closed 22933.00 points…!!
At the start of intra-day trading, June gold opened at Rs.73237,
fell from a high of Rs.73516 points to a low of Rs.71551 with a decline of 1293
points, a trend of around Rs.71383 and July Silver opened at Rs.93628, fell
from a high of Rs.94610 points to a low of Rs.90009 with a decline of 3278 points,
a trend of around Rs.90537.
Meanwhile,
The benchmark indices maintained their positive
momentum, as the new coalition is about to swear in, which is predicted to be a
stable government. The RBI policy aligns with expectations and is not expected
to have a major impact on the market. Attention will now shift to the formation
of the new cabinet and global cues. Currently, the market appears strong, and
there is a good chance that the bullish momentum will continue.
Technically, the
important key resistances are placed in Nifty future are at 23334 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 23474 – 23606 levels. Immediate support is placed at 23202 –
23008 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
