Dear Trader…
Domestic bourses continued to trade in fine contour on continued buying by funds and retail investors amid strong global cues after the US Federal Reserve hinted that it may begin scaling down asset purchases in November and complete the process by mid-2022. Sentiments were also upbeat as Commerce and Industry Minister Piyush Goyal stated that India and the UAE have formally launched negotiations for a free trade agreement and the first round of talks will begin from September 23 with an aim to conclude it by end-December, a move aimed at boosting trade and investments between the countries.
On the global front, Asian markets were trading mostly higher as China Evergrande Group unit’s statement of a negotiated coupon payment eased fears about risk contagion of the developer’s debt crisis.
Nifty futures opened at 17661.35 points against the previous close of 17568.50 and opened at a low of 17635.10 points. Nifty Future closed with an average movement of 210.35 points and a rise of around 273.50 points and 17568.50 points...!!!
On the NSE, the midcap 100 index will rise 1.49% and smallcap 100 index is closing rise 0.78. Speaking of various sectoral indices only Media 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.46439, fell from a high of Rs.46534 points to a low of Rs.46191.00 with a decline of 202 points, a trend of around Rs.46470 and September Silver opened at Rs.60616, fell from a high of Rs.61020 points to a low of Rs.60350, with a decline of 537 points, a trend of around Rs.60643.
Meanwhile, road transport and highways Minister Nitin Gadkari has said that India is committed to an eminently achievable clean energy-based economy, through an annual road-map for production, supply of ethanol till 2025-26, and systems for its countrywide marketing. He said the country will soon have a policy for flex-fuel engines and this policy will encourage automobile manufacturers to produce such engines.
The minister further said India is shifting its public transport fleet to green fuels like bio-CNG, ethanol, methanol, electricity and green hydrogen, which will also provide citizens some respite from surging petrol prices. He pointed out that India is one of the fastest-growing economies leading through sustainable and climate-neutral development. While the government is focusing to create an investor-friendly ecosystem to promote domestic manufacturing, he said ‘parallelly we are also giving importance to infrastructure development’. As expected, he said India is gaining good momentum in the electric vehicle (EV) ecosystem.
Technically, the important key resistances are placed in Nifty future are at 17888 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 17909 – 17919 levels. Immediate support is placed at 17808 – 17770 levels.
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