Dear Trader…
Indian equity benchmarks made a strong comeback to recover the previous day's losses on Wednesday and ended with gains of around two percent, amid broad-based gains, led by Realty, Metal and Basic Materials stocks. After a gap up opening, indices showed strength throughout the session, as traders took encouragement with the Ministry of Finance’s statement that the Indian economy is well prepared to handle any capital outflows caused by external shocks. In its Monthly Economic Review report released the finance ministry's Department of Economic Affairs said India has adequate foreign exchange reserves to absorb the risks posed by the uncertain geopolitical environment.
Key indices extended gains in the last hour of trade, as sentiments were further supported by the cool-off in the oil prices, and the progress on the peace talk between Russia and Ukraine conflict. Some optimism also came with Automotive Component Manufacturers Association of India's (ACMA's) President Sunjay J Kapur stated that the approval granted by the government to 75 auto component manufacturers for incentives under the production-linked incentive (PLI) scheme will act as a catalyst in the transformational journey from a conventional industry to a mobility industry.
Nifty futures opened at 16870.00 points against the previous close of 16669.00 and opened at a low of 16856.00 points. Nifty Future closed with an average movement of 172.70 points and a rise of around 337.50 points and 17006.50 points...!!
On the NSE, the midcap 100 index will rise 2.01% and smallcap 100 index is closing rise 1.17%. Speaking of various sectoral indices, Realty, Metal, PVT Bank and Auto stocks saw heavy gains on the NSE, while all other sectoral indices also closed higher.
At the start of intra-day trading, February gold opened at Rs.51346, fell from a high of Rs.51519 points to a low of Rs.51259 with a decline of 229 points, a trend of around Rs.51335 and March Silver opened at Rs.68144, fell from a high of Rs.68144 points to a low of Rs.67620, with a decline of 400 points, a trend of around Rs.67925.
Meanwhile, Automotive Component Manufacturers Association of India's (ACMA's) President Sunjay J Kapur has said that the approval granted by the government to 75 auto component manufacturers for incentives under the production-linked incentive (PLI) scheme will act as a catalyst in the transformational journey from a conventional industry to a mobility industry.
Kapur said out of a total of 92 auto component manufacturers that applied, 75 have been approved for incentives under the PLI scheme for five years. He also said a slew of policy measures announced in the recent past by the government will create a new paradigm of technological excellence in the automotive supply chain in India to make it globally competitive.
The government said that the PLI Scheme for Automobile and Auto Components has been successful in attracting a proposed investment of Rs 74,850 crore against the target estimate of investment of Rs 42,500 crore over five years. The scheme commencing from FY22-23 has an outlay of Rs 25,938 crore.
Technically, the important key resistances are placed in Nifty future are at 17070 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 17107 – 17177 levels. Immediate support is placed at 16939 – 16888 levels.
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