Dear
Trader…
The markets remained lackluster and closed flat, taking a
pause after Tuesday’s decline. Following a subdued start, the Nifty future traded
within a narrow range and ultimately ended at the 24,170 level. Sector-wise,
metal and pharma stocks were the top losers, while resilience in the IT sector
helped limit the overall decline for the second consecutive session. The
broader indices also slipped, losing over half a percent each.
With no major domestic triggers, participants are now looking
to global markets for direction. An intermediate recovery in the US markets is
providing some relief, but ongoing pressure in select heavyweight stocks across
sectors is limiting the recovery. In light of the uncertain outlook, we
recommend maintaining a cautious stance and adopting a hedged approach until
there is more clarity on the market’s next move.
Nifty futures opened at 24200 points against the previous
close of 24161 and opened at a low of 24122 points. Nifty Future closed with an
average movement of 106 points and a rise of around 9 points and 24170 points…!!
On the NSE, the midcap 100 index will decline 0.59% and small
cap 100 index is closing decline 0.64%. Speaking of various sectoral indices,
the NSE saw gains in only IT and Auto stocks, while all other sectoral indices
closed lower.
At the start of intra-day trading, August gold opened at Rs.69470,
fell from a high of Rs.69995 points to a low of Rs.69470 with a rise of 146 points,
a trend of around Rs.69850 and September Silver opened at Rs.81012, fell from a
high of Rs.81699 points to a low of Rs.80911 with a rise of 530 points, a trend
of around Rs.81580.
Meanwhile, The
FIIs as per Wednesday’s data were net sellers in equity segment, while they
were net buyers in debt segment, according to data released by the NSDL. In
equity segment, the gross buying was of Rs 15153.74 crore against gross selling
of Rs 16573.44 crore. Thus, FIIs stood as net sellers of Rs 1419.70 crore in
equities.
In the debt
segment, the gross purchase was of Rs 636.38 crore with gross sales of Rs 52.99
crore. Thus, FIIs stood as net buyers of Rs 583.39 crore in debt. In the hybrid
segment, the gross buying was of Rs 63.53 crore against gross selling of Rs
12.59 crore. Thus, FIIs stood as net buyers of Rs 50.94 crore in hybrid
segment.
Technically, the important key resistances are placed in Nifty future are at 24202 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 24272 – 24303 levels. Immediate support is placed at 24008 – 23880 levels.
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