Dear Trader…
Indian equity benchmarks continued their weak trade in Today's session, on the back of sustained selling activities by market-participants. Selling pressure in the IT and TECK stocks influenced the markets. Traders were worried with reports that even though the cost of funds for the Centre has been trending down following the deft yield management by the Reserve Bank, for the hapless states, whose finances are crippled by the continuing lockdowns, it has been heading north and so far this fiscal as the average interest rate on their market borrowings has jumped 30 bps to 6.86 per cent.
Nifty futures opened at 15584.00 points against the previous close of 15618.15 and opened at a low of 15502.40 points. Nifty Future closed with an average movement of 130.20 points and a rise of around 7.00 points and 15625.15 points .. !!!
On the NSE, the midcap 100 index will rise 1.43% and smallcap 100 index is closing rise 1.31%. Speaking of various sectoral indices, only Financial Service, FMCG and IT stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, June gold opened at Rs.49100, fell from a high of Rs.49200 points to a low of Rs.49075, with a rise of 205 points, a trend of around Rs.49200 and July Silver opened at Rs.72000, fell from a high of Rs.72375 points to a low of Rs.71698, with a rise of 36 points, a trend of around Rs.72904..!!
Meanwhile, power ministry in its latest data has stated that power consumption in the country grew 8.2 percent to 110.47 billion units (BU) in May 2021, indicating slow recovery in commercial and industrial demand of electricity. The slower pace of recovery in industrial demand of electricity in May can be attributed to local lockdown restrictions imposed by states to curb the spread of coronavirus amid the second wave of the pandemic.
The commercial and industrial power consumption as well as demand would rise in coming days with many states easing local lockdown restrictions imposed to curb the second wave of coronavirus after the number of daily new positive cases of COVID-19 has started declining. The power consumption in the entire month of May last year was 102.08 BU due to the impact of the lockdown imposed to curb the COVID-19 and had witnessed a year-on-year fall of nearly 15 per cent in May 2020.
Technically, the important key resistances are placed in Nifty future are at 15676 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 15707 – 15737 levels. Immediate support is placed at 15575 – 15505 levels.
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