Dear Trader…
Indian equity benchmarks trimmed all gains ahead of the closing bell on Friday to end the day flat with negative bias, tracking losses in Metal, Energy and Banking stocks. Benchmarks made positive start and managed to keep heads in green terrain, as traders took some support with India Ratings and Research’s statement that outbound shipments from India, which have been languishing for quite some time, can benefit from the favourable trade growth outlook of 2021 and consolidate further from the level achieved in the first quarter of this fiscal.
However, key indices erased gains in the last 30 minutes of trade taking cues from weak European markets. Some concern also came as 3 southern states report spike in new infections. Kerala reported more than 22,000 fresh Covid-19 cases for the third day straight: the spike prompting the state to announce a weekend lockdown. Karnataka and Tamil Nadu recorded a rise in new infections on Thursday as well, taking India’s daily case count to nearly 45,000, the highest in 22 days.
Nifty futures opened at 15735.20 points against the previous close of 15806.35 and opened at a low of 15735.20 points. Nifty Future closed with an average movement of 137.10 points and a decline of around 21.35 points and 15777.25 points .. !!
On the NSE, the midcap 100 index will rise 1.10% and smallcap 100 index is closing rise 0.44%. Speaking of various sectoral indices, only Metal, Bank and Financial service 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.48281, fell from a high of Rs.48304 points to a low of Rs.47751, with a decline of 406 points, a trend of around Rs.47875 and September Silver opened at Rs.68100, fell from a high of Rs.68200 points to a low of Rs.67615, with a decline of 315 points, a trend of around Rs.67885..!!
Meanwhile, Union Housing and Urban Affairs Ministry Secretary Durga Shanker Mishra has said that the real estate sector which has been stressed for quite some time now has started showing signs of improvement since the first quarter of the current fiscal (Q1FY22) and its contribution to the country's Gross domestic product (GDP) is expected to reach 10 percent by 2025 from the current 7 percent.
The Secretary has stated that the sector in India is set to be valued at $1 trillion in the next few years as the country aims at $5 trillion economy. He also said that the National Urban Digital Mission has taken up steps to connect nearly 2,535 cities across India to improve connectivity.
Technically, the important key resistances are placed in Nifty future are at 15808 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 15838 – 15888 levels. Immediate support is placed at 15676 – 15606 levels.
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