Dear
Trader…
Amid
volatility over the Dalal Street, Indian equity benchmarks were hovering near
their neutral lines in today deals, on the back of mixed cues from other Asian
markets and selling at Metal and Auto counters. Traders got cautious, as
External Affairs Minister S Jaishankar said that the responsibility for the
trade imbalance with China rests squarely on businesses as well, blaming Indian
corporates for not developing the right sourcing arrangements.
Investors
failed to take any sense of relief with the finance ministry’s statement that
the measures like increased capex, boosting the green economy and initiatives
for strengthening financial markets announced in the Budget 2023-24 are
expected to promote job creation and spur economic growth.
Nifty futures
opened at 17637.90 points against the previous close
of 17623.00 and opened at a low of 17510.00 points. Nifty Future closed with an
average movement of 190.00 points and a decline of around 63.75 points and 17559.25
points…!!
On the NSE,
the midcap 100 index will decline 0.21% and smallcap 100 index is closing decline
0.17%. Speaking of various sectoral indices, the NSE saw gains in only Pharma stocks,
while all other sectoral indices closed lower.
At the start
of intra-day trading, April gold opened at Rs.55707, fell from a high of Rs.55790
points to a low of Rs.55510 with a decline of 57 points, a trend of around Rs.55530
and March Silver opened at Rs.64389, fell from a high of Rs.64450 points to a
low of Rs.63770, with a decline of 487 points, a trend of around Rs.63864.
Meanwhile,
former Reserve Bank of India (RBI) governor — D Subbarao has said there was
not ‘sufficient emphasis’ on jobs in the Budget for 2023-24 and it failed to
grapple with the unemployment problem head on, except to believe that growth
itself will generate jobs. He noted that the unemployment problem was quite bad
even before the Covid and it has become alarming as a result of the pandemic.
According to
Subbarao, roughly a million people join the labour force every month and India
is not able to create even half as many jobs. He added, as a result, the
unemployment problem is not just growing but is becoming a crisis.
He pointed out
that India will be able to take advantage of demographic dividend only if, ‘we
are able to find productive employment for the burgeoning labour force.’ He
also said that the biggest takeaways from the FY24 budget are the government’s
emphasis on growth and its commitment to fiscal responsibility contrary to the
widely held pre-budget view that the finance minister will go full blast on
populist measures because of electoral calculations.
Technically, the important key resistances are placed in Nifty future are at 17707 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 17808 – 18008 levels. Immediate support is placed at 17474 – 17404 levels.
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