Dear Trader
Markets
edged higher for yet another session and gained over half a percent. Among the
benchmark indices, Nifty future made a new record high at 20,410.00 and finally
settled at 20,360.00 levels. Most sectors contributed to the move wherein FMCG,
realty and metal were among the top gainers. The broader indices too continued
their positive trend and settled higher in the range of 0.50%-1.05%.
The
rotational buying across the key sectors is helping the index to inch higher
and we are now eyeing 20,500 in Nifty ahead. Apart from the domestic factors,
upbeat global cues, especially the performance of the US markets, are further
adding to the positivity. We thus recommend continuing with a “buy on dips”
approach with a focus on stock selection.
Nifty
futures opened at 20292.90 points against the previous close of 20270.60 and
opened at a low of 20292.90 points. Nifty Future closed with an average
movement of 117.10 points and a rise of around 89.40 points and 20360.00
points…!!
On the NSE, the midcap 100 index will rise
1.10% and small cap 100 index is closing rise 0.48%. Speaking of various
sectoral indices only Auto 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.62512, fell from a
high of Rs.62700 points to a low of Rs.62464 with a decline of 52 points, a
trend of around Rs.62507 and December Silver opened at Rs.76546, fell from a
high of Rs.76601 points to a low of Rs.75954, with a decline of 280 points, a
trend of around Rs.75954.
Meanwhile,
India’s economy grew at 7.6% in the July-September quarter of the current
financial year despite a slowdown in agriculture as the robust performance of
the manufacturing sector and high government expenditure on big ticket
infrastructure projects kept up the growth momentum, according to data released
by the Ministry of Statistics on Thursday. The growth in the second quarter is
a tad lower than the first quarter growth of 7.8 per cent due to the erratic
monsoon hitting the farm sector. India’s GDP growth rate for the first half of
2023-24 now works out to 7.7 per cent.
The
agriculture sector posted a growth rate of a mere 1.2 per cent in the July-Sept
quarter compared to 3.5 per cent in the previous quarter. However, the
manufacturing sector clocked a robust growth rate of 13.9 per cent, which,
along with the high government capex expenditure, went a long way to make up
for the setback. Private consumption remained strong during the quarter which
helped to lift the growth of the manufacturing sector. The services and mining
sectors also posted a strong performance during the quarter.
Technically, the important key resistances are placed in Nifty future are at 20404 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 20474 – 20505 levels. Immediate support is placed at 20303 – 20232 levels.
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