Dear Trader…
Indian equity benchmarks continued their lackluster trade in Today's session, tracking global peers following Federal Reserve official Jim Bullard’s hawkish comments that suggested the first interest rate hike by the US central bank could come as early as the end of 2022.
Traders were also worried as private report projected real GDP growth of 8.7 per cent in FY22, down from 11.1 per cent it had forecast earlier. However, it revised up the FY23 forecast from 4 per cent to 5.4 per cent. Though, downfall remain limited as foreign portfolio investors (FPIs) pumped in a net Rs 13,667 crore so far in June as Indian markets continued to remain attractive to overseas investors.
On the global front, Asian markets were trading mostly lower as investors are still recalibrating their moves after the Federal Reserve's signal last week that it may raise current ultra-low rates sooner than had been expected.
Nifty futures opened at 15548.00 points against the previous close of 15696.70 and opened at a low of 15509.50 points. Nifty Future closed with an average movement of 250.70 points and a rise of around 52.15 points and 15748.85 points .. !!!
On the NSE, the midcap 100 index will rise 0.79% and smallcap 100 index is closing rise 0.65%. Speaking of various sectoral indices, only Auto and IT 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.46900, fell from a high of Rs.47083 points to a low of Rs.46633, with a rise of 297 points, a trend of around Rs.47025 and July Silver opened at Rs.67647, fell from a high of Rs.67954 points to a low of Rs.66628, with a rise of 162 points, a trend of around Rs.67760..!!
Meanwhile, UN Conference on Trade and Development (UNCTAD) in its World Investment Report 2021 has said that Foreign Direct Investment (FDI) into India increased 27 percent to $64 billion in 2020 from $51 billion in 2019, pushed up by acquisitions in the information and communication technology (ICT) industry, making the country the fifth-largest FDI recipient in the world. It noted that the COVID-19 second wave in the country weighs heavily on the country's overall economic activities but its strong fundamentals provide ‘optimism’ for the medium term.
The report has stated that the pandemic boosted demand for digital infrastructure and services globally. This led to higher values of greenfield FDI project announcements targeting the ICT industry, rising by more than 22 percent to $81 billion. FDI to India has been on a long-term growth trend and its market size will continue to attract market-seeking investments. In addition, investment into the ICT industry is expected to keep growing.
According to the report, the country's export-related manufacturing, a priority investment sector, will take longer to recover, but government facilitation can help. India's Production Linkage Incentive scheme, designed to attract manufacturing and export-oriented investments in priority industries including automotive and electronics can drive a rebound of investment in manufacturing.
Technically, the important key resistances are placed in Nifty future are at 15777 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 15808 – 15838 levels. Immediate support is placed at 15606 – 15575 levels.
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