Dear Trader…
Markets ended marginally higher in a volatile session, taking a breather after the recent rebound. After the initial uptick, Nifty witnessed a gradual decline as participants preferred to book some profits off the table and it finally settled at 17,512.25 levels. Most sectors traded in line with the move and ended flat to marginal in the green. The broader indices too witnessed a similar trend.
Indications are pointing towards some consolidation in Nifty and it would be healthy. Meanwhile, the performance of the global indices, especially the US, will remain on the radar. Since all sectors are contributing to the move, the focus should be more on stock selection, keeping in mind the prevailing earnings season.
Nifty futures opened at 17535.10 points against the previous close of 17502.00 and opened at a low of 17457.00 points. Nifty Future closed with an average movement of 142.35 points and a rise of around 4.10 points and 17506.10 points...!!
On the NSE, the midcap 100 index will rise 0.25% and smallcap 100 index is closing rise 0.23%. Speaking of various sectoral indices only IT, Metal, PSU Bank, Media, Consumer Durables and Auto 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.50397, fell from a high of Rs.50480 points to a low of Rs.50069 with a decline of 72 points, a trend of around Rs.50342 and December Silver opened at Rs.56400, fell from a high of Rs.56487 points to a low of Rs.55910, with a decline of 224 points, a trend of around Rs.56130.
Because we have done monetary policy tightening. That tightening will have its impact. The monetary policy takes, you know, five to six quarters to have its impact and cool prices. Some support also came in as a new Multidimensional Poverty Index (MPI) released jointly by the United Nations Development Programme (UNDP) and the Oxford Poverty and Human Development Initiative (OPHI) at the University of Oxford showed that the number of people living below the poverty line in India decreased by 415 million between 2005-06 and 2019-21.
Sentiments remained up-beat in late afternoon session, taking support from the Reserve Bank of India’s (RBI) monthly bulletin stating that India is poised to consolidate and accelerate the economic recovery over the rest of the year and the fight against inflation will be dogged and prolonged. The bulletin said that the momentum of real GDP growth is expected to shed the drag embedded in the NSO’s estimates for the first quarter of 2022-23 and move into positive territory in the remaining quarters.
Traders overlooked Prime Minister Narendra Modi expressed concern over the huge edible oil and fertilisers import bill, which is putting pressure on the exchequer, saying it is time to work in mission mode to make India self-reliant and reduce import dependence. Modi said it was necessary to become AatmaNirbhar or self-reliant because problems in the exporting countries directly hit import prices for India as happened after the outbreak of the Russia-Ukraine war.
Technically, the important key resistances are placed in Nifty future are at 17575 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 17606 – 17636 levels. Immediate support is placed at 17373 – 17303 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
