Dear
Trader…
Nifty future opened gap down following a sell-off in Asian
markets after Wall Street indices declined sharply on Monday. The fall was on
account of U.S. President Donald Trump’s refusal on Sunday to predict whether
the U.S. would enter a recession, amidst concerns over his tariff policies,
which intensified investor anxieties. However, Nifty future recovered during
the session, showing resilience and closed near day’s high at 22,564 (+0.22%) level.
Shares of real estate companies witnessed strong buying
interest, pushing the Nifty Realty up by 3.6%. Telecom stocks gained following
reports that the government has sought parliament’s approval to spend 53.2
billion to upgrade telecom networks in under-served areas. Conversely, Nifty IT
was under selling pressure on the back of weak global cues. Shares of auto
manufacturers and OEMs also faced pressure as Maharashtra government announced
a hike in the motor tax on CNG and PNG four wheelers by 1%.
Nifty futures opened at 22419 points against the previous
close of 22515 and opened at a low of 22361 points. Nifty Future closed with an
average movement of 230 points and a rise of around 48 points and 22564 points…!!
On the NSE, the midcap 100 index will rise 0.67% and smallcap 100 index is closing decline
0.80%. Speaking of various sectoral indices only Bank,
IT, Auto, Media, FMCG and Private Bank stocks were seen selling on the NSE,
while all other sectoral indices closed higher.
At the start of intra-day trading, April gold opened at Rs.85603,
fell from a high of Rs.86016 points to a low of Rs.85510 with a rise of 539 points,
a trend of around Rs.85958 and May Silver opened at Rs.96746, fell from a high
of Rs.97740 points to a low of Rs.96545 with a rise of 1105 points, a trend of
around Rs.97570.
Meanwhile, Capital
market stocks continued their losing streak as weak investor participation and
a 21-month low in demat account additions in Feb’25, weighed on the sector. On
the macro front, investors will be focussing on US and India’s retail inflation
data to be released tomorrow. We expect the market to track global developments
and remain in consolidation mode in the absence of any significant domestic
trigger.
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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