Dear Trader…
As expected, the Indian stock market bullish run stopped at a
red mark due to unprofitable selling from higher levels, the Nifty couldn’t
sustain in the higher territory and faced sharp selling pressure there and it
aggravated as the day progressed.
Nifty futures opened at 15362.10 points against the previous
close of 15209.30, opening at a low of 14961.55 points. Nifty Future closed
with an average movement of 413.45 points and a decline of around 172.90 points
and around 15036.40 points..!!!
PSU bank, auto, private bank & financial services stocks
have seen a decline with funds breaking offloading and selling heavily in the
wake of weak global signals.
Indian markets failed to hold on to its strong start as rising
bond yield countered positive sentiments.
All major sectoral indices belled the day in negative terrain
while smallcap indices continued to remain positive.
The US market had a robust close taking cues from fall in the US
unemployment rate and signing of the stimulus bill. However, Asian &
European markets couldn’t maintain the optimism due to rising US bond yield
ahead the FED policy meeting next week, the volatility in the Indian stock
market has reached its peak, with all reports on the economy being negative. It
may be mentioned here that RBI Governor Shaktikant Das has also warned
investors about the current rally in the stock market, as the country’s economy
and the stock market are moving in the opposite direction, so it will be
necessary to be cautious.
Any such decision on the economic front could affect market
sentiment. So in the coming days, the economy and the Indian stock market may
see a major upheaval.
in the coming session, as the market has already witnessed a sharp run-up and valuations appear to be quite stretched at the current level, profit-booking at these levels cannot be ruled out and therefore traders should be cautious at these levels.
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