Dear Trader…
Indian equity benchmarks continued their firm trade in the today session as global mood stabilised post favourable US Fed meet outcome. Federal Reserve kept its accommodative monetary policies and signaled that economic recovery was on track. Firm cues from other Asian markets too aided sentiments. Most of the Asian counterparts were trading higher with reports that the Chinese Securities regulator has stepped-in to assuage investor concerns over tech crackdown supported sentiment.
Back home, investors’ remain energized as Chief Economic Adviser (CEA) K V Subramanian states that India is expected to hit a growth rate of 6.5-7 percent in 2022-23 and accelerate further to 8 percent in the subsequent years on the back of reforms undertaken by the government.
Nifty futures opened at 15741.05 points against the previous close of 15709.10 and opened at a low of 15730.50 points. Nifty Future closed with an average movement of 81.90 points and a rise of around 71.10 points and 15780.20 points .. !!!
On the NSE, the midcap 100 index will rise 0.72% and smallcap 100 index is closing rise 0.91%. Speaking of various sectoral indices, only FMCG, Auto Pharma and Private 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.47720, fell from a high of Rs.48165 points to a low of Rs.47690, with a rise of 584 points, a trend of around Rs.48161 and September Silver opened at Rs.66699, fell from a high of Rs.67965 points to a low of Rs.66699, with a rise of 1499 points, a trend of around Rs.67889.
Meanwhile, report of the department-related Parliamentary Standing Committee on Industry on the impact of COVID-19 pandemic on micro, small and medium enterprises (MSME) sector has observed that the stimulus package announced by the government for the revival of the pandemic-hit economy has been found to be inadequate, as the measures adopted were more of loan offering and long-term measures instead of improving the cash flow to generate demand as immediate relief
It has noted that in the process of economic recovery post-first wave of the pandemic, the second wave has even more vigorously ripped the economy particularly the MSME sector.It has recommended that the government should immediately come out with a larger economic package aimed at bolstering demand, investment, exports and employment generation to help the economy, including MSMEs to recover from the pandemic fall-out.
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.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
