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MTECHTIPS:-Technical Snapshot & Market Snapshot:
Nifty futures closed negative at 5097.95 levels. Nifty future saw increase in open interest by 2.33% with a fall in price by 1.96%. Market witnessed sustained selling pressure across the board except Health Care sector stocks. Selling pressure was mainly seen in Capital Goods, Banking, Metal, PSU, Realty, Power, Consumer Durables, Auto, Oil & Gas, FMCG and IT sector stocks. Nifty May future closed at premium of 11 points as compared to premium of 11 points of previous trading session. The market turnover increased by 39.89% in terms of number of contracts traded vis-à-vis previous trading day whereas in terms of rupees increased by 37.87%. Now if Nifty future sustains below immediate support of 5000 levels (where maximum Put OI intact for May series) then selling pressure may get intensified towards 4950-4920 levels. Whereas on upside if it sustains above 5100 levels then only some short covering activities may be seen towards 5150 levels.The Nifty futures dipped sharply on Friday to close the week on a declining note below the crucial levels of 5150. Some concerns in the euro zone also contributed to the weakness in Indian stocks. Investors are awaiting the election results of France and Greece over the weekend that is considered to be key to the continuity of the ongoing fiscal tightening in the euro zone and stability in the region.The upside for the benchmark gauges was capped since a HSBC survey indicated that India's manufacturing sector inched up in April, supported by rising order books, but slower output growth and rising price pressures dampened sentiment. Also, another data showed growth in India’s eight core industries' slowed down to 2% in March as against 6.5% in the same month last year reflecting a slowdown in the economy. The Indian rupee breached the 53 mark against the US dollar to reach the lowest levels in around four months on sustained American greenback demand which undermined market mood and raised concerns over slowing economic activity and drying inflows from foreign funds. Market men were also seen squaring off hefty positions from the rate sensitive Automobile counter, which plunged over one and half a percent after heavyweights like Maruti and Tata Motors reported disappointing monthly sales numbers. Power sector remained another laggard in the session as it went home with over a percent cut after majors like Tata Power and NTPC suffered heavy pounding.
Nifty futures closed negative at 5097.95 levels. Nifty future saw increase in open interest by 2.33% with a fall in price by 1.96%. Market witnessed sustained selling pressure across the board except Health Care sector stocks. Selling pressure was mainly seen in Capital Goods, Banking, Metal, PSU, Realty, Power, Consumer Durables, Auto, Oil & Gas, FMCG and IT sector stocks. Nifty May future closed at premium of 11 points as compared to premium of 11 points of previous trading session. The market turnover increased by 39.89% in terms of number of contracts traded vis-à-vis previous trading day whereas in terms of rupees increased by 37.87%. Now if Nifty future sustains below immediate support of 5000 levels (where maximum Put OI intact for May series) then selling pressure may get intensified towards 4950-4920 levels. Whereas on upside if it sustains above 5100 levels then only some short covering activities may be seen towards 5150 levels.The Nifty futures dipped sharply on Friday to close the week on a declining note below the crucial levels of 5150. Some concerns in the euro zone also contributed to the weakness in Indian stocks. Investors are awaiting the election results of France and Greece over the weekend that is considered to be key to the continuity of the ongoing fiscal tightening in the euro zone and stability in the region.The upside for the benchmark gauges was capped since a HSBC survey indicated that India's manufacturing sector inched up in April, supported by rising order books, but slower output growth and rising price pressures dampened sentiment. Also, another data showed growth in India’s eight core industries' slowed down to 2% in March as against 6.5% in the same month last year reflecting a slowdown in the economy. The Indian rupee breached the 53 mark against the US dollar to reach the lowest levels in around four months on sustained American greenback demand which undermined market mood and raised concerns over slowing economic activity and drying inflows from foreign funds. Market men were also seen squaring off hefty positions from the rate sensitive Automobile counter, which plunged over one and half a percent after heavyweights like Maruti and Tata Motors reported disappointing monthly sales numbers. Power sector remained another laggard in the session as it went home with over a percent cut after majors like Tata Power and NTPC suffered heavy pounding.
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