Dear
Trader…
Indian
equity benchmarks close in red zone in today session. Sentiments were dampened
as Moody’s cut India’s gross domestic product (GDP) forecast for FY22 to 9.3
per cent from the earlier projection of 13.7 per cent and has ruled out a
sovereign rating upgrade – at least for now. Adding more pessimism, domestic
rating agency Care Ratings revised its GDP growth forecast for the current
fiscal to 9.2 per cent from 10.2 per cent it had estimated earlier.
This is the
fourth revision by the rating agency in its GDP growth forecast for FY2021-22
since March this year. On March 24 this year, it had projected GDP growth for
FY22 at 11-11.2 per cent but revised downwards forecast to 10.7 per cent on
April 5 and further to 10.2 per cent on April 21. On the global front, Asian
markets were trading mostly lower as investors were concerned over a potential
spike in inflation, while rising COVID-19 cases and curbs in other parts of the
region further dampened sentiment.
Nifty
futures opened at 14842.10 points against the previous close of 14878.25 and
opened at a low of 14662.95 points. Nifty Future closed with an average
movement of 179.15 points and a decline of around 169.35 points and 14708.90
points .. !!!
On the NSE,
the midcap 100 index will decline 0.81% and smallcap 100 index is closing
decline 0.59%. As far as various sectoral indices are concerned, only auto,
media and PSU 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.47997, fell from a high of
Rs.47679 points to a low of Rs.47465, with a rise of 27 points, a trend of
around Rs.47660 and July Silver opened at Rs.71805, fell from a high of
Rs.71805 points to a low of Rs.71256, with a decline of 385 points, a trend of
around Rs.71544..!!
India
continues to witness decline in the number of daily Covid-19 cases. The country
recorded 329,517 infections, taking its tally to almost 23 million, Wordometer
showed. On a positive note, more than 19 million patients have recovered. On
the sectoral front, banking stocks were in focus as the Reserve Bank came out
with modified guidelines that allow sound private sector banks to undertake
government business, whether at the Centre or in states.
According to
the modified norms, scheduled private sector banks, which are not under the
Prompt Corrective Action (PCA) framework of the RBI, can undertake government
business after executing an agreement with the central bank.
Technically, the important key resistances are placed at 14606 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 14808 – 14888 levels. Immediate support is placed at 14606 – 14575 levels.
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