Dear Trader…
Weak trade persisted over the Dalal Street in today deals, Nifty remained volatile during the session as Nifty recovered from the day's low to close around the high. Traders got cautious, as Fitch Ratings said that India's external finances are becoming 'less of a strength' but continue to be sufficient to cushion risks emanating from abroad. The comments by Fitch, which rates India at BBB-with a stable outlook, come amid a sharp decline in the country's foreign exchange reserves, which have been deployed by the Reserve Bank of India (RBI) to stem a rapid fall in the rupee.
The sharp increase in US yield, global market weakness, and unexpected drop in INR promoted selling pressure in the domestic market. Globally, investors expect the Fed to stay aggressive, raising interest rates by 75 basis points in the next two policy sessions, bringing the fed rate as high as 4.50% to 4.75%, by the end of the year. The strong domestic market, on the other hand, regained its losses as the RBI is expected to be less aggressive as domestic inflation is thought to have peaked. However, FPI inflows are anticipated to remain volatile in the short-term due to elevated US yields
Nifty futures opened at 17408.00 points against the previous close of 17494.65 and opened at a low of 17385.30 points. Nifty Future closed with an average movement of 174.70 points and a rise of around 50.25 points and 17544.90 points...!!
On the NSE, the midcap 100 index will decline 0.27% and smallcap 100 index is closing rise 0.11%. Speaking of various sectoral indices only PVT Bank, Consumer Durables, Bank, Financial Services and Realty 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.50100, fell from a high of Rs.50386 points to a low of Rs.50065 with a rise of 108 points, a trend of around Rs.50307 and December Silver opened at Rs.55614, fell from a high of Rs.56765 points to a low of Rs.55604, with a rise of 430 points, a trend of around Rs.56443.
Meanwhile, the Department of Expenditure, Ministry of Finance has released an amount of Rs 1,764 crore to 4 States for providing grants to Million Plus Cities/Urban Agglomerations. The States to which grants were released are Andhra Pradesh (Rs 136 crore), Chhattisgarh (Rs 109 crore), Maharashtra (Rs 799 crore) and Uttar Pradesh (Rs 720 crore).
The grants released are meant for Million Plus Cities/ Urban Agglomerations (MPC/UAs) of Vijayawada & Visakhapatnam in the State of Andhra Pradesh, Durg Bhilainagar & Raipur in the State of Chhattisgarh, Aurangabad, Greater Mumbai, Nagpur Nashik, Pune & Vasai-Virar City in the State of Maharashtra and Agra, Allahabad, Ghaziabad, Kanpur, Lucknow, Meerut & Varanasi in the State of Uttar Pradesh.
So far, a total grant of Rs 4,761.8 crore has been released to urban local bodies in FY 2022-23, where Andhra Pradesh received Rs 293.75 crore, Chhattisgarh (Rs 307.20 crore), Gujarat (Rs 20.21 crore), Haryana (Rs 77.40 crore), Himachal Pradesh (Rs 78.00 crore), Kerala (Rs 256.00 crore), Madhya Pradesh (Rs 314.10 crore) and Maharashtra (Rs 840.34 crore).
Technically, the important key resistances are placed in Nifty future are at 17606 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 17676 – 17707 levels. Immediate support is placed at 17474 – 17404 levels.
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