Dear Trader…
Indian equity markets started the day on a flat note as there was no major trigger from the global peers. Subsequently, the buying momentum accelerated in some of the financial stocks, which pushed the index higher towards closer to the record high. There were couple of attempts made post the mid-session to register a new high; but this again failed as we saw a complete nosedive at the stroke of the penultimate hour. This sudden profit booking pared down all gains to conclude the session with nominal gains.
Meanwhile, Indian bond yields jumped as a rally in global crude oil prices raised worries about higher imported inflation, while a selection of papers for this week's bond buyback by the central bank also disappointed investors.
Nifty futures opened at 15829.95 points against the previous close of 15858.10 and opened at a low of 15815.25 points. Nifty Future closed with an average movement of 115.35 points and a decline of around 26.10 points and 15832.00 points .. !!!
On the NSE, the midcap 100 index will decline 0.05% and smallcap 100 index is closing decline 0.66%. Speaking of various sectoral indices, the NSE saw gains in Bank, Fin Service and Media stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, august gold opened at Rs.47350, fell from a high of Rs.47912 points to a low of Rs.47350, with a rise of 536 points, a trend of around Rs.47835 and September Silver opened at Rs.70309, fell from a high of Rs.70766 points to a low of Rs.70200, with a rise of 487 points, a trend of around Rs.70526..!!
Meanwhile, Telecom Secretary Anshu Prakash said that telecom department's apex body the Digital Communications Commission (DCC) has cleared a provision of using satellite connectivity in telecom networks to provide services in remote areas where it is difficult to lay optical fibre network. He said the DCC has also cleared the Request for Proposal for the rollout of BharatNet project for broadband services in villages in 16 states in public private partnership mode with viability gap funding of Rs 19,041 crore.
Telecom Secretary has stated that with a view of ease of doing business, the DCC has approved provision of cellular backhaul connectivity via satellite through VSAT (very-small-aperture terminal) for telecom services as per Trai recommendation. He said this will help telecom companies in providing service in far flung areas where it is difficult to lay optical fibre.
He also noted that the decision will allow commercial VSAT CUG (closed user group) service providers to provide backhaul connectivity for cellular mobile services through satellite using VSAT to the telecom operators. This will help telecom operators in connecting their mobile towers in tough terrains by using satellite services through VSAT (very-small-aperture terminal) system.
Technically, the important key resistances are placed in Nifty future are at 15888 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 15909 – 15919 levels. Immediate support is placed at 15777 – 15737 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
