Dear
Trader…
Markets
extended gains for the fourth consecutive session, in continuation to prevailing
buoyancy around the earnings season. Despite caution amongst global peers ahead
of the FOMC meet, the benchmark opened gap-up and continues to surge higher.
Some
solace came in as government allowed import of 17 medical devices for three
months with mandatory declarations immediately after custom clearance and
before sale of such products in the domestic market. To meet rising demand in
the ongoing pandemic, the government has allowed import of medical devices like
nebulizer, oxygen concentrators, oxygen cannister, oxygen cylinders, oxygen
generators and ventilators.
On
the sectoral front, AMC stocks were in lime light as SEBI rule that top
executives of asset management companies will now be paid 20% of their
compensation in units of the schemes that they have a role in or oversight of
with a lock-in period of 3 years. This way the goals of the Mutual fund
Investors and the Investment managers will be aligned and help India to further
deepen the Mutual fund Investor base.
Nifty
futures opened at 15010.00 points against the previous close of 14855.30 and
opened at a low of 14812.30 points. Nifty Future closed with an average
movement of 222.70 points and a rise of around 41.80 points and 14897.10 points
.. !!!
On
the NSE, the midcap 100 index will decline 0.11% and smallcap 100 index is
closing rise 0.65%. As far as various sectoral indices are concerned, only fin
service, metal, pharma and bank stocks were seen on the NSE, while all other
sectoral indices closed lower.
At
the start of intra-day trading, june gold opened at Rs.47245, fell from a high
of Rs.47299 points to a low of Rs.46860, with a decline of 128 points, a trend
of around Rs.46965 and May Silver opened at Rs.68562, fell from a high of
Rs.68729 points to a low of Rs.68131, with a rise of 614 points, a trend of
around Rs.68400..!!
order
to guard domestic players from cheap shipments, India has imposed anti-dumping
duty on imports of a chemical used in foam making from four regions, including
the EU and Saudi Arabia, for five years. The duty was imposed following
recommendation of the commerce ministry’s investigation arm Directorate General
of Trade Remedies (DGTR), which conducted a probe into alleged dumping of
‘Toluene Di-Isocynate’ from the EU, Saudi Arabia, Chinese Taipei and the UAE.
According
to a notification of the Department of Revenue, the anti-dumping duty imposed
under this notification shall be levied for a period of five years (unless
revoked, superseded or amended earlier) from the date of imposition of the
provisional anti-dumping duty, that is, the December 02, 2020. The duty imposed
ranged between $102.05 and $368.2 per tonne.
Strong
earnings reports from top Indian companies may supported the sentiment on the
Street amid continues pressure due to coronavirus pandemic.
Technically, the important key resistances are placed at 14808 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 15008 – 15088 levels. Immediate support is placed at 14737 – 14707 levels.
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