Dear Trader…
Indian equity benchmarks, after a
reasonable weakness of the last few sessions, witnessed a sharp comeback on
Monday and closed the day with hefty gains of over one and half percent, on the
back of strong gains in heavyweights such as Indusind Bank, SBI, ICICI Bank and
HDFC Bank.
Market started the day on positive
note and traded in fine fettle, as sentiments got a boost with the government
data showing that India’s exports in April jumped nearly three-fold to $30.63
billion from $10.36 billion in the same month last year. Imports too rose to
$45.72 billion last month as against $17.12 billion in April 2020.
Traders also took note of report
that the average of daily cases has fallen for seven days in a row with India
reporting 281,860 new cases in the last 24 hours. This is the first time since
April 21 that India has recorded new cases below the 300,000 mark.
Nifty futures opened at 14762.30
points against the previous close of 14714.95 and opened at a low of 14744.05
points. Nifty Future closed with an average movement of 215.95 points and a
rise of around 240.45 points and 14955.40 points .. !!!
On the NSE, the midcap 100 index
will rise 1.84% and smallcap 100 index is closing rise 1.15%. As far as various
sectoral indices are concerned, only media and pharma stocks were seen selling
on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading,
June gold opened at Rs.47989, fell from a high of Rs.48070 points to a low of
Rs.47910, with a rise of 354 points, a trend of around Rs.48030 and July Silver
opened at Rs.71900, fell from a high of Rs.72232 points to a low of Rs.71750,
with a rise of 786 points, a trend of around Rs.71871..!!
Since last few days, the global
markets are having a complete influence on our markets but the way things seem
to have settled down globally, we hope to see a continuation of today’s up
move. Apart from the financial space, the broader market too did well
throughout the day and hence, it would be interesting to see how things pan out
in the forthcoming session.
In India covid-19 2nd wave cases are
also coming down and it seems to be the pick of the 2nd wave is behind us as of
now and the state government will start reopening up the economy gradually. We
expect the markets to be volatile in the coming week.
Technically, the important key resistances are placed at 14909 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 14838 – 14808 levels.
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