Dear
Trader…
As expected,
the Indian stock market started with a boom. with the transition to India’s
corona worrying. The Indian stock market is still bullish as the weight of the
stock continues to rise in the case of global and domestic crises. Indian
shares rose on Tuesday after a bruising coronavirus-led decline in the last
session, as beaten-down banking stocks gained and drug companies climbed due to
a vaccine approval.
On the
global front, Asian markets were trading mixed as investors gear up for the
much anticipated earnings season and the key US inflation data later in the
day. Back home, in scrip specific developments, Adani Ports declined as firm
removed from S&P sustainability index, while L&T jumped on beginning constructing 300
MW Jeddah Solar PV Power Plant.
Nifty
futures opened at 14388.50 points against the previous close of 14343.25,
opening at a low of 14304.10 points. Nifty Future closed with an average
movement of 258.90 points and a strong rise of around 212.75 points and around
14556.00 points..!!!
On the NSE,
the Midcap 100 Index rose 1.74% and the Small Cap 100 Index rose 1.26%.
Speaking of various sectoral indices, only IT and pharma stocks were seen
selling on the NSE, while all other sectoral indices closed higher.
At the
beginning of intra-day trading, June Gold opened at Rs.46450, fell from a high
of Rs.46595 points to a low of Rs. 46367, with a rise of 97 points, a trend of
around Rs.46516 and May Silver opened at Rs.66247, fell from a high of Rs.
66849 points to a low of Rs.66071, with a rise of 534 points, a trend of around
Rs.66662..!!
Indian
regulatory approval for Russia’s Sputnik V COVID-19 vaccine sent shares in
local partner Dr Reddy’s Labs up as much as 3%. Cipla and Sun Pharma, which
sell COVID-19 medication, continued to gain amid a surge in domestic
infections. State-run banks gained 2.4% and were among the top sectoral
gainers. The index had dropped 9% in the previous session. IT services
consultancy TCS fell more than 3% after its March-quarter profit missed
analysts’ estimates.
Volumes have
registered a good rise during the price breakout. The chemical sector has been
outperforming for the last many months. Unless this gap is filled entirely on a
closing basis, the trend of the market would remain bearish for the short term.
The Indian
stock market is still on a high valuation position as the weight of the
specific stocks continue to rise in the case of global and domestic cores.
Technically, the important key resistances are placed at 14474 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 14606 – 14636 levels. Immediate support is placed at 14434 – 14404 levels.
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