Nifty 9217 /Sensex 29655/ Bank Nifty 21857
41 Advances / 10 Declines/ 0 Unchanged
Indian markets stage a remarkable rally; Nifty ends above 9200 mark
Indian equity indices staged a magnificent performance on Monday by vehemently rallying close to a percentage point in the session and re-conquering their important psychological levels. Investor sentiments around the globe turned optimistic after the market’s favoured candidate, Emmanuel Macron, won the first round of the French presidential election. The outcome led to a mass unwinding of safe-haven trades in favour of riskier assets. On the domestic front, sentiments got a boost with Finance Minister Arun Jaitley’s statement that Indian economy will grow at a clip of 7.5% this fiscal, up from 7.1% in the previous year, and it remains resilient with low inflation, fiscal prudence and low deficit. Participating in G-20 finance ministers' and central bank governors' meeting, Jaitley said emerging economies have become increasingly important in driving global growth, accounting for more than 75% of global expansion. Some support also came after Niti Aayog, the government's premier think-tank, indicating that India will be a Rs 469 lakh crore, or $7.2 trillion, economy by 2030. According to the report, the future is extremely bright for India's economic growth, primarily because of an extremely large GDP base and a projection of average 8% growth over the next 15 years. Furthermore, Prime Minister Narendra Modi called upon states to ‘speed up capital expenditure and infrastructure creation’ to spur economic growth. He also said the vision of ‘New India’ can only be realized through the combined efforts and cooperation of all the states. Meanwhile, Pharma stocks came under pressure after the regulator has warned the doctors of action if they fail to adhere to its guideline on prescribing the drugs only in generic names and writing prescriptions legibly.
On the global front, markets from Asia to Europe edged higher on Monday as risk appetite improved after pro-European Union candidate Emmanuel Macron won the first round of French elections. Centrist Emmanuel Macron took a big step toward the presidency in France on Sunday by winning the first round of voting and qualifying for the May 7 runoff alongside far-right leader Marine Le Pen. The outcome lessens the risk of an anti-establishment shock on the scale of Britain's vote to quit the European Union with Macron widely tipped to win the final vote and keep France in the union. However, Chinese stocks tumbled more than a percent amid signs that Beijing will tolerate further market volatility as regulators increasingly clamp down on shadow banking and speculative trading. Meanwhile, oil prices recovered some lost ground in a relief rally amid expectations that OPEC will extend a pledge to cut output beyond June.
Back home, the local benchmark got off to a positive start as investors were largely influenced by the supportive leads from Asian markets. Thereafter, the frontline indices slowly and steadily started gathering steam and surged by around one and half a percent by late morning trades. The bourses further capitalized on the momentum and spurted in afternoon trades on the back of broad based bottom fishing in undervalued stocks amid strong opening of European markets. Eventually, the NSE’s 50-share broadly followed index Nifty, got buttressed by over a percent to settle above the crucial 9,200 support level, while Bombay Stock Exchange’s Sensitive Index-Sensex accumulated around three hundred points and closed above the psychological 29,600 mark. Moreover, the broader markets too participated in the rally and closed with gains of around a percent. The market breadth remained optimistic, as there were 1829 shares on the gaining side against 1040 shares on the losing side, while 166 shares remained unchanged.
FII’s Activity 24-April-17
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 3964.98 crore against gross selling of Rs 4074.22 crore. Thus, FIIs stood as net sellers of Rs 109.24 crore in equities.
In the debt segment, the gross purchase was of Rs 436.87 crore with gross sales of Rs 310.43 crore. Thus, FIIs stood as net buyers of Rs 126.44 crore in debt.
Now what to expect next??
Nifty Levels
As expected... Nifty future unable to breach 9080 and skyrocketed
Now what to expect???
Above 9250 will see further upside rally till 9290 and then to 9330---9380 mark.
Fresh selling will initiate only close below 9080 level only.
Bank Nifty Levels
Too unable to breach 21350 and bounced back sharply
Trend Looks positive and could touch its resistance level of 21920. Close above 21920 will see further upside rally in it.
Fresh selling can initiate only close below 21350 mark.
Today's Top Pick
Castrol India
Support at 430 and Resistance at 450
Trend look positive and could touch resistance level of 450…above 450 it can touch 465---475+++ mark.
Looks weak only if closes below 430
More will update soon!!
