Dear Trader…
Indian shares gave up most of their gains to end slightly higher on Tuesday, as optimism over the country's record surge in COVID-19 vaccinations was countered by losses in heavyweight financial stocks and conglomerate Reliance Industries. Earlier in the day, the Sensex breached the 53,000 mark while the Nifty came within a whisker of its all-time high, as investor sentiment was lifted by India's record vaccination rollout of 8.3 million doses on Monday.
Sentiments were upbeat as the survey conducted by Ficci showed that with states easing lockdown curbs due to declining number of COVID-19 cases, there are immediate indications of improvement in economic activity as companies are hopeful of better performance in the next 6 to 12 months. However, market trimmed some of their gains as traders were concerned with report stating that Indian companies' market capitalization has grown at the fastest pace last year among major economies despite contraction in GDP, flagging the risks to financial stability it poses.
Nifty futures opened at 15810.00 points against the previous close of 15743.80 and opened at a low of 15751.10 points. Nifty Future closed with an average movement of 125.25 points and a rise of around 13.20 points and 15757.00 points .. !!!
On the NSE, the midcap 100 index will rise 0.10% and smallcap 100 index is closing rise 0.52%. Speaking of various sectoral indices, only Bank, Fin. Service, FMCG 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.47178, fell from a high of Rs.47247 points to a low of Rs.46878, with a rise of 32 points, a trend of around Rs.47106 and July Silver opened at Rs.67755, fell from a high of Rs.68051 points to a low of Rs.67158, with a decline of 8 points, a trend of around Rs.67754..!!
Meanwhile, Federation of Indian Chambers of Commerce and Industry (FICCI) has said that the recent changes in the FAME II scheme, including enhanced subsidies for electric two-wheelers, are expected to accelerate demand for electric vehicles in the two-wheelers, three-wheelers and bus segments. Yet, the chamber asked the government to also raise the demand incentive on electric three-wheelers like it has done for e-two-wheelers.
Commenting on the steps by the government, FICCI EV Committee Chair Sulajja Firodia Motwani has said it is a great move from the government to revise upwards the demand incentive of electric two-wheelers from Rs 10,000 per KWh to Rs 15,000 per KWh, which FICCI also has been recommending in the past. She also said that these measures will help reduce the cost of ownership difference between ICE engine vehicle and EV in the two-wheeler segment and encourage consumers to adopt electric two wheelers.
Technically, the important key resistances are placed in Nifty future are at 15787 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 15707 – 15676 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
