Dear Trader…
Indian equity benchmarks ended flat with negative bias after a highly volatile session on Tuesday. After making slightly positive start, markets soon slipped into red territory, as traders were concerned as India reported 31,222 new cases of Covid-19 and 290 deaths from the disease in 24 hours. Some cautiousness also came in as a private report projected a real gross value added (GVA) growth of 7 to 8 per cent year-on-year in the second quarter of current fiscal year versus 20.1 per cent growth in Q1 FY22. It said estimates suggest some moderation in economic activity index (EAI)-GVA growth in July, largely on account of weaker fiscal spending.
The markets, however, surrendered all their losses to trade in the positive note in noon session, taking support from RBI’s data showing that sales of 1,647 listed private manufacturing companies recorded ‘extraordinarily high’ growth of 75 per cent in the first quarter of FY'22 mainly due to a very low base in the pandemic-hit year-ago period.
Nifty futures opened at 17372.10 points against the previous close of 17404.65 and opened at a low of 17300.00 points. Nifty Future closed with an average movement of 149.95 points and a decline of around 35.40 points and 17369.25 points...!!!
On the NSE, the midcap 100 index will decline 0.25% and smallcap 100 index is closing decline 0.09. Speaking of various sectoral indices, the NSE saw gains in FMCG, Finance Service and Media while all other sectoral indices closed lower.
At the start of intra-day trading, October gold opened at Rs.47402, fell from a high of Rs.47435 points to a low of Rs.47221.00 with a decline of 77 points, a trend of around Rs.47348 and September Silver opened at Rs.65220, fell from a high of Rs.65235 points to a low of Rs.64374, with a decline of 402 points, a trend of around Rs.64890.
Meanwhile, with the support of state governments, Agriculture Minister Narendra Singh Tomar has said the Centre will increase the farmer database from the current 5.5 crore, created by the Ministry of Agriculture and Farmers Welfare, to 8 crore by December 2021. Tomar asked state governments to create a database for the state using the federated farmer database prepared by the central government and allow linkage to the state land record database.
Noting that agriculture has to be linked with digital technology, scientific research and knowledge, the minister emphasised that both the Centre and states must work together for agriculture to give a boost to the economy. He also said with the establishment of Agriculture Infrastructure Fund, Farmer Producer Organisations (FPOs), Mandis and start-ups will get loans easily.
Technically, the important key resistances are placed in Nifty future are at 17440 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 17474 – 17505 levels. Immediate support is placed at 17303 – 17272 levels.
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