Dear Trader…
Indian equity benchmarks ended higher on Tuesday, with the blue-chip Nifty index surpassing the 16,000 level for the first time, as investors bet on a faster recovery in Asia's third-largest economy following a devastating second COVID-19 wave. Sentiment perked up as macros were turning very positive with the declining fiscal deficit and rising tax collections.
Traders also remain energized India’s exports grew by 47.19 per cent to $35.17 billion in July on account of healthy growth in the outbound shipments of petroleum, engineering, and gems and jewellery. Imports during the month also rose by 59.38 per cent to $46.40 billion, leaving a trade deficit of $11.23 billion.
Nifty futures opened at 15947.00 points against the previous close of 15909.00 and opened at a low of 15912.55 points. Nifty Future closed with an average movement of 250.35 points and a rise of around 241.00 points and 16150.00 points .. !!!
On the NSE, the midcap 100 index will rise 0.05% and smallcap 100 index is closing decline 0.24%. Speaking of various sectoral indices, only Media and Metal 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.47900, fell from a high of Rs.48049 points to a low of Rs.47800, with a decline of 245 points, a trend of around Rs.47800 and September Silver opened at Rs.67587, fell from a high of Rs.67779 points to a low of Rs.67283, with a decline of 179 points, a trend of around Rs.67710.
Meanwhile, finance ministry has said that Goods and Services Tax (GST) mop-up grew 33 percent year-on-year in July to over Rs 1.16 lakh crore, indicating that the economy is recovering at a fast pace. This is the second highest collection so far this fiscal after a record Rs 1.41 lakh crore mop-up in April. GST collection in July 2020 was Rs 87,422 crore. Sequentially, it was Rs 92,849 crore in June this year.
The gross GST revenue collected in July 2021 is Rs 1,16,393 crore of which Central GST is Rs 22,197 crore, State GST Rs 28,541 crore, Integrated GST Rs 57,864 crore (including Rs 27,900 crore collected on import of goods), and cess is Rs 7,790 crore (including Rs 815 crore collected on import of goods). The revenues for July 2021 are 33 percent higher than GST collected in the same month last year and include GST returns filed between July 1-31 as well as IGST and cess collected from imports for the same period.
Technically, the important key resistances are placed in Nifty future are at 16188 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 16202 – 16230 levels. Immediate support is placed at 16088 – 16008 levels.
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