Dear Trader…
Indian equity benchmarks maintained their upward momentum in the today session, following gains in metal, telecom and basic materials stocks. Healthy buying was observed in blue-chip stocks like Reliance Industries, HCL Tech and Kotak Mahindra Bank. Sentiments were upbeat as S&P Global in a report said India’s Services PMI rose to 57.2 in August from July’s 4-month low of 55.5, on stronger expansion in new work intakes, upturn in business activity, and the sharpest rise in employment for over 14 years.
Additional support came as foreign investors have pumped in a little over Rs 51,200 crore into the Indian equity markets in August, making it the highest inflow in 20 months, amid improving risk sentiment and stabilisation in oil prices. In scrip specific developments, Maximus International hits new 52-week high as its arm enters into agreement with NLFL and Suzlon Energy freezes at 20% upper circuit on heavy volumes.
Nifty futures opened at 17540.00 points against the previous close of 17562.75 and opened at a low of 17540.00 points. Nifty Future closed with an average movement of 187.55 points and a rise of around 141.25 points and 17704.00 points...!!
On the NSE, the midcap 100 index will rise 0.38% and smallcap 100 index is closing rise 1.19%. Speaking of various sectoral indices, Media, Metal, PVT Bank, Bank, PSU 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.50410, fell from a high of Rs.50522 points to a low of Rs.50404 with a rise of 131 points, a trend of around Rs.50499 and December Silver opened at Rs.53177, fell from a high of Rs.53585 points to a low of Rs.53123, with a rise of 498 points, a trend of around Rs.53520.
Meanwhile, rating agency ICRA in its latest report has said that steel prices in India are likely to remain under pressure in the country over the near future as the prices in the domestic market cannot be cushioned from the global trends.
ICRA also expects the steel demand in the domestic market to grow at 7-8 per cent in the current financial year (FY23), making the country the fastest-growing large steel markets globally this year. It said domestic steel mills face a tough time ahead as the external environment is becoming more and more challenging in key global consumption markets.
It further said the steel demand in China, which accounted for 52 per cent of the global demand in 2021, is witnessing a decline as the economy prepares for the combined impact of the property bubble, strict zero Covid lockdowns, and a severe ongoing heatwave.
Technically, the important key resistances are placed in Nifty future are at 17777 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 17808 – 17888 levels. Immediate support is placed at 17606 – 17474 levels.
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