Dear
Trader…
Indian
equities benchmarks remained lacklustre ahead of RBI policy meeting outcome.
Nifty opened higher but immediately gave up its initial gains to trade flat for
most part of the session. It however, recovered in the last hour to finally
close 31 points higher at 17474 levels. Upstream oil companies were also in
limelight after crude oil prices rose to 1-month high post OPEC’s surprise
production cut. RBI’s policy announcement would be the key event to watch out
this week where in investors would gauge for indication with regards to rate
hike pause. This along with shortened trading week would keep the market
range-bound.
Global Markets Japanese stocks closed higher on Monday,
tracking Wall Street’s strength at the end of last week, underpinned by gains
in energy-related shares after oil prices jumped on a surprise production cut
by OPEC+. The Nikkei share average rose 0.52% to close at 28,188.15, while the
broader Topix climbed 0.71% to 2,017.68.
Shanghai, Sydney, Singapore, Manila and Jakarta all rose,
though Hong Kong was flat, while Seoul and Wellington slipped. Energy stocks in
Europe were the biggest sectoral gainers. The STOXX Europe 600 Oil &
Gas index was up 3.7%, set for its biggest one-day gain since November. Shares
in oil majors BP, Shell, Total Energies and Eni all rose around 4%.
Nifty futures
opened at 17470.00 points against the previous close of 17442.65 and opened at
a low of 17383.85 points. Nifty Future closed with an average movement of 105.15
points and a rise of around 31.35 points and 17474.00 points…!!
On the NSE,
the midcap 100 index will rise 0.44% and small cap 100 index is closing rise
0.74%. Speaking of various sectoral indices only Oil & Gas, FMCG, Metal and
IT stocks were seen selling on the NSE, while all other sectoral indices closed
higher.
At the start
of intra-day trading, April gold opened at Rs.59200, fell from a high of Rs.59480
points to a low of Rs.59040 with a rise of 78 points, a trend of around Rs.59480
and May Silver opened at Rs.71811, fell from a high of Rs.72393 points to a low
of Rs.71437, with a rise of 133 points, a trend of around Rs.72351.
Meanwhile, Traders
took encouragement with Chief Economic Advisor (CEA) V Anantha Nageswaran
expressing optimism over India’s economic growth and said that the country’s
economy is likely to grow at the rate of 6.5 per cent in the coming decade on
the back of the turnaround in financial and investment cycle. Local bourses
extended gains in late afternoon deals, as sentiments got a boost with the
World Bank stating that India’s potential growth could benefit from accelerated
implementation of an already ambitious reform agenda.
Some optimism
also came with Commerce and Industry Minister Piyush Goyal’s statement that
India was in the ‘bright spot’ amid a series of economic challenges faced by
many countries. Adding to the optimism, the government came out with Foreign
Trade Policy (FTP) 2023 which seeks to boost the country’s exports to $2
trillion by 2030 by shifting from incentives to remission and entitlement-based
regime.
Technically, the important key resistances are placed in Nifty future are at 17505 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 17575 – 17606 levels. Immediate support is placed at 17303 – 17170 levels.
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