Dear
Trader…
The market extended its rebound, gaining over 1% amid
positive global cues. Following a flat opening, the Nifty gradually climbed,
largely driven by the upbeat performance in the U.S. markets as early polling
results pointed towards Trump potentially returning as U.S. President. All
sectors contributed to the recovery, with IT, real estate, and energy emerging
as the top gainers. Broader indices also mirrored this momentum, each advancing
by over 2%.
The Nifty has retested resistance at the 24,500 mark after
two days of recovery, and sustaining this level could lead to a further rise
toward 24,800. While all sectors are showing strength, we expect banking and IT
to be the primary drivers of the market going forward. Traders should consider
aligning their positions accordingly, focusing on index majors and large midcap
counters for long trades.
Nifty futures opened at 24367.00 points against the previous
close of 24295.45 and opened at a low of 24265.55 points. Nifty Future closed
with an average movement of 399.45 points and a rise of around 296.55 points
and 24592.00 points…!!
On the NSE, the midcap 100 index will rise 2.21% and smallcap
100 index is closing
rise 2.18%. Speaking of various sectoral indices, IT, Realty, Oil & Gas, Consumer
Durables, Metal and PSU Bank stocks saw heavy gains on the NSE, while all other
sectoral indices also closed higher.
At the start
of intra-day trading, December gold opened at Rs.78331 fell from a high of Rs.78593
points to a low of Rs.76821 with a decline of 1667 points, a trend of around
Rs.76840 and December Silver opened at Rs.94129, fell from a high of Rs.94129 points
to a low of Rs.91001 with a decline of 3739 points, a trend of around Rs.90909.
Meanwhile, The
FIIs as per Wednesday’s data were net sellers in equity segments, while net
buyers in debt segments, according to data released by the NSDL. In equity
segment, the gross buying was of Rs 12784.51 crore against gross selling of Rs
14523.80 crore. Thus, FIIs stood as net sellers of Rs 1739.29 crore in
equities.
In the debt
segment, the gross purchase was of Rs 5780.33 crore with gross sales of Rs
2068.12 crore. Thus, FIIs stood as net buyers of Rs 3712.21 crore in debt. Of
the total debt, FIIs stood as net buyers in Debt-General Limit segment at Rs
1039.05 crore, they stood at net buyers in Debt-VRR segment at Rs 2250.02
crore, while net buyers in Debt-FAR segment at Rs 423.14 crore.
In the
hybrid segment, the gross buying was of Rs 56.90 crore against gross selling of
Rs 31.06 crore. Thus, FIIs stood as net buyers of Rs 25.84 crore in hybrid
segment.
Technically, the important key resistances are placed in Nifty future are at 24606 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 24676 – 24707 levels. Immediate support is placed at 24404 – 24273 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
