Dear Trader…
Indian equity benchmarks continued upward momentum for the second consecutive day on Thursday with Sensex ending 1,000 points up and Nifty ending above 16,900 mark on back of positive cues from global market. Key gauges made a gap up opening and traded jubilantly throughout the day, as traders took encouragement with the Reserve Bank of India (RBI) report showed that digital payments across the country registered a growth of nearly 29 per cent in a year through March 2022. The RBI's digital payment index (RBI-DPI) stood at 349.3 in March 2022 against 270.59 in March 2021.
Key indices extended gains in second half of trading session, after the Ministry of Commerce & Industry in its latest report showed that Singapore (27.01%) and USA (17.94%) have emerged as top 2 sourcing nations in FDI equity flows into India in FY2021-22 followed by Mauritius (15.98%), Netherland (7.86%) and Switzerland (7.31%). Some optimism also came from the Ministry of Commerce & Industry stated that the overall (merchandise plus services) exports increased from $52.8 billion in June 2021 to $64.9 billion in June 2022. The overall (merchandise plus services) imports increased from $52.9 billion in June 2021 to $82.4 billion in June 2022. Meanwhile, SEBI has extended the deadline by three months to November 1, for commencing the validation of all KYC records by KYC Registration Agencies (KRAs).
Nifty futures opened at 16769.20 points against the previous close of 16653.30 and opened at a low of 16743.55 points. Nifty Future closed with an average movement of 191.30 points and a rise of around 276.70 points and 16930.00 points...!!
On the NSE, the midcap 100 index will rise 0.84% and smallcap 100 index is closing rise 0.85%. Speaking of various sectoral indices IT, Realty, PVT Bank, Metal and Bank stocks saw heavy gains on the NSE, while all other sectoral indices also closed higher.
At the start of intra-day trading, August gold opened at Rs.50760, fell from a high of Rs.51250 points to a low of Rs.50760 with a rise of 445 points, a trend of around Rs.51165 and September Silver opened at Rs.55345, fell from a high of Rs.56904 points to a low of Rs.55345, with a rise of 2004 points, a trend of around Rs.56848.
Meanwhile, Minister of State for Communications Devusinh Chauhan has said that telecom service providers May launch 5G mobile service in the current financial year (FY23). He stated ‘The Department of Telecommunication vide notification dated June 15, 2022 has already initiated the process of Auction of Spectrum in 600 MHz, 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz, 3300 MHz, and 26 GHz Bands which includes the Spectrum required for launch of 5G Services.’
On the first day of the auction on Tuesday (July 26), the Department received total bids worth Rs 1.45 lakh crore. He asserted the Department of Telecommunications has amended the guidelines for Production Linked Incentive (PLI) scheme for manufacturing of telecom and networking products to facilitate design-led manufacturing of 5G products in the country.
Technically, the important key resistances are placed in Nifty future are at 16707 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 17077 – 17107 levels. Immediate support is placed at 16878 – 16808 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
