Dear Trader…
Indian equity benchmarks closed at record closing highs for the third consecutive session on Thursday aided by gains in banking, energy and PSU stocks. Besides, a firm global market mood and recently introduced reforms for the telecom and auto sector pushed the indices to fresh peaks. Markets made positive opening, as sentiments got boost with report that the United Nations Conference on Trade and Development (UNCTAD) has pegged India's economic growth rate to hit a four-year high of 7.2 per cent for 2021 against a contraction of 7 per cent in 2020. At this rate, India would be the fastest growing economy after China, which is projected to grow by 8.3 per cent. Calculations are based on GDP at constant dollars in 2015.
Key indices extended gains in afternoon session, as traders remained positive with Niti Aayog Vice Chairman Rajiv Kumar’s statement that the global economic recovery is strengthening and this is the opportune moment for a change in the world order. He emphasised that a new world order will usher in if the global economy remains open.
Nifty futures opened at 17541.00 points against the previous close of 17535.45 and opened at a low of 17501.00 points. Nifty Future closed with an average movement of 134.00 points and a rise of around 75.55 points and 17611.00 points...!!!
On the NSE, the midcap 100 index will rise 0.36% and smallcap 100 index is closing rise 0.20. Speaking of various sectoral indices only Media, IT and Metal 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.46880, fell from a high of Rs.46917 points to a low of Rs.46111.00 with a decline of 757 points, a trend of around Rs.46139 and September Silver opened at Rs.63475, fell from a high of Rs.63537 points to a low of Rs.61720, with a decline of 1469 points, a trend of around Rs.61824.
Meanwhile, the United Nations Conference on Trade and Development (UNCTAD) in its Trade and Development report has pegged India's economic growth rate to hit a four-year high of 7.2 per cent for 2021 against a contraction of 7 per cent in 2020. At this rate, India would be the fastest growing economy after China, which is projected to grow by 8.3 per cent. Calculations are based on GDP at constant dollars in 2015.
It projected India's economy to outpace all other major economies in the next year even though the growth would be slower, at 6.7 per cent, than this year's projected figure. It stated India's economy, which shrank by seven per cent in 2020, showed strong growth of 1.9 per cent in the first quarter of Calendar 2021, on the back of the momentum of the second half of 2020 and supported by government spending in goods and services.
Technically, the important key resistances are placed in Nifty future are at 17676 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 17707 – 17717 levels. Immediate support is placed at 17533 – 17474 levels.
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