Dear Trader…
Indian equity benchmarks extended early gains to continue firm trade in the today session, mainly due to sustained buying by investors and domestic financial institutions, also positive cues from other Asian markets kept supporting the markets. Investors mounted more bullish bets amid IIP data for May witnessed strong over 29 per cent growth on base effects, while second wave impact made it to see 14 per cent contraction compared to May 2019. Hence, policy support is still much needed to spur economic activities in coming months, and RBI will continue to maintain its accommodative policy in the medium term.
Nifty futures opened at 15798.25 points against the previous close of 15711.95 and opened at a low of 15758.25 points. Nifty Future closed with an average movement of 84.30 points and a rise of around 122.00 points and 15833.95 points .. !!!
On the NSE, the midcap 100 index will rise 0.21% and smallcap 100 index is closing rise 1.03%. Speaking of various sectoral indices, only FMCG, IT and Media 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.47875, fell from a high of Rs.47920 points to a low of Rs.47745, with a rise of 54 points, a trend of around Rs.47828 and September Silver opened at Rs.69609, fell from a high of Rs.69644 points to a low of Rs.69023, with a decline of 302 points, a trend of around Rs.69073..!!
Meanwhile, Niti Aayog Vice Chairman Rajiv Kumar has exuded confidence that with India's story remaining ‘very strong’, the economy will register double-digit growth in the current fiscal (FY22) and the disinvestment climate also looks better. He also asserted that the country is prepared in a far better manner in case there is a COVID wave as states have also their own lessons from the previous two waves.
Asked when private investments will pick up, Kumar said in some sectors like steel, cement, and real estate, significant investment in capacity expansion is happening already. In the consumer durable sector, it might take longer because consumers might feel a little hesitant due to uncertainty on account of the pandemic. On concerns over a possible third COVID wave, he said the government is much better prepared in case such a situation comes up.
On whether the government will be able to achieve its ambitious disinvestment target this fiscal, Kumar said that despite the second COVID wave and its significant impact on the health side, markets have remained buoyant and they touched new heights. Pointing out that a good number of IPOs of startups are lined up, he said ‘the climate for disinvestment is looking better and I am very hopeful that the disinvestment target would be fully realized.’
Technically, the important key resistances are placed in Nifty future are at 15888 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 15909 – 15919 levels. Immediate support is placed at 15777 – 15707 levels.
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