Dear Trader…
As expected, the Indian stock market fell on Thursday, pulling
down heavyweights, with data showing that the country’s retail inflation hit a
three-month high while Covid-19 cases also saw a new rise in.
Nifty
futures opened at 14560.00 points against the previous close of 14555.30,
opening at a low of 14261.25 points. Nifty Future closed with an average
movement of 298.75 points and a decline of around 230.80 points and around
14324.50 points..!!!
On
the NSE, the Midcap 100 Index was down 2.04% and the Small 100 Cap Index was
down 2.16%. Speaking of various sectoral indices, the NSE saw gains only in
metal stocks, while all other sectoral indices closed lower. A total of 215
stocks traded on the NSE.
Indian shares closed sharply lower for a second straight session
on Thursday, led by losses in energy and technology companies, due to renewed
concerns over the impact of surging corona virus cases on economic growth.
India’s daily COVID-19 cases hit a five-month high on Thursday
and the country put a temporary hold on all major exports of the AstraZeneca
corona virus shot made by the Serum Institute of India to meet domestic demand.
Although the Indian gross domestic product has reverted to
pre-covid levels in the third and fourth quarter, uncertainty related to the
near-term outlook has risen considerably in the recent weeks, following the
spate of new Covid-19 infections.
Until the vaccine becomes available to all adults in India,
uncertainty will remain for the next few months. The Governor of the Central
Bank of India is also concerned about the growing number of COVID-19 cases.
The decision to lockdown on the
economic front could affect market sentiment. So in the coming days, the
economy and the Indian stock market may see a major upheaval.
Technically, the important key resistances of Nifty future are placed at 14447 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 14457 – 14606 levels. Immediate support is placed at 14404 – 14373 levels.
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