Dear
Trader…
Indian shares
ended lower on Friday to record weekly losses, as an unrelenting surge in
COVID-19 cases and deaths deepened fears of further economic pain from the
pandemic.
India on
Friday reported another record rise in daily corona virus infections of
332,730, while the daily death toll also jumped by a record 2,263 as the health
care system foundered. The entire market is in a spot about what lies ahead and
whether the increase in cases will be met with stricter lockdown measures.
Nifty
futures opened at 14335.05 points against the previous close of 14403.60 and
opened at a low of 14263.55 points. Nifty Future closed with an average
movement of 205.00 points and a decline of around 70.60 points and 14333.00
points .. !!!
On the NSE,
the midcap 100 index will rise 0.26% and smallcap 100 index is closing rise
0.42%. As far as various sectoral indices are concerned, only media and PSU
bank stocks were seen on the NSE, while all other sectoral indices closed
lower.
At the start
of intra-day trading, june gold opened at Rs.47885, fell from a high of
Rs.47940 points to a low of Rs.47580, with a rise of 128 points, a trend of
around Rs.47900 and May Silver opened at Rs.69300, fell from a high of Rs.69415
points to a low of Rs.68650, with a rise of 46 points, a trend of around
Rs.69264..!!
In the near
term, positive bias is expected to continue, however, rising COVID cases in
India would remain a key concern.
The Indian
stock market is trading at a high valuation. In addition currently, stocks
based bullish trend on the local economy.
The market
is booming due to the success of vaccines and the steady influx of FIIs, but
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.
in the
coming days, we expect volatility to continue until there is clarity over the
lockdown situation and availability of vaccines…. but apart from that the
market structure is made up of bulls…
The earnings
season would further add to the choppiness ahead so we suggest investors
maintaining stock-specific trading approach. Meanwhile, global cues, metals and
crude oil prices would also be on investors’ radar.
Technically, the important key resistances are placed at 14404 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 14434 – 14474 levels. Immediate support is placed at 14272 – 14202 levels.
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