Dear Trader…
Markets staged a robust recovery on Friday, gaining nearly 1.5%, driven by positive global cues. After opening with a gap-up, the Nifty initially lost all its gains in the early hours but rebounded due to strong buying interest in select heavyweight stocks. As a result, the Nifty future decisively crossed the resistance at 24,600, closing near the day's high at 24,598.05. The rally was broad-based across sectors, with IT, realty, and auto stocks leading the gains. The broader indices also showed a solid recovery, each advancing nearly 2%.
With the Nifty breaking out of its consolidation phase, it appears poised to close the gap around the 24808 level. If there is any dip, the 24474-24303 zone should provide support. We recommend aligning trades with a focus on stock picking. In the absence of any major domestic triggers, attention will remain on global market performance for further cues.
Nifty futures opened at 24322 points against the previous close of 24174 and opened at a low of 24233 points. Nifty Future closed with an average movement of 373 points and a rise of around 423 points and 24598 points...!!
On the NSE, the midcap 100 index will rise 1.96% and small cap 100 index is closing rise 1.93%. Speaking of various sectoral indices, IT, Realty, Media and Auto stocks saw heavy gains on the NSE, while all other sectoral indices also closed higher.
At the start of intra-day trading, October gold opened at Rs.70703, fell from a high of Rs.71382 points to a low of Rs.70279 with a rise of 1272 points, a trend of around Rs.71408 and September Silver opened at Rs.81499, fell from a high of Rs.82553 points to a low of Rs.81499 with a rise of 2314 points, a trend of around Rs.82375.
Meanwhile, The FIIs as per Friday'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 15308.80 crore against gross selling of Rs 17686.42 crore. Thus, FIIs stood as net sellers of Rs 2377.62 crore in equities.
In the debt segment, the gross purchase was of Rs 885.35 crore with gross sales of Rs 397.08 crore. Thus, FIIs stood as net buyers of Rs 488.27 crore in debt. In the hybrid segment, the gross buying was of Rs 216.16 crore against gross selling of Rs 139.75 crore. Thus, FIIs stood as net buyers of Rs 76.41 crore in hybrid segment.
Technically, the important key resistances are placed in Nifty future are at 24676 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 24737 - 24808 levels. Immediate support is placed at 24474 - 24303 levels.
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