Dear Trader…
Indian equity benchmarks were back to their winning ways on Thursday, the day of weekly F&O expiry, amid solid buying in utilities, power, information technology and industrials stocks. Markets made positive start and stayed in green throughout the session, as sentiments remained positive with Prime Minister Narendra Modi’s statement that the country's economic growth is picking up pace again and the domestic industry needs to enhance its risk-taking appetite. Noting the recent reforms taken by the government, he said that bringing reforms is a matter of conviction for his government, which is ready to take all risks in the national interest.
Benchmarks added more gains in late afternoon session, taking support from report that free vaccination drive rolled out by the government is likely to create a positive impact on the job market and on the overall economy as most respondents believed that it will help them in providing a safe work ecosystem to their employees with steady work opportunities.
Nifty futures opened at 16308.25 points against the previous close of 16283.35 and opened at a low of 16287.55 points. Nifty Future closed with an average movement of 81.45 points and a rise of around 81.65 points and 16365.00 points...!!!
On the NSE, the midcap 100 index will rise 1.01% and smallcap 100 index is closing rise 2.12. Speaking of various sectoral indices, only Pharma stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, October gold opened at Rs.46300, fell from a high of Rs.46581 points to a low of Rs.46300, with a decline of 25 points, a trend of around Rs.46363 and September Silver opened at Rs.62528, fell from a high of Rs.62684 points to a low of Rs.62340, with a decline of 336 points, a trend of around Rs.62435.
Meanwhile, days after the Centre government withdrew the retrospective tax amendments that led to international arbitration, Revenue Secretary Tarun Bajaj said it was the government’s policy to provide a stable and predictable tax regime. He stated that robust tax revenues in the first quarter of the current fiscal were encouraging but urged industry to revive the ‘animal spirit’ as far as private investment is concerned.
He stated ‘This is now the government’s policy to give a stable and predictable tax regime. This emanates from 2019. We came up with lower tax rates for the corporate sector, and also lower taxes for new units that would be set up by 2023’. He added ‘So the whole idea is to give the corporate sector time to plan itself, and give it a stable tax regime so that you're able to decide on other things like, whether you want to invest, where you want to invest and how you want to invest. He asked industry to come forward to invest, manufacture, start services and tell the government about what it requires from it.
Technically, the important key resistances are placed in Nifty future are at 16404 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 16434 – 16474 levels. Immediate support is placed at 16272 – 16202 levels.
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