Dear Trader…
Indian stock markets continued to trade in positive terrain in the Today's session due to buying in realty, consumer durables and oil & gas stocks. Sentiments got boost as India’s COVID cases are beginning to decline and several states are announcing a gradual easing of restrictions.
Traders seem to have overlooked report that India's services sector activities slumped into contraction territory for the first time in eight months, amid renewed decline in new work intakes due to the escalation of the pandemic and the reintroduction of restrictions. The seasonally adjusted India Services Business Activity Index fell to 46.4 in May, down from 54.0 in April.
Nifty futures opened at 15689.90 points against the previous close of 15616.75 and opened at a low of 15635.70 points. Nifty Future closed with an average movement of 84.25 points and a rise of around 98.25 points and 15715.00 points .. !!!
On the NSE, the midcap 100 index will rise 0.94% and smallcap 100 index is closing rise 1.21%. Speaking of various sectoral indices, only Pharma 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.49163, fell from a high of Rs.49670 points to a low of Rs.48996, with a rise of 496 points, a trend of around Rs.49650 and July Silver opened at Rs.72835, fell from a high of Rs.72849 points to a low of Rs.71509, with a decline of 1004 points, a trend of around Rs.71674..!!
Meanwhile, Minister of State for Finance Anurag Thakur has said that Indian economy is resilient and will rebound in the times ahead based on consistent reforms that have ensured strong fundamentals through these difficult times. Thakur has pointed out that consistent reforms and strong fundamentals have ensured that India had a swift rebound from a contraction of 24.4 percent in the first quarter to a growth of 1.6 percent in the fourth quarter of FY 2020-21.
On the issue of the gloomy forecast made by the former finance minister, Thakur said ‘while you doubt the resilience of Indian entrepreneurs, small businesses, traders and MSMEs to revive themselves, various international agencies project India to grow by 12.5 per cent in FY 2021-22 making India the only major economy to have a projected double-digit growth.’
Technically, the important key resistances are placed in Nifty future are at 15747 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 15787 – 15808 levels. Immediate support is placed at 15606 – 15575 levels.
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