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MTECHTIPS:-Market Snapshot:&Technical Snapshot:
Nifty futures witnessed a positive move as it managed to close with strong gains for the day. Nifty future saw increase in open interest by 3.15% with a rise in price by 0.68%. Market witnessed buying interest in IT, Oil & Gas, Realty, Metal, Power, PSU, Auto, Banking, Health Care, and Capital Goods sector stocks while selling pressure was seen in Consumer Durables and FMCG sector stock. Nifty future has broken the trading range of 5150-5250 on higher side and headed towards 5288 levels. Now if Nifty future sustains above 5250 levels then buying interest may continue towards 5300-5330 levels. Whereas on upside if it fails to hold 5225 then selling pressure may get intensified towards 5180-5150 levels traded in a very small range with no major volume to support the up move.The Nifty futures managed to close in the positive territory on last trading day of the month and extended the gaining streak for the third straight session. The benchmark equity indices, which were gradually gaining momentum since the start and touched the day’s highs in late morning trades, witnessed some profit booking in early noon trades and found support around the important psychological 5200levels.The climb of over three fourth of a percentage point for the frontline gauges appeared even more prominent give the fact that the gains came on a day when most Asian equity indices closed with moderate gains of less than half a percent. Sentiments were supported by CII survey showing business confidence in India improved from the previous quarter but concerns over stagnancy in reforms and rising cost of finance and raw materials remain. Market’s mood was also undermined to some extent after reports showed global rating agency Moody's will be reviewing ICICI Bank, Axis Bank and HDFC Bank for a potential downgrade. Investors were seen covering hefty short positions in the beaten down IT and TECk counters which rallied around two percent each and supported the frontline gauges. The software services exporting majors like Infosys and TCS spurted to higher levels amid increasing speculations of the US Federal Reserve would employ quantitative easing measures after data showed cooling of US GDP growth, making valuations in the sector more attractive after recent falls.
Nifty futures witnessed a positive move as it managed to close with strong gains for the day. Nifty future saw increase in open interest by 3.15% with a rise in price by 0.68%. Market witnessed buying interest in IT, Oil & Gas, Realty, Metal, Power, PSU, Auto, Banking, Health Care, and Capital Goods sector stocks while selling pressure was seen in Consumer Durables and FMCG sector stock. Nifty future has broken the trading range of 5150-5250 on higher side and headed towards 5288 levels. Now if Nifty future sustains above 5250 levels then buying interest may continue towards 5300-5330 levels. Whereas on upside if it fails to hold 5225 then selling pressure may get intensified towards 5180-5150 levels traded in a very small range with no major volume to support the up move.The Nifty futures managed to close in the positive territory on last trading day of the month and extended the gaining streak for the third straight session. The benchmark equity indices, which were gradually gaining momentum since the start and touched the day’s highs in late morning trades, witnessed some profit booking in early noon trades and found support around the important psychological 5200levels.The climb of over three fourth of a percentage point for the frontline gauges appeared even more prominent give the fact that the gains came on a day when most Asian equity indices closed with moderate gains of less than half a percent. Sentiments were supported by CII survey showing business confidence in India improved from the previous quarter but concerns over stagnancy in reforms and rising cost of finance and raw materials remain. Market’s mood was also undermined to some extent after reports showed global rating agency Moody's will be reviewing ICICI Bank, Axis Bank and HDFC Bank for a potential downgrade. Investors were seen covering hefty short positions in the beaten down IT and TECk counters which rallied around two percent each and supported the frontline gauges. The software services exporting majors like Infosys and TCS spurted to higher levels amid increasing speculations of the US Federal Reserve would employ quantitative easing measures after data showed cooling of US GDP growth, making valuations in the sector more attractive after recent falls.
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