Dear Trader…
Indian equity benchmarks ended higher by over half percent on Friday, tracking gains in index heavyweights Reliance Industries, Mahindra & Mahindra, HDFC Bank and HDFC amid positive cues from global markets. Among blue chip stocks, Reliance Industries was top gainer trading up by 4.89%, while Sun Pharma was top loser down by 3.54%. Meanwhile, broader indices were also close in green, supporting their larger peers.
Traders were taking solace as Reserve Bank stated that it will ensure that system-level liquidity remains comfortable during 2021-22 in alignment with the stance of monetary policy, and monetary transmission continues unimpeded while maintaining financial stability. Meanwhile, RBI in its annual report for 2020-21 stated that the economic growth prospects essentially depend on how fast the country can arrest second wave of Covid-19 pandemic. While the economy has not moderated to the extent during first wave, surrounding uncertainties can act as a deterrent in the immediate period.
Nifty futures opened at 15435.05 points against the previous close of 15387.15 and opened at a low of 15420.00 points. Nifty Future closed with an average movement of 80.00 points and a rise of around 90.85 points and 15478.00 points .. !!!
On the NSE, the midcap 100 index will decline 0.04% and smallcap 100 index is closing decline 0.71%. Speaking of various sectoral indices, only IT, 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.48432, fell from a high of Rs.48497 points to a low of Rs.48270, with a decline of 200 points, a trend of around Rs.48381 and July Silver opened at Rs.71460, fell from a high of Rs.71476 points to a low of Rs.70967, with a decline of 659 points, a trend of around Rs.71060..!!
After nearly 2- 3 weeks, the bulls looked dominant right from the word go and they kept thrashing all intermediate hurdles with an ease. 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.
Technically, the important key resistances are placed in Nifty future are at 15505 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 15575 – 15606 levels. Immediate support is placed at 15272 – 15202 levels.
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