Dear
Trader…
Indian equity benchmarks ended the
Thursday’s trade on an optimistic note with frontline gauges garnering the
gains of over one and half percent, amid broad-based buying, tracking a rebound
across global markets. After a positive start, markets gained more strength, as
sentiments got upbeat with an authoritative seasonal forecast from the South
Asian Seasonal Climate Outlook Forum report that normal to above normal
rainfall is most likely during the 2022 southwest monsoon season
(June-September) over most parts of South Asia.
Domestic sentiments remained upbeat,
as the Centre approved the continuation of the Prime Minister Street Vendor’s
AtmaNirbhar Nidhi (PM SVANidhi) scheme till December 2024. Traders took note of
Finance Minister Nirmala Sitharaman’s statement that in an interconnected
world, sanctions can have unintended consequences, and India is trying to work
through them.
Nifty futures opened at 17200 points
against the previous close of 17080.95 and opened at a low of 17094.10 points.
Nifty Future closed with an average movement of 246.25 points and a rise of
around 172.55 points and 17253.50 points…!!
On the NSE, the midcap 100 index
will rise 0.60% and smallcap 100 index is closing rise 0.36%. Speaking of
various sectoral indices only Media 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.51089, fell from a high of Rs.51230 points to a low of Rs.50828
with a rise of 6 points, a trend of around Rs.51205 and March Silver opened at
Rs.63966, fell from a high of Rs.64307 points to a low of Rs.63556, with a decline
of 679 points, a trend of around Rs.64001.
Meanwhile, Finance Minister Nirmala
Sitharaman has said that in an interconnected world, sanctions can have
unintended consequences, and India is trying to work through them. Economic
sanctions imposed on Russia by the US and European Union following the invasion
of Ukraine in February this year have led to a fall in bilateral trade with
Moscow. The ongoing war also fuelled energy prices and a shortage of
foodgrains.
She said India’s stand on the
Russia-Ukraine war is with the view to safeguard its economic and security
interest. She added ‘so, India’s position is not just for its economic
interests, but also its security interests. The balance that India has taken in
every decision in this context… because of the geopolitical location of India’.
She further said sanction always has
an impact on not just the country on which it is imposed but on many other
nations, and added that ‘it can have collateral impact on many others who
probably didn’t intend to have the sanction’. So, she said unintended
consequences do bear an immediate and strong impact on countries in this
digitally connected world.
Technically, the important key resistances are placed in Nifty future are at 17272 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 17303 – 17330 levels. Immediate support is placed at 17077 – 17007 levels.
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