Dear Trader…
Indian equity benchmarks recovered from afternoon blip and ended on a positive note on Monday led by gains in Mahindra & Mahindra, Axis Bank and Tech Mahindra among others. Markets made optimistic start, as traders took some support with the Services Export Promotion Council (SEPC) said services exports have been recording healthy growth rate consistently and are expected to grow by 28 per cent in 2021-22 to take the exports to nearly $ 266 billion.
Sentiments remained positive as India Inc said that the Reserve Bank of India's decision to keep key interest rates unchanged and maintain an accommodative monetary policy stance will boost the confidence of businesses and consumers. Besides, referring to Prime Minister Narendra Modi's target of $400 billion in exports this year, the Confederation of Indian Industry (CII) called it attainable, given the current global situation of post-pandemic economic recovery and rising competitiveness of Indian goods.
Nifty futures opened at 16274.65 points against the previous close of 16251.70 and opened at a low of 16181.00 points. Nifty Future closed with an average movement of 143.20 points and a rise of around 12.30 points and 16264.00 points...!!!
On the NSE, the midcap 100 index will decline 0.73% and smallcap 100 index is closing decline 0.91 Speaking of various sectoral indices, only Metal, PSU bank, Realty and Auto stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, October gold opened at Rs.46311, fell from a high of Rs.46386 points to a low of Rs.45956, with a decline of 475 points, a trend of around Rs.46165 and September Silver opened at Rs.64710, fell from a high of Rs.64710 points to a low of Rs.63455, with a decline of 1000 points, a trend of around Rs.64000.
Meanwhile, referring to Prime Minister Narendra Modi's target of $400 billion in exports this year, the Confederation of Indian Industry (CII) has called it 'attainable', given the current global situation of post-pandemic economic recovery and rising competitiveness of Indian goods. CII said the strategy for exports along with taking all players on board would yield notable outcomes with the comprehensive policy announcements and will help India take a winning leap forward as a $5 trillion economy in the near future.
Director-General of CII -- Chandrajit Banerjee said the PM has set an aspirational, but very much attainable target of $400 billion in exports for the year. At the current juncture when global value chains are in flux, the multifold strategies to promote exports coupled with a whole-of-government approach make this a moment for India to seize. The draft National Logistic Policy, boost for project exports and enhancing export insurance cover offer significant encouragement to catalyse exports to new peaks.
Technically, the important key resistances are placed in Nifty future are at 16288 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 16303 – 16333 levels. Immediate support is placed at 16160 – 16060 levels.
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