Dear
Trader…
Indian
benchmark indices fell for the second times in three days on May 04, following
concerns over FPI selling in the recent past and further action expected to
combat the Covid situation. Volumes on the NSE were higher than recent averages
suggesting that the buying by domestic institutions was subdued while Retail
and HNI started to take profits as is evident from the negative advance decline
ratio.
Nifty has
come under pressure as India’s official tally of coronavirus infections surged
past 20 million. Corporate management commentary remained cautious on Q1 performance
due to lockdowns. Fears of stricter lockdowns also brought caution amongst
traders.
Nifty
futures opened at 14708.25 points against the previous close of 14685.80 and
opened at a low of 14510.75 points. Nifty Future closed with an average movement
of 254.25 points and a decline of around 133.90 points and 14685.80 points ..
!!!
On the NSE,
the midcap 100 index will decline 0.39% and smallcap 100 index is closing
decline 0.89%. As far as various sectoral indices are concerned, only PSU bank
stocks were seen buying on the NSE, while all other sectoral indices closed
lower.
At the start
of intra-day trading, june gold opened at Rs.47226, fell from a high of
Rs.47314 points to a low of Rs.47011, with a decline of 150 points, a trend of
around Rs.47169 and May Silver opened at Rs.69898, fell from a high of Rs.70060
points to a low of Rs.69694, with a decline of 148 points, a trend of around
Rs.69723..!!
The
Confederation of Indian Industry (CII) has urged the government to take
‘strongest’ national steps including curtailing economic activity to contain
the spike in COVID-19 cases in the country. CII President Uday Kotak has asked
for highest-level response measures to address the rising wave of COVID-19
cases, as currently safeguarding lives is key to cut the transmission links.
He said ‘the
healthcare infrastructure and supply build-up are being undertaken on an
emergency basis by the governments at the Centre and states, but will take
time.’
The chamber
said that the current pace of daily caseloads, the requirement for hospital
beds and ICU beds, oxygen, and medicines will continue to escalate. The
President has said ‘At this critical juncture when the toll of lives is rising,
CII urges the strongest national steps including curtailing economic activity
to reduce suffering’.
He said
‘Healthcare and frontline workers are giving their best efforts to tackle the
influx of patients, but it may not be possible to manage escalating caseloads
with the present medical talent availability. We must heed expert advice on
this subject – from India and abroad. Highest response measures are needed to
break the chain of contagion and also use the time to rapidly build up
capacity’.
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 14474 – 14404 levels.
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