Dear
Trader…
The markets continued their upward momentum, gaining nearly
half a percent. Nifty future opened with a gap-up and edged higher during the
early session, remaining range-bound until the close. Most sectors contributed
to the gains, with banking, financial, and IT sectors leading the charge. The
broader indices mirrored this performance, each adding almost half a percent.
Nifty future has reached its initial target of 24,707, and
the current trend appears poised to continue. While all major sectors are participating,
a sustained recovery in key banking stocks is essential to drive the index
toward a new record high. We maintain our recommendation to adopt a “buy on
dips” strategy and stay focused on stock selection.
Nifty futures opened at 24639 points against the previous
close of 24595 and opened at a low of 24624 points. Nifty Future closed with an
average movement of 140 points and a rise of around 111 points and 24707 points…!!
On the NSE, the midcap 100 index will rise 0.84% and small
cap 100 index is closing rise 0.47%. Speaking of various sectoral indices only Media
and FMCG stocks were seen selling on the NSE, while all other sectoral indices
closed higher.
At the start of intra-day trading, October gold opened at Rs.71530,
fell from a high of Rs.72172 points to a low of Rs.71403 with a rise of 537 points,
a trend of around Rs.72121 and September Silver opened at Rs.84800, fell from a
high of Rs.85594 points to a low of Rs.84392 with a rise of 1170 points, a
trend of around Rs.85508.
Meanwhile, The
FIIs as per Tuesday’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 13171.02 crore against gross selling of Rs
14927.44 crore. Thus, FIIs stood as net sellers of Rs 1756.42 crore in equities.
In the debt
segment, the gross purchase was of Rs 2610.42 crore with gross sales of Rs
255.20 crore. Thus, FIIs stood as net buyers of Rs 2355.22 crore in debt. In
the hybrid segment, the gross buying was of Rs 129.80 crore against gross
selling of Rs 8.74 crore. Thus, FIIs stood as net buyers of Rs 121.06 crore in
hybrid segment.
Technically,
the important key resistances are placed in Nifty future are at 24747 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 24808 – 24880 levels. Immediate support is placed at 24606 –
24474 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
