Dear Trader…
The Indian equity market has witnessed a slender range-bound movement in today’s session until the fag end buying interest levitated the benchmark index. The index went to the day’s high during the last trading hour but was soon followed up by some profit booking. With All the actions throughout, the benchmark index continued its positive stature and maintained its bullish move for the fifth straight day. The Nifty witnessed a mere gain of 0.03 percent to settle a tad below the 17350 level.
Technically, the bullish momentum remains unchanged with the daily gains in the broader market. We allude to our previous commentary of not being complacent and staying watchful as the index showcased some lackluster moves in today’s session that might attract a round of profit booking. However, the undertone is set in favor of the bulls, and any minor correction could be seen as an opportunity to go long in the index. As far as levels are concerned, the 17450-17500 odd zone is expected to act as an immediate hurdle for the index. On the contrary, 17200 is expected to cushion any minor correction, while the unfilled gap around the 17000 mark holds the sacrosanct support zone for the index.
Nifty futures opened at 17336.00 points against the previous close of 17378.30 and opened at a low of 17241.10 points. Nifty Future closed with an average movement of 178.90 points and a decline of around 62.80 points and 17315.50 points...!!
On the NSE, the midcap 100 index will rise 0.33% and smallcap 100 index is closing rise 0.71%. Speaking of various sectoral indices only Realty, IT, Metal, Fin Service and Media 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.51563, fell from a high of Rs.51584 points to a low of Rs.51135 with a rise of 321 points, a trend of around Rs.51584 and September Silver opened at Rs.58261, fell from a high of Rs.58438 points to a low of Rs.57651, with a rise of 24 points, a trend of around Rs.58350.
Meanwhile, Minister of State for Finance Pankaj Chaudhary has said that the recent revision in Goods and Services Tax (GST) rates is expected to further boost government's revenue collections. A 5 per cent GST was levied on curd, paneer, honey, wheat jaggery, puffed rice (muri), among others, effective July 18, 2022. In addition, hotel rooms with tariff of up to Rs 1,000/day, maps and charts, including atlases, will attract 12 per cent GST, while 18 per cent GST has been levied on tetra packs and fees charged by banks for the issue of cheques (loose or in book form).
The minister said GST collections in the first quarter of 2022-23 registered a growth of 36.4 per cent compared to the corresponding period of the previous year indicating a stronger revenue position of the government. In the first year after introduction, GST revenues started flowing in from August, 2017. On a like to like basis, the GST revenue for the period August-March grew by 44 per cent from 2017-18 to 2021-22. As compared to this, the nominal GDP of 2021-22 has seen a growth of 36 per cent over 2017-18.
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 17232 – 17202 levels. Immediate support is placed at 17404 – 17474 levels.
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