Dear Trader…
Indian shares closed higher on Friday, aided by gains in pharmaceutical stocks and Reliance Industries. Some support came with the Union Finance Minister Nirmala Sitharaman’s statement that a special session of the GST Council will be held soon to discuss all compensation-related issues. However, upside remains capped on sustained foreign fund outflow. Foreign institutional investors (FIIs) stood as net sellers in the capital market as they offloaded shares worth Rs 1,245.29 crore on Thursday, as per provisional exchange data.
On the sectoral front, auto stocks were in focus as government is planning to set up an institution to fund businesses with a focus on electric vehicles as well as facilitate new financial instruments for lending to the public transportation and commercial vehicle segment. On the global front, Asian markets were trading mixed as the investors’ side lined ahead to the US Jobs report and on worries over acceleration in the delta variant of the coronavirus cases and travel curbs in several countries.
Nifty futures opened at 15743.95 points against the previous close of 15710.60 and opened at a low of 15659.10 points. Nifty Future closed with an average movement of 95.85 points and a rise of around 36.60 points and 15747.20 points .. !!!
On the NSE, the midcap 100 index will rise 0.51% and smallcap 100 index is closing rise 1.07%. Speaking of various sectoral indices, only Auto, FMCG, Metal and PSU Bank stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, August gold opened at Rs.47139, fell from a high of Rs.47475 points to a low of Rs.47139, with a rise of 436 points, a trend of around Rs.47475 and July Silver opened at Rs.68449, fell from a high of Rs.69042 points to a low of Rs.68429, with a rise of 845 points, a trend of around Rs.69000..!!
Meanwhile, Reserve Bank Governor Shaktikanta Das has said that the second wave of covid-19 pandemic took a grievous toll on India, but the dented economic activity has started recovering from late-May. In a first, he flagged the rising data breaches and cyber attacks as a risk facing the economy, along with others like firming global commodity prices. He noted that the recovery that had commenced in the second half of 2020-21 was dented in April-May 2021, but with the wave of infections abating as rapidly as it had set in, economic activity has started to look up in late May and early June.
Das said the dent on balance sheets and performance of financial institutions in India have been much less than what was projected earlier, but was quick to add that a clearer picture will emerge as the effects of regulatory reliefs fully work their way through. He also said capital and liquidity buffers at financial institutions are ‘reasonably resilient’ to withstand any future shocks. He added that the financial system is on the front foot to aid recovery, but the priority is to maintain and preserve financial stability.
Technically, the important key resistances are placed in Nifty future are at 15770 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 15808 – 15888 levels. Immediate support is placed at 15676 – 15636 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
