Dear Trader…
On the second day of the week, the Indian stock market
started trading with the expected strength and local economic data improved as
bond yields stabilized in the United States. Expanding indices continued and
FIIs saw heavy buying.
On the positive side, there are steadily improving news
relating to the economy and corporate revenue & profits.
Nifty
futures opened at 14752.10 points against the previous close of 14741.60,
opening at a low of 14713.55 points. Nifty Future closed with an average
movement of 186.45 points and a strong rise of around 85.40 points and around
14827.00 points..!!!
On the NSE,
the midcap100 index was up 0.87% and the small cap100 index was up 0.36%.
Speaking of various sectorial indices, the NSE saw sell-off in FMCG, media and
metal, while all other sectorial indices closed higher. Out of the total 215
stocks traded on the NSE.
Friends, the global economy is not yet fully open against
the government’s dream of creating a 5 trillion economy by reviving India’s
economy. In the absence of any significant developments at the local level,
Indian markets are likely to determine trends based on global developments and
US market signals.
A new wave of corona infections has also emerged which
has once again led to lockdowns. However the corona vaccination program
accelerates in anticipation of success in corona control in the coming days.
However, the Indian stock market saw a slight rise today.
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.
Technically, the important key resistances are placed at 14888 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 14909 – 14919 levels. Immediate support is placed at 14777 – 14707 levels.
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