Dear Trader…
Firm trade continued over the Dalal Street in early today deals, with both Sensex and Nifty trading near their intraday high points, despite weak cues from other Asian markets. Sentiments remained optimistic amid a private report stating that an overwhelming majority of multinational companies (MNCs) operating in India feel that the country’s economy will perform well over the next 3-5 years, backed by the strong momentum in domestic consumption, services, digital economy and infrastructure.
Besides, a senior International Monetary Fund official said that India has been a leader in digitalisation over the last few years and has overcome some of the administrative bottlenecks through increased innovation. Adding some relief among traders, State Bank of India Chairman Dinesh Khara said that the impact of a global recession, which is increasingly being feared by the International Monetary Fund and the World Bank, is unlikely to be as pronounced in India as compared to other countries.
Nifty futures opened at 17155.00 points against the previous close of 17195.50 and opened at a low of 17100.00 points. Nifty Future closed with an average movement of 224.00 points and a rise of around 110.00 points and 17305.50 points...!!
On the NSE, the midcap 100 index will rise 0.16% and smallcap 100 index is closing rise 0.45%. Speaking of various sectoral indices, only Metal, Media and Realty saw stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, December gold opened at Rs.50382, fell from a high of Rs.50747 points to a low of Rs.50334 with a rise of 390 points, a trend of around Rs.50650 and December Silver opened at Rs.55697, fell from a high of Rs.56869 points to a low of Rs.55551, with a rise of 1241 points, a trend of around Rs.56467.
Meanwhile, the commerce ministry in its latest data has showed that India’s merchandise exports rose by 4.82 per cent to $35.45 billion in September 2022 as compared to $33.81 Billion in September 2021. Merchandise imports in September 2022 were $61.16 Billion, which is an increase of 8.66 per cent over imports of $56.29 Billion in September 2021. The trade deficit has widened to $25.71 Billion in September 2022 as against $22.47 Billion in September 2021.
As per the data, exports for the period April-September 2022 were $231.88 Billion as against $198.25 Billion during the period April-September 2021, registering a positive growth of 16.96 per cent. Imports for the period April-September 2022 were $380.34 Billion as against $274.50 Billion during the period April-September 2021, registering a positive growth of 38.55 per cent. The trade deficit for April-September 2022 was estimated at $148.46 Billion as against $ 76.25 Billion in April-September 2021, which is an increase of 94.69 per cent.
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 – 17505 levels. Immediate support is placed at 17272 – 17202 levels.
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