Dear Trader…
Indian bourses continued to trade in red in the today session amid heavy selling witnessed in front line blue chip stocks. Feeble global cues dented the trading sentiments. Sentiments got hit as US Federal Reserve Chair Jerome Powell’s signal that the central bank will raise interest rates further to battle inflation. Traders got worried as Reserve Bank of India (RBI) data showed that the country's foreign exchange reserves fell $6.687 billion to $564.053 billion in the week ended August 19.
In the previous week ended August 12, the reserves declined $2.238 billion to $570.74 billion. Domestic sentiment also dampened due to the depreciating rupee and FII outflows. Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 51.12 crore on Friday, exchange data showed.
Nifty futures opened at 17290.00 points against the previous close of 17653.75 and opened at a low of 17250.05 points. Nifty Future closed with an average movement of 189.95 points and a decline of around 269.75 points and 17384.00 points...!!
On the NSE, the midcap 100 index will decline 0.83% and smallcap 100 index is closing decline 0.98%. Speaking of various sectoral indices, the NSE saw gains in only FMCG stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, October gold opened at Rs.51100, fell from a high of Rs.51100 points to a low of Rs.50830 with a decline of 339 points, a trend of around Rs.50899 and September Silver opened at Rs.54230, fell from a high of Rs.54230 points to a low of Rs.53644, with a decline of 727 points, a trend of around Rs.54053.
Meanwhile, Finance Minister Nirmala Sitharaman has said that financial inclusion is a major step towards inclusive growth which ensures the overall economic development of the marginalised sections of the society. She said the success of the Pradhan Mantri Jan Dhan Yojana (PMJDY) since August 28, 2014 is reflected in terms of opening of over 46 crore bank accounts with deposit balance of Rs 1.74 lakh crore with its expanded coverage to 67 per cent rural or semi-urban areas as well as 56 per cent of women Jan Dhan account holders.
Sitharaman said continuation of PMJDY beyond 2018 saw a marked shift in approach to meet challenges and requirements of the emerging FI (financial inclusion) landscape in the country. There has been a shift in focus from 'every household' to 'every adult', with added emphasis on usage of accounts by enhancing Direct Benefit Transfer (DBT) flows through these accounts, promoting digital payments through the use of RuPay cards, etc. She observed that the underlying pillars of PMJDY -- namely, banking the unbanked, securing the unsecured and funding the unfunded -- has made it possible to adopt multi-stakeholders' collaborative approach while leveraging technology for serving the unserved and underserved areas as well.
Technically, the important key resistances are placed in Nifty future are at 17404 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 17474 – 17606 levels. Immediate support is placed at 17303 – 17272 levels.
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