Dear
Trader…
At
the beginning of trading Week, The BSE Sensex opened at 49747.71 points with an
initial correction against the previous close of 49099.99, with new takers
buying from a low of 49440.46 points. The Sensex of the Indian stock market
closed with an increase of 1305.33 points and closed at 50405.32 points with an
average movement of 2099.43 points..!!!
Nifty
futures opened at 14702.50 points against the previous close of 14529.15,
opening at a low of 14638.55 points. Nifty Future closed with an average
movement of 634.60 points and a strong rise of around 423.90 points and around
14983.00 points..!!!
As expected
markets were trading highly volatile during the days, we had only mentioned
about the possibility of a selloff at higher levels in the market. While
trading precisely on the expected lines, Nifty saw a strong selloff at 15202,
higher levels due to profit booking amid growing concerns over a spike in
corona virus infections and recorded fresh Covid-19 cases.
Nifty saw
intraday volatility and poor advance decline ratio. Risks of sharp and sudden
selloffs at high levels remain. One needs to be careful and keep long positions
under control and keep taking profits on trading and some investment positions.
At the
beginning of intra-day trading, April Gold opened at Rs. 44444, fell from a
high of Rs. 44720 points to a low of Rs. 44217 with a rise of 99 points, a
trend of around Rs. 44640..!!
At the
beginning of intra-day trading, March Silver opened at Rs. 65931, fell from a
high of Rs. 66099 points to a low of Rs. 64875, with a declined of 204 points,
a trend of around Rs. 65717..!!
The midcap
index was down 1.89% and the smallcap index was down 1.50% on the BSE. As far
as various sectoral indices are concerned, only energy and oil and gas stocks
were seen on the BSE, while all other sectoral indices closed lower. Out of the
total 3129 scrips traded on the BSE, the number of decliners was 1975 and the
number of gainers was 1010.
The
overall market breadth has turned negative on every rise, market may see
volatility with risk of sharp and sudden selloffs at high levels remain.
We
still maintain our stance that the trend is volatile and pullback rally is in
offing and selling may emerge, hence trader needs to be cautious at current
level.
The Nifty trend deciding level is 15008. If NIFTY future trades above this level then we may witness a further rally up to 15088 – 15105 levels. However, if NIFTY trades below 14909 levels then we may see some profit booking initiating in the market, which may correct up to 14888 to 14808 levels.
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