November 25, 2024

+91 99390 80808

November 25, 2024

+91 99390 80808

HomeMarket TrendStock Market Trend : 16 AUGUST 2021

Stock Market Trend : 16 AUGUST 2021

Dear Trader…

Extending previous session’s northward journey, Indian equity benchmarks ended at their fresh record closing levels on Friday. Both the S&P BSE Sensex and the NSE Nifty 50 settled above crucial 55,400 and 16,500 levels, respectively. Markets made gap-up opening and continued to move higher, on the back of promising inflation and industrial production data.

Markets extended rally in second half of trade to settle near intraday highs, as Commerce and Industry Minister Piyush Goyal assured the industry that the government will protect its interests in free trade agreements (FTAs) and these pacts would be finalised after holding detailed discussions with all the stakeholders.

Nifty futures opened at 16365.05 points against the previous close of 16358.60 and opened at a low of 16360.05 points. Nifty Future closed with an average movement of 174.80 points and a rise of around 159.40 points and 16518.00 points...!!!

On the NSE, the midcap 100 index will decline 0.30% and smallcap 100 index is closing decline 0.39. Speaking of various sectoral indices, only Media, Realty, Pharma and auto 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.46452, fell from a high of Rs.46594 points to a low of Rs.46416, with a rise of 174 points, a trend of around Rs.46537 and September Silver opened at Rs.62097, fell from a high of Rs.62497 points to a low of Rs.61980, with a rise of 514 points, a trend of around Rs.62374.

Meanwhile, expressing the government's commitment to continue with reforms, Finance Minister Nirmala Sitharaman has assured India Inc that the government is committed in doing everything that it requires to be done for the economic growth hit by the COVID-19 pandemic. Stressing that there is a need to promote growth as it helps bring down poverty, she however said it would not be at the cost of inflation. RBI has been mandated to keep inflation at 4 per cent, with tolerance level of 2 per cent on either side.

Observing that some high frequency indicators are pointing towards economic revival after unlock measures announced by many states with decline in COVID-19 cases, she said foreign direct investment (FDI) has been flowing into India non-stop despite the pandemic because there was confidence about the macroeconomic fundamentals.

Technically, the important key resistances are placed in Nifty future are at 16575 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 16606 – 16660 levels. Immediate support is placed at 16434 – 16373 levels.


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