Dear Trader…
As expected, the Indian stock market started trading with a
bullish trend with positive signals from global markets and Asian markets.
Indian equity markets
have maintained their upward momentum with the expected strength.
Nifty futures opened
at 14750.00 points against the previous close of 14751.45, opening at a low of
14701.00 points. Nifty Future closed with an average movement of 249.00 points
and a strong rise of around 129.05 points and around 14880.50 points..!!!
On the NSE, the Midcap
100 Index rose 1.32% and the Small Cap 100 Index rose 1.71%. Speaking of
various sectoral indices, the NSE saw gains in banks, PSU banks, private banks
and auto toms while all other sectoral indices remained closed. A total of 215
stocks traded on the NSE.
The bond market has
taken the announcement to move the 10-year yield to 6.12 per cent positively.
The Governor’s assurance to ensure the smooth development of the yield curve
has also been a source of confidence.
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 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.
The market may show a
decline in the coming days, but apart from that the market structure is made up
of bulls. The market is booming due to the success of vaccines. there have been
corrections in the bullish phase in the past as well. This time too, along with
the positive factors, the bullish trade in stocks is likely to ease, so caution
will be required.
Technically, the important key resistances are placed at 15008 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 15088 – 15105 levels. Immediate support is placed at 14808 – 14770 levels.
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