Dear Trader…
Indian equity benchmarks reversed 5-day winning trend and settled deep in the red on Tuesday, mirroring weak global markets. Losses in Metal, Oil & Gas, Energy and IT shares pulled the headline indices lower. After making positive start, key indices gave up gains and traded lower for the day, as traders turned cautious with data released by the Ministry of Statistics and Programme Implementation showed that India's retail inflation in February rate rose to an eight-month high of 6.07 percent from 6.01 percent in the previous month, remaining above the upper limit of the central bank’s comfort level of 6 per cent for the second consecutive month.
Markets extended losses in second half of trading session, as investor sentiments got a hit with report by the Ministry of Statistics and Programme Implementation showing that India's urban unemployment rate jumped to 12.6 percent in April-June 2021 from 9.3 percent in the previous quarter. Besides, foreign institutional investors (FIIs) continue selling in India as they have net sold shares worth Rs 176.52 crore on March 14, the lowest offloading in a single day in the last one month.
Nifty futures opened at 16890.00 points against the previous close of 16885.40 and opened at a low of 16556.70 points. Nifty Future closed with an average movement of 372.20 points and a decline of around 236.80 points and 16648.60 points...!!
On the NSE, the midcap 100 index will decline 0.87% and smallcap 100 index is closing decline 1.41%. Speaking of various sectoral indices, the NSE saw gains in only Auto and FMCG stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, April gold opened at Rs.52001, fell from a high of Rs.52080 points to a low of Rs.51460 with a decline of 746 points, a trend of around Rs.51558 and March Silver opened at Rs.68500, fell from a high of Rs.68576 points to a low of Rs.67607, with a decline of 835 points, a trend of around Rs.68009.
Meanwhile, Retailers Association of India (RAI) in its latest business survey has showed that retail business in India grew 10 percent in February 2022 compared to the sales level in the same month last year, signaling that the sector is inching towards normalcy. The rise witnessed last month marks a growth of 6 percent compared to February 2020.
The industry body said retail businesses across regions have indicated growth in February 2022, with sales in West India growing 16 percent against the same month last year. East India saw a growth of 4 percent against the year-ago month, while North India grew 17 percent as compared to February last year. Similarly, South India also witnessed a growth of 4 percent against February last year.
Technically, the important key resistances are placed in Nifty future are at 16808 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 16930 – 17007 levels. Immediate support is placed at 16606 – 16535 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
