Dear Trader…
Indian equity markets maintained their upward momentum in today session. The board-buying across realty, metal and healthcare counters mainly fuelling the uptrend in markets. Healthy buying was observed in blue-chip stocks like Dr. Reddy's Lab, Nestle and Hindustan Unilever. Sentiments were upbeat as RBI data showed that bank credit grew by 10.82 per cent to Rs 120.46 lakh crore and deposits by 9.71 per cent to Rs 166.95 lakh crore in the fortnight ended May 6, 2022. In another positive development, Lok Sabha Speaker Om Birla said India is on its way to become ‘a hub of export’ as there has been an ‘extensive progress’ in various sectors including defence under the leadership of Prime Minister Narendra Modi in the country.
Traders took note of President Joko Widodo’s statement that Indonesia will lift its palm oil export ban from May 23, following improvements in the domestic cooking oil supply situation. Indonesia, the world's top palm oil exporter, on April 28, halted shipments of crude palm oil and some of its derivative products to control soaring prices of domestic cooking oil, rattling global vegetable oil markets. On the global front, all Asian markets were trading higher due to the increased risk appetite in the market with the technical buying after previous session’s sharp sell off on worries over surging inflation and supply chain chaos.
Nifty futures opened at 15988 points against the previous close of 15769.45 and opened at a low of 15968.50 points. Nifty Future closed with an average movement of 306.50 points and a rise of around 505.45 points and 16274.90 points...!!
On the NSE, the midcap 100 index will rise 2.20% and smallcap 100 index is closing rise 2.51%. Speaking of various sectoral indices, Media, Realty, Metal, Pharma and PSU Bank stocks saw heavy gains on the NSE, while all other sectoral indices also closed higher.
At the start of intra-day trading, April gold opened at Rs.50471, fell from a high of Rs.50820 points to a low of Rs.50471 with a rise of 202 points, a trend of around Rs.50746 and March Silver opened at Rs.61500, fell from a high of Rs.61999 points to a low of Rs.61425, with a rise of 286 points, a trend of around Rs.61850.
Meanwhile, Union Minister of State for Science & Technology and Earth Sciences Jitendra Singh has said that the carbon footprint of leather processing activity should be brought to zero level and the bio-economy of animal skin-derived products would be the new mantra. He said collagen-based innovative biomaterials for applications in human healthcare are new opportunities and they could well become co-products of leather if the next generation leather-making technologies avoid contaminating skin-based matrix materials with lime, sulfide, and many other sensitive chemicals.
The minister said the leather footwear needs to be designed and developed into footcare solutions with foot hygiene and wearer comfort as the unique selling proposition. There are as many as half a million cells in the sole of the feet that enable the sweating process and leather enjoys an unmatched potential for transpiration. He also said diabetics' footwear is one such product that ensures a better quality of life due to the reduction in the abnormal distribution of plantar foot pressure, Efforts are on to prepare customized footwear for Indians by using 3D technology to scan the feet of the persons to prepare their footwear. About 73 districts in the country have been included to implement the project in the first phase.
Technically, the important key resistances are placed in Nifty future are at 16303 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 16373 – 16404 levels. Immediate support is placed at 16006 – 15808 levels.
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