Market Review
Market dropped on one side. Selling pressure took its toll on the markets today and both the benchmark indices closed with significant losses. Barring healthcare, all sectoral indices closed negative with metal, capital goods and power being the worst performers. The Sensex closed at 17222, down 264 points from its previous close, and Nifty shut shop at 5234, down 88 points. The CNX Midcap index was down 1.8% and the BSE Smallcap index was down 0.6%. The market breadth was negative with advances at 448 against declines of 923 on the NSE.
We expect after some correction it will again trade on plus mode on tomorrow. Nfty can buy above the level of 5265 for the target of 5300 with Stop loss of 5205.
Live MCX Commodity
In commodity Copper down by huge selling pressure while gold & Silver are in consolidate phase.
Spot gold looks firm after recuperating from the sell off seen earlier last week. Disappointed US Nonfarm Payrolls data perked up hopes of further monetary easing. US job data showed that employers hired fewer workers in March compared to last month. Surprise fall in retail employment prompted gold’s safe haven appeal which pushed prices higher from bearish trajectory. Unexpected rise in China’s annual inflation also supported the sentiments. At the same time, as per CFTC’s latest report, money managers and speculators have contracted their bullish bets on gold. Meanwhile, Indian jewelers called off their three week old strike on Saturday.
Get Daily Stock & Commodity Tips at here with Nifty support & resistance levels.