Dear
Trader…
Markets
gained nearly half a percent in a volatile trading session, in continuation of
the prevailing trend. The Nifty future index traded lackluster for most of the
session however a sharp surge in the last half an hour pushed the index to the
day’s high. It finally settled at 18482.35; up by 0.56%. Most of the sectoral
indices traded in tandem with the benchmark and ended with modest gains however
the underperformance continued on the broader front.
On the
global front, Asian markets were trading higher, even after Japan’s industrial
production declined more than initially estimated in September. Industrial
production decreased by seasonally adjusted 1.7 percent monthly in September,
revised down from -1.6 percent estimated initially. Shipments declined by 2.5
percent monthly in September. Meanwhile, the inventories grew 2.9 percent and
the inventory ratio gained 5.1 percent.
Nifty
futures opened at 18439.00 points against the previous close of 18379.20 and
opened at a low of 18342.20 points. Nifty Future closed with an average
movement of 146.60 points and a rise of around 103.15 points and 18482.35 points…!!
On the NSE, the
midcap 100 index will rise 0.01% and smallcap 100 index is closing rise 0.26%. Speaking
of various sectoral indices only Media, Realty and FMCG 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.52743, fell from a high of Rs.53051
points to a low of Rs.52703 with a rise of 137 points, a trend of around Rs.52855
and December Silver opened at Rs.62550, fell from a high of Rs.63045 points to
a low of Rs.62410, with a rise of 7 points, a trend of around Rs.62477.
Meanwhile,
Petroleum and Natural Gas Minister Hardeep Singh Puri has said that the Centre
is ready for bringing petrol and diesel under the Goods and Services Tax (GST)
regime but it is unlikely that the states will agree to such a move. He said
‘for bringing the petrol and diesel under the GST, the states have to agree. If
the states make the move, we are ready. We have been ready all along. That’s my
understanding. It is another issue how to implement it. ‘
However, the
minister pointed out that it is unlikely that the states will agree to such a
move as liquor and energy are revenue generating items for them. It is not
difficult to understand, states get revenue out of this. Liquor and energy are
two things that generate revenue. It is only the Central government which is
worried about inflation and other things.
He further
said India has been able to insulate itself from the rising fuel prices by
taking a number of steps, including reducing the excise duty by the Centre. He
said ‘there are some countries in our neighbourhood which have fuel shortages,
and prices are exorbitant. But we did not have shortages even in the remote
areas of the country. It has been a very strong navigation at the level of the
Centre and the states. What will happen in future it is difficult to say.’
Technically, the important key resistances are placed in Nifty future are at 18505 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 18575 – 18606 levels. Immediate support is placed at 18404 – 18373 levels.
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