Dear Trader…
Indian equity benchmarks gave up initial gains and edged lower on Wednesday as investors kept an eye on rising crude oil prices. Brent crude futures traded near the $117 a barrel mark on global supply concerns amid the ongoing Russia-Ukraine conflict. The benchmarks staged a gap up opening, as traders took encouragement with a periodic labour force survey by the National Statistical Office (NSO) showed that unemployment rate for persons of age 15 years and above in urban areas dipped to 9.8 per cent in July-September 2021 from 13.2 per cent in the same quarter of the previous year.
However, profit booking at higher levels led to benchmarks erase intraday gains a day ahead of weekly expiry of index futures and option contracts. Traders also got anxious with IMF Managing Director Kristalina Georgieva said that new International Monetary Fund forecasts due in April will show that the war in Ukraine will slow global economic growth, but will not cause a global recession.
Nifty futures opened at 17447.00 points against the previous close of 17362.80 and opened at a low of 17220.05 points. Nifty Future closed with an average movement of 244.35 points and a decline of around 107.15 points and 17255.65 points...!!
On the NSE, the midcap 100 index will rise 0.55% and smallcap 100 index is closing decline 0.21%. Speaking of various sectoral indices, the NSE saw gains in only Metal, Pharma, Media and IT stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, April gold opened at Rs.51365, fell from a high of Rs.51700 points to a low of Rs.51224 with a rise of 216 points, a trend of around Rs.51595 and March Silver opened at Rs.67614, fell from a high of Rs.68275 points to a low of Rs.67455, with a rise of 296 points, a trend of around Rs.67988.
Meanwhile, NITI Aayog Vice-Chairman Rajiv Kumar has sought to dispel the fear that India is favouring a closed economy by promoting ‘Atmanirbhar’ mission, and said the country can achieve better results for its people by having a deeper engagement with the global supply and value chain. Kumar said India remains very deeply committed to greater integration with global flows and the regional network. He said ‘We would want the Japanese companies to come and make India an export hub to the rest of the world under the PLI scheme. I think the environment is there to develop it because on the Indian side we have done, and we will continue to do whatever is required to attract Japanese investment into India.’
Kumar said ‘I do want to take this opportunity to dispel any fear at all that the production linked incentive scheme for the Atmanirbhar, the self-reliant India- a call given by the prime minister as a response to the Covid situation and for our economy to come out of it- I want to dispel the fear that it is in any sense leading us towards a closed economy’. He said there is no question at all for India to move back from its engagement with the global economy, trade, services, financial and technological aspects among others.
Technically, the important key resistances are placed in Nifty future are at 17303 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 17373 – 17404 levels. Immediate support is placed at 17202 – 17170 levels.
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