Dear Trader…
Indian equity benchmarks snapped their three-day winning streak and ended lower on Friday tracking losses in index heavyweights Reliance Industries, Ultratech Cement and SBI amid weak global cues. Markets made slightly positive start, as traders took some support with industry chamber PHDCCI’s statement that the economy is recovering at a fast pace from the recent lows of April and May on the back of declining new coronavirus cases, continued unlocking in various parts of the country and calibrated economic reforms announced by the government.
However, the domestic markets soon fell into the red after the Reserve Bank of India (RBI) kept repo rate unchanged for seventh time straight and continued with an accommodative stance, citing the need to support ongoing growth recovery amid continued uncertainty and global financial market volatility. The central kept the repo rate unchanged at 4% and the reverse repo rate, the borrowing rate, unchanged at 3.35%.
Nifty futures opened at 16281.05 points against the previous close of 16300.65 and opened at a low of 16233.55 points. Nifty Future closed with an average movement of 99.45 points and a decline of around 33.65 points and 16267.00 points .. !!
On the NSE, the midcap 100 index will rise 0.06% and smallcap 100 index is closing rise 0.04%. Speaking of various sectoral indices, the NSE saw gains in only IT, Auto, Bank and Metal stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, october gold opened at Rs.47500, fell from a high of Rs.47574 points to a low of Rs.46834, with a decline of 743 points, a trend of around Rs.46860 and September Silver opened at Rs.66819, fell from a high of Rs.66982 points to a low of Rs.65380, with a decline of 1539 points, a trend of around Rs.65459..!!
Meanwhile, Industry chamber PHDCCI has said the economy is recovering at a fast pace from the recent lows of April and May 2021 on the back of declining new coronavirus cases, continued unlocking in various parts of the country and calibrated economic reforms announced by the government.
At this juncture, it said there is a need to further fuel the drivers of household consumption and private investments to enhance the aggregate demand in the economy as it will have an accelerated effect on expansion of capital investments in the country.
Technically, the important key resistances are placed in Nifty future are at 16330 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 16373 – 16404 levels. Immediate support is placed at 16202 – 16160 levels.
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