Dear Trader…
Markets extended gains for yet another session and rose over half a percent. After the initial gap-up start, Nifty future oscillated in a range and finally settled closer to the day’s high to close at 18,215.00 levels. Most sectors contributed to the up move where IT, metal and pharma were among the top gainers. Amid all, the market breadth was inclined slightly on the advancing side, due to the underperformance of the smallcap pack.
Nifty has reclaimed the 18,100+ zone almost after seven months and it is likely to continue this tone however we can’t ignore the possibility of an intermediate pause or dip. Besides, the upcoming events viz. the outcome of the US Fed meets and MPC’s special meet will keep the volatility high. Participants should maintain the “buy on dips” approach and stick with the sectors which are participating in the move.
Nifty futures opened at 18161.10 points against the previous close of 18051.05 and opened at a low of 18112.00 points. Nifty Future closed with an average movement of 113.00 points and a rise of around 163.95 points and 18215.00 points...!!
On the NSE, the midcap 100 index will rise 0.87% and smallcap 100 index is closing rise 0.22%. Speaking of various sectoral indices only PSU Bank, Media, PVT Bank and Bank 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.50351, fell from a high of Rs.50698 points to a low of Rs.50277 with a rise of 335 points, a trend of around Rs.50657 and December Silver opened at Rs.57960, fell from a high of Rs.59573 points to a low of Rs.57960, with a rise of 1803 points, a trend of around Rs.59481.
Traders may be concerned as the government data showed that retail inflation for industrial workers rose to 6.49 per cent in September from 5.85 per cent in August 2022 mainly due to higher prices of certain food items. There will be some reaction in edible oil industry stocks with a private report that India increased the base import prices of crude and refined palm oil and crude soya oil, following a surge in prices in the global market. Sugar stocks will be in focus as cooperative body NFCSFL data showed that sugar production in India, the world's major producer, fell 14.73 per cent year on year to 4.05 lakh tonnes in the first month of the 2022-23 marketing season.
Meanwhile, Union finance minister Nirmala Sitharaman has asked states to adopt a multi-modal approach and ensure logistics did not become a burden on exporters. She said the PM Gati Shakti was a beautiful protocol with which a synergy could be brought in. She also said the commerce ministry was working on getting an export policy that would help the exporters by giving them incentives and promoting many things.
Technically, the important key resistances are placed in Nifty future are at 18272 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 18303 – 18330 levels. Immediate support is placed at 18180 – 18088 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
