Dear Trader…
Indian equity benchmarks remained lower but managed to trim some of their losses in early afternoon deals to come off day’s low points, on the back of positive cues from other Asian markets. Losses got cut, as traders took some support with Union Minister of Agriculture and Farmers Welfare, Narendra Singh Tomar’s statement that India is moving towards positive changes.
He also said ‘the current scenario of India has changed, within the country and at the world level. Today we have the capability of making our nation strong in every respect.’ Adding some relief among traders, a private report stated that the valuations of Indian companies have grown at a faster pace than their foreign parent.
Nifty futures opened at 18135.00 points against the previous close of 18118.80 and opened at a low of 18069.85 points. Nifty Future closed with an average movement of 150.95 points and a rise of around 99.20 points and 18218.00 points...!!
On the NSE, the midcap 100 index will decline 0.25% and smallcap 100 index is closing rise 0.37%. Speaking of various sectoral indices only Pharma, IT, FMCG, PVT Bank, Bank and Consumer Durables 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.50350, fell from a high of Rs.50528 points to a low of Rs.50314 with a rise of 256 points, a trend of around Rs.50440 and December Silver opened at Rs.58444, fell from a high of Rs.59261 points to a low of Rs.58444, with a rise of 814 points, a trend of around Rs.59140.
Meanwhile, terming agriculture and the agricultural economy as the strength of India, Union Minister of Agriculture and Farmers Welfare, Narendra Singh Tomar has said that India is moving towards positive changes. He also said ‘the current scenario of India has changed, within the country and at the world level. Today we have the capability of making our nation strong in every respect.’
Tomar noted that the big economies of the world have not yet recovered from the impact of Covid, but still Indian economy is strong. The reason for this is the timely steps taken under the leadership of Prime Minister Narendra Modi. The central government made many efforts one after the other for other industries including MSMEs and also for agriculture and the common poor man. Work was done to make vaccines on time, injecting the economy with schemes like PLI.
Union Minister of Agriculture and Farmers Welfare further said that agriculture should be profitable, production-productivity should increase, chemical-fertilizer should be used properly, awareness about soil health should increase, all this is necessary for the holistic development of agriculture.
Technically, the important key resistances are placed in Nifty future are at 18303 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 18373 – 18404 levels. Immediate support is placed at 18188 – 18088 levels.
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