Indian Equities Rise Despite Reliance's Jio Financial Spin-off Debut
Dear Trader…
Domestic equities saw some respite today despite muted global cues. China announced a smaller-than-expected cut in its lending rate, thus disappointing global investors. The Nifty futuress opened flat but soon gained momentum and closed with gains of 67 points (+0.35 per cent) at 19399 levels. Broad-based buying was seen across the sectors except for PSU bank and oil & gas. Major buying was seen in IT, metals, and real estate.
This week's market will take cues from macro data to be released locally as well as internationally. That apart, most eyes will be on US Fed Chair Powell's speech, the Jackson Hole symposium due later in the week, and the release of RBI meeting minutes. Thus, in the near term, we expect the market to trade in a broader range, with buying seen at lower levels. Stock-specific action is likely to dominate.
FII and FPIs, on Monday, saw net Sales of Rs. 1901.10 crore in the cash segment. A total of Rs. 9976.05 crore was sold against a total purchase of Rs. 8074.95 crore. Domestic institutional investors saw a net Purchase of Rs. 626.25 crore in the cash segment. A total of Rs. 5531.15 crore was sold against a total purchase of Rs. 6157.40 crore.
Technically, the important key resistances are placed in Nifty futures at 19399 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 19434 - 19474 levels. Immediate support is placed at 19373 - 19303 levels.
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