Dear Trader…
On the last day of the week, the Indian stock market started
trading with a bullish trend. Supportive global signals led to a positive start
which was furer boosted by buying in the main area of the index.
On the positive side, there are steadily improving news relating
to the economy and corporate revenue & profits.
Nifty futures opened at 14499.80 points against the previous
close of 14577.05, opening at a low of 14371.30 points. Nifty Future closed
with an average movement of 433.70 points and a strong rise of around 176.65
points and around 14753.70 points..!!!
On the NSE, the midcap100 index was up 1.22% and the small
cap100 index was up 0.70%. Speaking of various sectorial indices, the NSE saw
only sell-off in realty, while all other sectorial indices closed higher. Out
of the total 215 stocks traded on the NSE.
Friends, the absence of any significant growth locally, Indian
markets are likely to determine trends based on global growth and US market
signals. The index formed a small bullish candle on the daily charts as closing
was higher than opening levels. Overall, the market has been range bound since
the recent major correction and may remain so in coming days too.
The positive impact of the modest rise was seen in the Indian
stock market but traders may remain cautious as volatility is expected to spike
up due to global markets selloff which could result into a likely pause in the
ongoing momentum & result into a consolidation, we thus suggest limiting
naked leveraged positions and using further decline to add quality stocks.
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.
Technically, the important key resistances are placed at 14808 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 14888 – 14909 levels. Immediate support is placed at 14676 – 14606 levels.
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