Dear Trader…
Markets extended gains for the third successive session and settled around the day’s high, tracking favorable global cues. After the firm start, the benchmark hovered in a narrow range, taking a breather after the recent surge however buoyancy on the broader front kept the participants busy. Among the benchmark indices, the Nifty index ended up by 0.5% to close at 16,220 levels. The sectoral indices traded mixed wherein FMCG, energy, media witnessed decent traction while metals and realty traded subdued.
Nifty futures opened at 16248.00 points against the previous close of 16148.15 and opened at a low of 16160.00 points. Nifty Future closed with an average movement of 90.00 points and a rise of around 85.20 points and 16233.35 points...!!
On the NSE, the midcap 100 index will rise 0.28% and smallcap 100 index is closing rise 0.31%. Speaking of various sectoral indices only Metal and Realty stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, August gold opened at Rs.50670, fell from a high of Rs.50780 points to a low of Rs.50366 with a decline of 1 points, a trend of around Rs.50620 and September Silver opened at Rs.56851, fell from a high of Rs.56972 points to a low of Rs.56461, with a decline of 328 points, a trend of around Rs.56611.
Meanwhile, Ratings agency ICRA in its latest report has said that India's international air passenger volumes are likely to reach 96-97 per cent of the pre-Covid levels at 329-332 million this fiscal (FY23) with June traffic already at 79 per cent of the levels seen before the outbreak of the pandemic. India's international air passenger traffic resumed from March 27 this year after a hiatus of two years. It also expects international passenger volumes will surge ahead of the FY21 levels (pre-pandemic) by the end of March 2024.
According to the report, while the recovery in domestic passenger traffic declined marginally to 91 per cent of pre-Covid levels in June at 21.1 million as compared to 98 per cent in April and May, respectively, the international air passenger traffic has seen a steady improvement in the last three months, reaching 79 per cent of the pre-Covid levels in June. Overall, the air passenger traffic stood at 88 per cent of pre-Covid levels in June 2022.
The report further said the steep ramp-up in international traffic during the last three months is supported by opening of major international destinations, easing of travel restrictions and increase in aircraft capacity deployment. Overall, it expects international passenger traffic to reach 90-92 per cent of the pre-Covid levels by the end of this fiscal and cross pre-Covid levels in FY24 and added that the recovery of domestic passenger traffic moderated in June 2022 in line with historic trends. It noted that the key reason for lower domestic traffic in June compared to May is due to the end of summer vacation, reopening of schools and consequently reduced leisure travel.
Technically, the important key resistances are placed in Nifty future are at 16202 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 15232 – 15272 levels. Immediate support is placed at 16060 – 16006 levels.
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