Dear
Trader…
As expected,
the Indian stock market bullish run stopped at a red mark due to unprofitable
selling from higher levels on last week.
Indian
shares ceded ground on Friday after three sessions of gains, pressured by a
fall in private-sector lenders, while shares of consumer goods producers gained
amid restrictions in some states after a resurgence in corona virus cases.
Nifty
futures opened at 14901.10 points against the previous close of 14924.40,
opening at a low of 14810.00 points. Nifty Future closed with an average
movement of 157.45 points and a decline of around 31.40 points and around
14893.00 points..!!!
On the NSE,
the Midcap 100 Index rose 0.15% and the Small Cap 100 Index rose 0.36%.
Speaking of various sectoral indices, the NSE sell-off in fmcg, it, media,
pharma, and psu bank, while all other sectoral indices high closed. A total of
215 stocks traded on the NSE.
The Indian stock
market closed lower on fresh concerns over the impact of rising cases of the
corona virus on economic growth and losses in technology companies. Although
the Indian gross domestic product has reverted to pre-covid levels in the third
and fourth quarter, uncertainty related to the near-term outlook has risen
considerably in the recent weeks, following the spate of new Covid-19
infections.
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.
Markets
initially settled marginally, the bias was on the positive side but profits at
higher levels streamlined all the gains as the day progressed.
The lockdown
on the economic front has affected market sentiment so in the coming days, the
economy and the Indian stock market may see a major upheaval.
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 15008 – 15088 levels. Immediate support is placed at 14747 – 14676 levels.
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