Dear Trader…
Indian equity benchmark continue to reign for the
fourth day on reports that China’s openness for trade talk with US and settled
the day on positive note with 23851 up 417 points. The Nifty opened on a flat
note with first-half being in range-bound However, it witnessed a sharp
pullback off lows during second-half leading the close near day’s high. As a
result, the daily price action formed a small bull candle, indicating followup
buying to continue.
The Nifty future Index and Sensex each gained
around 6% in the past week as markets resumed the risk-off sentiment. While the
mid-cap index gained around 6% and small-cap index gained around 8% in the past
week. Global equity markets witnessed sharp volatility amid uncertainty
surrounding global tariff actions. The escalating US-China trade war has
further positioned Ind as an attractive alternative for global manufacturing,
with India maintaining a conciliatory approach and working toward a provisional
trade agreement with US. Indian equity markets also turned attention to the
Q4FY25 earnings season, with investors having muted expectations for the
season.
In Global, in US, the 10-year Treasury yield U.S.
Treasury yields rose this week as investors weighed the state of the U.S.
economy after Federal Reserve Chairman Jerome Powell raised concerns about the
inflationary and economic growth risks of the White House’s tariffs. In Europe,
the European Central Bank is widely expected to trim interest rates for the
third time this year as global tariff tensions and uncertainty threaten the
euro zone’s economic growth. In Asia, China has rolled out a series of
non-tariff restrictive measures. Japan exports growth declined to a 3.9%, down
from February’s 11.4% jump. Oil prices rose this week and traded near their
highest in two weeks on supply concerns after the United States imposed new
sanctions to curb Iranian oil exports.
Nifty futures opened at 23399 points against the
previous close of 23433 and opened at a low of 23330 points. Nifty Future
closed with an average movement of 542 points and a rise of around 417 points
and 23851 points…!!
On the NSE, the midcap 100 index will rise
0.60% and smallcap 100 index is closing rise 0.37%. Speaking of various sectoral indices, Private
Bank, PSU Bank, Oil and Gas, Pharma and Healthcare stocks saw heavy gains on
the NSE, while all other sectoral indices also closed higher.
At the start of intra-day trading, June gold
opened at Rs.95661, fell from a high of Rs.95935 points to a low of Rs.95123 with
a decline of 339 points, a trend of around Rs.95322 and May Silver opened at
Rs.95500, fell from a high of Rs.95650 points to a low of Rs.94560 with a decline
of 1317 points, a trend of around Rs.94933.
Technically,
the important key resistances are placed in Nifty future are at 23909 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 23979 – 24008 levels. Immediate support is placed at 23676 –
23606 levels.
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