Dear Trader…
Indian stock markets continued to trade in positive terrain in Today's session as economic activity is likely to gather momentum as most states are gradually opening up since fresh COVID cases have fallen. Also, sustained foreign fund inflow also supported the markets. Foreign investors have infused close to Rs 8,000 crore into Indian equities in the first four trading sessions of June as risk-on sentiment improved amid rapidly falling new Covid cases and robust corporate earnings.
Domestic equities extended its gains in today’s volatile session ahead of PM Modi’s address to the nation. Hopes of easing restrictions and Centre’s covid-19 vaccination policy pumped optimism into the market. Global markets were mixed with US futures trading in red ahead of the inflation data due this week and the tax deal between the G7 advanced economies. Barring metal and pharma, all major sectoral indices belled the day in positive terrain with energy, utilities and power stocks leading the rally
Nifty futures opened at 15769.00 points against the previous close of 15700.85 and opened at a low of 15705.90 points. Nifty Future closed with an average movement of 101.95 points and a rise of around 80.80 points and 15781.00 points .. !!!
On the NSE, the midcap 100 index will rise 1.24% and smallcap 100 index is closing rise 1.56%. Speaking of various sectoral indices, only Financial Service, Metal, Pharma and Realty stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, August gold opened at Rs.48947, fell from a high of Rs.49030 points to a low of Rs.48782, with a decline of 24 points, a trend of around Rs.48970 and July Silver opened at Rs.71320, fell from a high of Rs.71690 points to a low of Rs.70836, with a decline of 50 points, a trend of around Rs.71489..!!
Meanwhile, India Inc is looking forward to a repo rate cut in future as cost of funds has to come down in coming times, and expects continuation of accommodative policy stance by the Reserve Bank of India (RBI) as depressed demand has to be rejuvenated with enhanced liquidity for businesses and people. The RBI's Monetary Policy Committee has kept the benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, as the economy faces the brunt of the second COVID-19 wave.
Technically, the important key resistances are placed in Nifty future are at 15781 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 15848 – 15909 levels. Immediate support is placed at 15707 – 15676 levels.
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