Dear Trader…
Indian equity benchmarks closed flat with a positive bias in late morning session, on the back of positive cues from other Asian markets. Traders got some support, as following India's merchandise exports crossing the USD 400 billion mark in the current financial year, Prime Minister Narendra Modi said India's growing exports are a symbol of the strength of the country's industry, MSMEs, manufacturing capacity and agriculture sector.
However, gains were limited and trade was volatile, as worries persist over the street, after Commerce and Industry Minister Piyush Goyal said that the government is in continuous dialogue with exporters to address the problems and challenges that are emerging due to the ongoing Russia-Ukraine war and could lead to some kind of disruption in trade. Besides, a top official of mobile phone industry body said that more needs to be done for improving ease of doing business, especially change in the mindset of revenue authorities which continue to be unfriendly at times.
Nifty futures opened at 17111.00 points against the previous close of 17272.25 and opened at a low of 17111.00 points. Nifty Future closed with an average movement of 228.00 points and a decline of around 57.25 points and 17215.00 points...!!
On the NSE, the midcap 100 index will rise 0.59% and smallcap 100 index is closing rise 0.43%. Speaking of various sectoral indices only PVT Bank, Bank, Financial Services, Auto and PSU Bank stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, April gold opened at Rs.51702, fell from a high of Rs.52072 points to a low of Rs.51648 with a rise of 138 points, a trend of around Rs.51905 and March Silver opened at Rs.68263, fell from a high of Rs.68850 points to a low of Rs.68102, with a rise of 449 points, a trend of around Rs.68713.
Meanwhile, Union Minister of Commerce and Industry Piyush Goyal has stated that India’s merchandise exports rose by 37 per cent to $400.8 billion in 2021-22 until March 21, 2022 as against $292 billion in 2020-21, on healthy performance by sectors such as petroleum products, engineering, gems and jewellery, and chemicals. He said this is far higher than the previous record of $330.07 billion achieved in 2018-19.
The minister further indicated that exports of engineering rose by 46.5 per cent to $107.8 billion, petroleum by 141.4 per cent to $59.6 billion, chemicals and cotton yarn by 32.3 per cent to $28.2 billion, fabrics by 56.5 per cent to 14.8 billion and plastic by 31.4 per cent to $31.4 billion during April-March 21, 2022. He said higher engineering exports, apparel and garment export, etc. indicate that the misconception of India being a major exporter of primary commodities is gradually changing.
Goyal said that the achievement of $400 billion exports was the result of a concerted, collective effort by every sector, every stakeholder in the nation. He also said the achievement of the lucrative export target showed the world that inspite of facing numerous challenges, with sheer grit, determination, capability and talent, India would surmount all obstacles.
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 17170 – 17077 levels.
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