Dear Trader…
Indian equity benchmarks resumed record closing high spree after a day’s blip on the weekly F&O expiry day, tracking gains in index majors TCS, Hindustan Unilever and Ultratech Cement. MARKETS witnessed the continuation of a positive trend, as investors cheered RBI’s statement that India's holding of IMF's Special Drawing Rights (SDR) has gone up to SDR 13.66 billion which is equivalent to USD 19.41 billion as per exchange rate.
The International Monetary Fund (IMF) makes the general SDR allocation to its members in proportion to their existing quotas in the multilateral lending agency. Traders also took some support with the finance ministry stating that Goods and Services Tax (GST) collection topped the Rs 1-lakh-crore mark for the second straight month in August at Rs 1.12 lakh crore, signalling accelerating economic activity.
Nifty futures opened at 17138.90 points against the previous close of 17096.95 and opened at a low of 17072.10 points. Nifty Future closed with an average movement of 190.60 points and a rise of around 162.45 points and 17259.40 points...!!!
On the NSE, the midcap 100 index will rise 1.00% and smallcap 100 index is closing rise 1.03. Speaking of various sectoral indices, only PSU Bank 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.47049, fell from a high of Rs.47208 points to a low of Rs.47025.00 with a decline of 6 points, a trend of around Rs.47062 and September Silver opened at Rs.63552, fell from a high of Rs.63575 points to a low of Rs.63401, with a decline of 172 points, a trend of around Rs.63401.
Meanwhile, Reserve Bank of India (RBI) said that the International Monetary Fund (IMF) has sharply increased its allocation of Special Drawing Rights (SDR) to India, in line with the country's existing quota in the fund. The RBI said IMF has made an allocation of Special Drawing Rights (SDR) equivalent to around $17.86 billion to India on August 23. This increase in SDR holdings will be reflected in the Foreign Exchange Reserves (FER) data that shall be published for the week ended August 27, 2021.
SDR holding is one of the components of the foreign exchange reserves of a country. The IMF makes the general SDR allocation to its members in proportion to their existing quotas in the Fund. The Board of Governors of the IMF had approved a general allocation of about SDR 456 billion on August 2, 2021, effective from August 23, 2021, of which the share of India is SDR 12.57 billion.
RBI’s data had showed the country's foreign exchange reserves declined by $2.47 billion to reach $616.895 billion in the week ended August 20. In the previous week ended August 13, 2021, the reserves had declined by $2.099 billion to $619.365 billion. The forex kitty had touched a lifetime high of $621.464 billion in the week ended August 6, 2021.
Technically, the important key resistances are placed in Nifty future are at 17303 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 17330 – 17373 levels. Immediate support is placed at 17177 – 17101 levels.
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