Dear Trader…
Indian equity benchmarks ended at record closing highs on Friday ahead of Federal Reserve Chair Jerome Powell’s speech due later in the day. The benchmarks edged lower in morning as India recorded a spike of 44,558 new Covid-19 cases in the past 24 hours out of which, over 31,000 were from Kerala. However, key indices soon witnessed a swift recovery after the initial fall and traded positive for the rest of the session. Traders took some support as Finance Minister Nirmala Sitharaman discussed with her BRICS counterparts the key areas of cooperation that would be crucial in supporting recovery of the grouping's economies and maintaining macroeconomic stability, while protecting against future uncertainties posed by the COVID-19 pandemic.
Domestic sentiments were positive, as Reserve Bank extended the scheme for encouraging deployment of Point of Sale (PoS) infrastructure to street vendors covered under the PM SVANidhi programme in tier 1 and 2 centres. Meanwhile, Governor Shaktikanta Das states that the Reserve Bank of India (RBI) won't surprise the market with a sudden rate hike and all monetary policy actions would be carefully calibrated. The current inflation trajectory looked transitory. In its August policy review, the RBI kept the key rates unchanged and said the policy stance would remain accommodative as long as was necessary.
Nifty futures opened at 16639.70 points against the previous close of 16718.15 and opened at a low of 16574.05 points. Nifty Future closed with an average movement of 155.95 points and a decline of around 3.85 points and 16714.30 points...!!!
On the NSE, the midcap 100 index will rise 1.06% and smallcap 100 index is closing rise 0.77. As far as various sectoral indices are concerned, metal and pharma stocks saw heavy gains on the NSE, while all other sectoral indices also closed higher.
At the start of intra-day trading, October gold opened at Rs.47300, fell from a high of Rs.47572 points to a low of Rs.46918.00 with a decline of 256 points, a trend of around Rs.46981 and September Silver opened at Rs.62830, fell from a high of Rs.63338 points to a low of Rs.62422, with a rise of 9 points, a trend of around Rs.62732.
Meanwhile, Finance Minister Nirmala Sitharaman has discussed with her BRICS counterparts the key areas of cooperation that would be crucial in supporting recovery of the grouping's economies and maintaining macroeconomic stability, while protecting against future uncertainties posed by the COVID-19 pandemic. Sitharaman highlighted that BRICS (Brazil, Russia, India, China and South Africa) has been playing and will continue to play a crucial role in dealing with crises such as the pandemic.
Technically, the important key resistances are placed in Nifty future are at 16737 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 16777 – 16808 levels. Immediate support is placed at 16636 – 16606 levels.
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