Dear Trader…
Equity benchmarks extended gains over fifth consecutive session amid elevated volatility. Traders remain energized amid private report stating that calibrated reopening of the economy by states as the number of fresh COVID-19 cases subside increased mobility and aided in a fast-paced increase in an index of business resumption last week.
Meanwhile, a private report stated that 72 per cent of the revenue of Indian firms (India Inc) is derived from the domestic / home market -the sixth highest in percentage terms in the emerging market (EM) and the Asian region. On the global front, Asian markets were trading mixed as investors looking to a much-anticipated Federal Reserve policy meeting.
Nifty futures opened at 15866.60 points against the previous close of 15832.65 and opened at a low of 15853.95 points. Nifty Future closed with an average movement of 55.05 points and a rise of around 38.45 points and 15871.10 points .. !!!
On the NSE, the midcap 100 index will rise 0.61% and smallcap 100 index is closing rise 0.45%. Speaking of various sectoral indices, only Metal, Pharma and PSU bank stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, August gold opened at Rs.48509, fell from a high of Rs.48697 points to a low of Rs.48472, with a rise of 97 points, a trend of around Rs.48620 and July Silver opened at Rs.71791, fell from a high of Rs.71791 points to a low of Rs.71202, with a decline of 488 points, a trend of around Rs.71391..!!
Markets react to the progress of the vaccine drive and updates on the monsoon will be closely watched by the participants for cues. While the trend is bullish, the underperformance of the banking pack is certainly hurting the sentiment however we expect the bias to improve During the week.
Meanwhile, traders should focus on other sectors and use intermediate dips to add the selected stocks. Going ahead, we expect index to endure its positive momentum and gradually head towards our earmarked target of 16000 in June 2021.
Technically, the important key resistances are placed in Nifty future are at 15909 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 15919 – 15930 levels. Immediate support is placed at 15808 – 15686 levels.
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