Indian Equity Benchmarks Rise Over 0.5% Amid Volatility
Dear Trader…
Markets extended rebound amid volatility and gained over half a percent. After the gap-up start, Nifty Future inched gradually higher however the existence of a hurdle at 20 EMA capped the momentum. Finally, it managed to close around the day’s high at 19,687.85 level; up by 0.61%. All key sectors contributed to the move wherein realty, financials and pharma were the top performers. The broader indices also edged higher and gained over half a percent each.
The recent bounce has certainly eased some pressure but we are now again at the hurdle of the short term moving average (20 EMA). We need sustainability above the same for a further recovery towards 19800 else the decline would resume. Meanwhile, traders should remain focused on stock selection and position management until we see clarity over the next directional move.
The FIIs as per Friday's data were net sellers in equity segment, while they were net buyers in debt segment, according to data released by the NSDL. In equity segment, the gross buying was of Rs 11600.16 crore against gross selling of Rs 11937.58 crore. Thus, FIIs stood as net sellers of Rs 337.42 crore in equities. In the debt segment, the gross purchase was of Rs 413.52 crore with gross sales of Rs 136.81 crore. Thus, FIIs stood as net buyers of Rs 276.71 crore in debt. In the hybrid segment, the gross buying was of Rs 7.09 crore against gross selling of Rs 25.00 crore. Thus, FIIs stood as net sellers of Rs 17.91 crore in hybrid segment.
Technically, the important key resistances are placed in Nifty future are at 19707 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 19737 - 19770 levels. Immediate support is placed at 19606 - 19575 levels.
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