Dear
Trader…
Markets traded dull on the monthly expiry day, closing nearly
unchanged for the second straight session. After an initial uptick, Nifty
quickly flattened, trading within a narrow range before settling at 22,547.75.
Sectorally, a mixed trend persisted, with metals, banking, and financials
performing well, while realty and auto remained under pressure.
The past two sessions reflect indecision, likely due to
oversold conditions. However, rotational selling across key sectors is not only
limiting the rebound but also gradually dragging the index lower. As the new
derivatives series begins, we maintain our view of using rebounds to initiate
shorts in the index until a decisive trend reversal emerges. Meanwhile,
stock-specific opportunities continue on both sides, so trades should be
aligned accordingly.
Nifty futures opened at 22580 points against the previous
close of 22582 and opened at a low of 22530 points. Nifty Future closed with an
average movement of 74 points and a decline of around 34 points and 22547 points…!!
On the NSE, the midcap 100 index will decline 1.14% and smallcap
100 index is closing decline 1.64%. Speaking of various sectoral indices, the
NSE saw gains in only Financial Services, Metal, Bank and Private Bank stocks,
while all other sectoral indices closed lower.
At the start
of intra-day trading, April gold opened at Rs.85733, fell from a high of Rs.85795
points to a low of Rs.84997 with a decline of 710 points, a trend of around Rs.85164
and March Silver opened at Rs.94230, fell from a high of Rs.94647 points to a
low of Rs.94710 with a decline of 161 points, a trend of around Rs.94480.
Meanwhile, Domestic
equity main indices remained largely unchanged due to optimism in the financial
sector supported by the RBI’s decision to ease lending norms for microfinance
institutions and NBFCs.
Global
market swayed negatively, and domestic broader market sentiment remained weak
due to fresh uncertainty surrounding US tariff policies. Amid ongoing trade
tensions, investors are also keeping a close watch on US and domestic GDP data
for further indications of economic strength.
Technically,
the important key resistances are placed in Nifty future are at 22606 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 22676 – 22707 levels. Immediate support is placed at 22373
– 22303 levels.
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