Dear Trader…
Markets ended marginally lower in a volatile trading session, in continuation of the prevailing trend. After the soft start, the benchmark made multiple attempts to recover but selling pressure in heavyweights capped the upside till the end. Eventually, the Nifty index ended lower by 0.3% to close at 15,732 levels. Meanwhile, the sectoral indices traded mixed Oil & Gas, Metal and Auto ended with losses whereas Realty and IT ended with gains. The broader markets too ended with similar losses.
On the global front, Asian markets were trading mostly in red following the broadly negative cues from the global markets overnight, as rising worries about global economic slowdown, higher bond yields and looming aggressive interest rate hikes triggered heavy selling across the board. Back home, stock specific development, Adani Enterprises rose after Adani and Total Energies of France entered into a new partnership to jointly create the world’s largest green hydrogen ecosystem.
Nifty futures opened at 15715.60 points against the previous close of 15766.25 and opened at a low of 15666.00 points. Nifty Future closed with an average movement of 211.00 points and a decline of around 24.25 points and 15742.00 points...!!
On the NSE, the midcap 100 index will decline 0.23% and smallcap 100 index is closing decline 0.59%. Speaking of various sectoral indices, the NSE saw gains in only Realty, Metal, Pharma and IT stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, August gold opened at Rs.50537, fell from a high of Rs.50667 points to a low of Rs.50300 with a decline of 237 points, a trend of around Rs.50427 and July Silver opened at Rs.60280, fell from a high of Rs.60450 points to a low of Rs.59730, with a decline of 102 points, a trend of around Rs.60209.
Meanwhile, India Exim Bank has said that the country's total merchandise exports are likely to be at $117.2 billion in the first quarter of FY23 (Q1FY23). The total merchandise exports stood at $95.5 billion in the corresponding quarter of the previous year.It said non-oil exports continue to witness a double-digit growth of 12.6 per cent, amounting to $93 billion, during the first quarter (April-June) of 2022-23, compared to $82.6 billion in the year-ago period.
It further said the rise in the country's exports could be attributed largely to the continued increase in global commodity prices, driven by supply shocks, enhanced price competitiveness owing to exchange rate movements, and benefits from possible trade diversion, as per the bank. It stared that the growth forecast may be subject to commodity price volatility and uncertainties in the global economy, mainly driven by the current geopolitical tension.
Technically, the important key resistances are placed in Nifty future are at 15787 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 15808 – 15888 levels. Immediate support is placed at 15676 – 15606 levels.
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