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MTECHTIPS:-Technical Snapshot:&Market Snapshot:
The Nifty futures opened lower in yesterdays session and failed to recover from early losses, to end the day in red below the 5200 levels. It turned out to be a daunting session of trade for the Indian stock markets, which extended the southbound journey for second straight session on Thursday and gave up around a percentage points. The frontline gauges remained choppy through the day and drifted to lowest point in the session in the last leg of trade.markets, after a sedate opening, failed to show any strength as sentiments remain bleak across the Asian region since investors pondered over the disappointing employment reports from the US and Euro-zone, which showed far fewer than expected jobs were added in April, intensifying concerns over slowing down global economic recovery. The rate sensitive counters like Automobile, Banking and Real Estate remained the top laggards in the session as they traded with over a percent cuts each. The weak sales numbers by some major Auto companies and the colossal over 7% collapse in Hero Moto on worries about the impact from the expiration of a state tax exemption it currently enjoys in Haridwar dragged the Auto index. While the RBI, in order to strengthen risk management mechanism, lay out tighter norms for Indian banks under Basel III international accounting standards, which did not go down well with investors as they brutally pummeled the banking shares. On the flipside, the gains in IT and TECk counters provided some support to the benchmarks. Besides, sugar stocks rallied after government removed the cap on sugar exports, placing the commodity under the open general licence category like wheat & rice.Nifty futures gave a negative opening and could not take support at lower levels to end the choppy session on a negative note around the day’s lows. Nifty future found some support around the 5200 levels. Nifty May future closed negative at 5200 levels. Nifty future saw decrease in open interest by 0.66% with a fall in price by 0.40%. Market witnessed buying interest in IT, & Sugar sector stocks while selling pressure was seen in Banking, Real estate, Auto, Power, Capital Goods, Oil & Gas, PSU and Metal sector stocks. If Nifty future sustains above 5200 levels then buying interest may be seen towards 5250-5280 levels. On the other hand if it fails to hold 5170 then selling pressure may get intensified towards 5150-5130levels. A jump in activity in Nifty options at strikes far away from the current Nifty level in the past few trading days suggests that volatility is bound to increase in coming sessions.
The Nifty futures opened lower in yesterdays session and failed to recover from early losses, to end the day in red below the 5200 levels. It turned out to be a daunting session of trade for the Indian stock markets, which extended the southbound journey for second straight session on Thursday and gave up around a percentage points. The frontline gauges remained choppy through the day and drifted to lowest point in the session in the last leg of trade.markets, after a sedate opening, failed to show any strength as sentiments remain bleak across the Asian region since investors pondered over the disappointing employment reports from the US and Euro-zone, which showed far fewer than expected jobs were added in April, intensifying concerns over slowing down global economic recovery. The rate sensitive counters like Automobile, Banking and Real Estate remained the top laggards in the session as they traded with over a percent cuts each. The weak sales numbers by some major Auto companies and the colossal over 7% collapse in Hero Moto on worries about the impact from the expiration of a state tax exemption it currently enjoys in Haridwar dragged the Auto index. While the RBI, in order to strengthen risk management mechanism, lay out tighter norms for Indian banks under Basel III international accounting standards, which did not go down well with investors as they brutally pummeled the banking shares. On the flipside, the gains in IT and TECk counters provided some support to the benchmarks. Besides, sugar stocks rallied after government removed the cap on sugar exports, placing the commodity under the open general licence category like wheat & rice.Nifty futures gave a negative opening and could not take support at lower levels to end the choppy session on a negative note around the day’s lows. Nifty future found some support around the 5200 levels. Nifty May future closed negative at 5200 levels. Nifty future saw decrease in open interest by 0.66% with a fall in price by 0.40%. Market witnessed buying interest in IT, & Sugar sector stocks while selling pressure was seen in Banking, Real estate, Auto, Power, Capital Goods, Oil & Gas, PSU and Metal sector stocks. If Nifty future sustains above 5200 levels then buying interest may be seen towards 5250-5280 levels. On the other hand if it fails to hold 5170 then selling pressure may get intensified towards 5150-5130levels. A jump in activity in Nifty options at strikes far away from the current Nifty level in the past few trading days suggests that volatility is bound to increase in coming sessions.
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