Dear
Trader…
A day after posting their best session in over four years,
the benchmark indices turned red. The Sensex fell 1,281.68 points, or 1.5 per
cent, to close at 81,148.22. Similarly, the Nifty future dropped 403.90 points,
or 1.61 per cent, to settle at 24,640.20. The previous session had seen markets
surge nearly 4 per cent as fears of conflict between India and Pakistan eased. However,
that spike was largely driven by short covering, prompting many retail
investors to book profits on Tuesday.
Markets took a breather after a phenomenal start to the week.
Despite the weakness in headline indices, the broader markets managed to stay in
the green. Sector-wise, most major indices ended in the red. Nifty Auto,
Financial Services, FMCG, and IT stocks were among the worst hit, falling over
1 per cent each.
Nifty futures opened at 24960 points against the previous
close of 25044 and opened at a low of 24613 points. Nifty Future closed with an
average movement of 430 points and a decline of around 403 points and 24640 points…!!
On the NSE, the midcap 100 index will rise 0.19% and smallcap
100 index is closing rise 0.81%. Speaking of various sectoral indices, the NSE
saw gains in only Media, PSU Bank, Pharma and healthcare stocks, while all
other sectoral indices closed lower.
At the start
of intra-day trading, June gold opened at Rs.92885, fell from a high of Rs.94180
points to a low of Rs.92875 with a rise of 878 points, a trend of around Rs.93779
and July Silver opened at Rs.95965, fell from a high of Rs.97666 points to a
low of Rs.95965 with a rise of 1250 points, a trend of around
Rs.96611.
Meanwhile, other sectors including Nifty Bank, Metal, Oil and Gas,
Realty, and Consumer Durables also registered losses of up to 1 per cent. On
the other hand, Nifty PSU Bank, Media, Pharma, and Healthcare indices showed
gains of up to 1.66 per cent.
Out of the Sensex stocks, Infosys was the biggest loser, down
3.57 per cent, followed by Eternal (-3.38 per cent), Power Grid (-3.4 per
cent), HCL Tech (-2.94 per cent) and TCS (-2.88 per cent). On the upside, Sun
Pharma, Adani Ports, Bajaj Finance, State Bank of India, and Tech Mahindra
gained up to 1 per cent. The India VIX, which measures market volatility, eased
slightly by 1.05 per cent to 18.20.
Technically, the important key resistances are placed in Nifty future are at 24808 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 24909 – 24979 levels. Immediate support is placed at 24570 – 24474 levels.
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