Dear
Trader…
Friday’s
session turned-out to be a dismal day of trade for Indian equity benchmarks,
where frontline gauges ended the day with a cut of over a percent, breaching
their crucial 57,200 (Sensex) and 17,200 (Nifty) levels, dragged down by losses
in all the sectors after US Fed chief’s hawkish comments soured global
sentiments. Markets started the session on negative note and stayed in red for
whole day, as traders got anxious with report stated that investments in the
Indian capital markets through participatory notes (P-notes) dropped to Rs
87,979 crore as of March-end, with experts believing that foreign investors
will continue to adopt a cautious stance.
Sentiments
remained down-beat as private report stated that UBS has downgraded its GDP
growth forecast for India for the current financial year from 7.7 to 7.0
percent, adding that the Reserve Bank of India’s (RBI) Monetary Policy
Committee (MPC) risks failing to meet its inflation mandate. According to UBS,
high global commodity prices, slower global growth, hit to domestic demand from
the income shock of high fuel prices and elevated inflation, and the risk of
the central government diverting money from capital expenditure towards
subsidies will cause the Indian economy to grow at a slower clip this year than
previously expected.
Nifty
futures opened at 17410.15 points against the previous close of 17225.10 and
opened at a low of 17156.50 points. Nifty Future closed with an average
movement of 164.50 points and a decline of around 243.25 points and 17166.90 points…!!
On the NSE, the
midcap 100 index will decline 0.94% and smallcap 100 index is closing decline 0.32%.
Speaking of various sectoral indices, Bank, PSU Bank, Metal, PVT Bank and
Pharma stocks saw heavy selling on the NSE, while all other sectoral indices
also closed lower.
At the start
of intra-day trading, April gold opened at Rs.52529, fell from a high of Rs.52662
points to a low of Rs.52127 with a decline of 123 points, a trend of around Rs.52290
and March Silver opened at Rs.67000, fell from a high of Rs.67256 points to a
low of Rs.66103, with a decline of 737 points, a trend of around Rs.66388.
Meanwhile,
amid a sharp rise in imports of refined palm oil, the Solvent Extractors
Association (SEA) of India has demanded that the government should increase the
difference between the import duty levied on crude palm oil and on its refined
form. It has demanded the import duty gap should be raised to 15 per cent from
the existing 7.5 per cent in order to provide a level-playing field to domestic
refiners.
Edible oil
industry body said the current lower import duty difference of 7.5 per cent
between CPO (Crude Palm Oil) and RBD (Refined, Bleached and Deodorised)
Palmolein is benefitting Indonesia. Once the duty difference is increased, it
said RBD Palmolein selling prices by Indonesian refiners will come down and it
will also result in huge foreign exchange saving for the country.
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 17107 – 17007 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
