Dear Trader…
Equity markets witnessed some late buying today as sentiments turned positive post resumption of international flights after two years and RBI governor’s status quo to support economic growth in its upcoming policy. Global markets are positive as investors monitor developments in the war between Ukraine and Russia with peace talks set to take place in Turkey this week. While Oil prices were down on fears of reduced demand from China, as a surge in COVID-19 cases stimulated to instigate a two-stage lockdown in Shanghai.
Nifty futures opened at 17220.60 points against the previous close of 17194.05 and opened at a low of 17025.35 points. Nifty Future closed with an average movement of 257.65 points and a rise of around 82.30 points and 17276.35 points...!!
On the NSE, the midcap 100 index will decline 0.18% and smallcap 100 index is closing decline 0.73%. Speaking of various sectoral indices only IT and Pharma stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, February gold opened at Rs.51721, fell from a high of Rs.51784 points to a low of Rs.51370 with a decline of 364 points, a trend of around Rs.51512 and March Silver opened at Rs.68511, fell from a high of Rs.68566 points to a low of Rs.67920, with a decline of 556 points, a trend of around Rs.68280.
Meanwhile, in order to promote ease of doing business and growth of the sector, the draft Rubber (Promotion and Development) Bill, 2022, has proposed a series of steps, including replacement of periodic licensing with one-time registration, removal of permission requirement for possession of natural rubber and laying down clear procedures for inspection. The commerce ministry has proposed the repeal of decades-old laws on rubber and introduced new legislation that seeks to address the challenges faced by the sector and remove some of the archaic provisions of present law to create a conducive environment for businesses.
The Department of Commerce has said it is proposing to repeal the Rubber Act 1947 and introduce a new law. Explaining the rationale behind the proposal to repeal the Rubber Act, the draft bill has said that in recent years, there have been widespread changes in the industrial and economic scenario, especially concerning development in rubber and allied sectors. Therefore, it has become imperative to remove archaic provisions, create an environment conducive for easy conduct of business, reorient functions of the (Rubber) Board with equal focus on upstream and downstream sectors and to contribute towards making world-class rubber industry.
The other new clauses proposed in the draft include removal of provisions relating to import and sale of natural rubber (NR) and its purchase in the domestic market by Rubber Board; specific provisions for developing and assisting new plantations and revising existing ones; norms to promote research, exports, human resource development, skill development in line with the needs of the industry; and replacing certain penal actions with a civil penalty.
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 17330 – 17373 levels. Immediate support is placed at 17170 – 17077 levels.
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