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.
The market continued its upward trend with Supportive
global cues led to a positive start which was further fuelled by the buying in
index majors.
Nifty futures opened at 14555.00 points against the
previous close of 14435.55, opening at a low of 14501.00 points. Nifty Future
closed with an average movement of 175.00 points and a strong rise of around
194.30 points and around 14629.85 points..!!!
On the NSE, the midcap100 index was up 1.55% and the
small cap100 index was up 1.16%. Speaking of various sectoral indices, the NSE
surged on metal, FMCG and realty, while all other sectoral indices closed
higher. A total of 215 stocks traded on the NSE.
Friends, The recent buoyancy on the global front combined
with the supportive local cues is helping the index to regain momentum.
However, volatility is still high on the stock-specific front. Keeping all in
mind, we feel it’s prudent to continue with hedged positions and prefer index
majors over the others.
India’s daily COVID-19 cases hit a five-month high on
Thursday. The country this week reported a new variant of the coronavirus,
termed as “double mutant” in more than 200 samples in the hardest-hit
western state of Maharashtra.
The Indian stock market is still in an overbought
position as the global and local Corona case continues to weigh on the stock.
as opinion, Markets will continue to take cues from global peers.
The Indian stock market is trading at a high valuation.
In addition, the local economy is currently witnessing a stock-based bullish
trend.
Technically, the important key resistances are placed at 14606 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 14676 – 14707 levels. Immediate support is placed at 14505 – 14474 levels.
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