Dear Trader…
Markets settled with a cut of nearly half a percent in a highly volatile session, taking a breather after the recent surge. The benchmark opened on a firm note following supportive global cues however continuous profit booking at higher levels dragged the benchmark indices lower. Traders remained cautious amid a private report that current account leading to higher imports and a rise in current account deficit, which is likely to print at 1.3 per cent of the GDP or $40 billion, up from 0.9 per cent surplus last fiscal.
Besides, India is ranked at 71st position in the Global Food Security (GFS) Index 2021 of 113 countries, but the country lags behind its neighbours Pakistan and Sri Lanka in terms food affordability, according to a report.
Nifty futures opened at 18430.10 points against the previous close of 18432.45 and opened at a low of 18466.80 points. Nifty Future closed with an average movement of 215.65 points and a decline of around 112.45 points and 18320.00 points...!!
On the NSE, the midcap 100 index will decline 2.15% and smallcap 100 index is closing decline 2.43. Speaking of various sectoral indices, the NSE saw gains in PSU Bank and Media stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, October gold opened at Rs.47355, fell from a high of Rs.47477 points to a low of Rs.47320.00 with a rise of 141 points, a trend of around Rs.47421 and September Silver opened at Rs.64420, fell from a high of Rs.64826 points to a low of Rs.64386, with a rise of 151 points, a trend of around Rs.64601.
Meanwhile, Minister of State for Electronics and IT Rajeev Chandrasekhar has said the government is looking at rolling out a five-year strategic perspective plan to make India a significant tech player. He added that the Ministry of Electronics and IT (MeitY) will partner with the private sector in areas not just limited to soliciting business for them but for future technology developments like quantum computing, artificial intelligence, cybersecurity and semiconductors.
Further, he stated that there have been tremendous strides in digitising the country's economy and public services in the past six years, which has helped India remain resilient during the COVID-19 pandemic. He said ‘We have created Unicorns at the rate of two a month, attracting USD 65 billion investment in the tech space.’
He added said the post-COVID-19 era offers a new set of opportunities and there has never been a more exciting time for those in technology than today. Besides, he said the government is willing to walk the extra mile and is open to all sorts of consultations to prepare a road map for India to emerge as a significant player in the technology space.
Technically, the important key resistances are placed in Nifty future are at 18373 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 18404 – 18434 levels. Immediate support is placed at 18180 – 18088 levels.
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