Dear Trader…
Tuesday turned out to be a wonderful day for Indian equity benchmarks, with both Sensex and Nifty ending near their intraday high points. After a positive start, markets remained under a grip of bulls for the entire trading session, as Commerce and Industry Minister Piyush Goyal has said that India is looking at getting duty-free access for different products identified under One District One Product (ODOP) initiative, to promote their exports. Sentiments were on upbeat mood with a joint survey conducted by industry body FICCI and Indian Banks' Association revealing that the economic activity in India is in recovery mode as growth seen broad basing with most sectors operating at pre-pandemic levels.
In the second half of the trading session, key indices extended their gaining rally to end on a strong note. Market participants remained optimistic, as credit rating agency Icra in its a note based on the analysis of 620 listed companies, excluding financial sector entities, has said that India Inc saw a 39 per cent jump in top lines during April-June quarter.
Nifty futures opened at 17451.00 points against the previous close of 17370.25 and opened at a low of 17442.20 points. Nifty Future closed with an average movement of 402.55 points and a rise of around 452.75 points and 17823.00 points...!!
On the NSE, the midcap 100 index will rise 2.03% and smallcap 100 index is closing rise 1.26%. Speaking of various sectoral indices, Realty, Financial Services, Bank and PVT Bank stocks saw heavy gains on the NSE, while all other sectoral indices also closed higher.
At the start of intra-day trading, October gold opened at Rs.51151, fell from a high of Rs.51164 points to a low of Rs.50841 with a decline of 345 points, a trend of around Rs.50905 and September Silver opened at Rs.53909, fell from a high of Rs.54121 points to a low of Rs.53856, with a decline of 389 points, a trend of around Rs.53940.
Meanwhile, highlighting the government’s aim to emerge as a reliable and trusted partner in Global value chains, Minister of State for Electronics & Information Technology and Skill Development & Entrepreneurship, Rajeev Chandrasekhar has said that the Government is laser focused on achieving the target of $300 billion electronic production by 2026. He further said ‘And for this, we have always emphasised on strengthening our domestic manufacturing ecosystem to make India more resilient to supply chain disruptions’.
Chandrasekhar said that it is very timely and will help the Government identify the challenges that are to be met and the strategies that are to be adopted to achieve this target. The Minister said that India has succeeded in systematically building a framework and a strategy that has clearly outlined goals of a $300 billion electronics manufacturing ecosystem with a $120 billion of exports by 2026.
Talking about the journey of Electronics sector in India in last some years, the Minister said ‘electronics in India has travelled a long way since 2014. We were, in 2014, a country that was increasingly dependent not just on petroleum imports but also on Electronics imports. Systematically Prime Minister Shri Narendra Modi over the years has built back an electronics sector.’
Technically, the important key resistances are placed in Nifty future are at 17888 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 17909 – 17939 levels. Immediate support is placed at 17737 – 17676 levels.
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