Dear Trader…
Indian equity benchmarks trimmed most of their initial gains but managed to end at record closing highs on Friday, with Sensex closing above the 60,000 mark for the first time and Nifty ending above important level of 17,850. Decline in covid cases, rising vaccination and improvement in the economic environment of the country is fuelling the current Bull Run in the equity markets.
Markets made optimistic start and traded in green throughout the session, taking support from union Minister Piyush Goyal’s statement that the commerce ministry is trying to ease norms for Special Economic Zones (SEZs) and make it simpler for units to exit these areas. The ministry is also looking at ways for partial de-recognition of existing SEZs so that areas which have no more demand can be used for industrial or other purposes.
Nifty futures opened at 17894.95 points against the previous close of 17833.10 and opened at a low of 17820.00 points. Nifty Future closed with an average movement of 115.00 points and a rise of around 20.05 points and 178563.60 points...!!
On the NSE, the midcap 100 index will decline 0.78% and smallcap 100 index is closing rise 0.12. Speaking of various sectoral indices only Metal, PSU Bank, FMCG, Media and 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.46075, fell from a high of Rs.46132 points to a low of Rs.45787.00 with a decline of 132 points, a trend of around Rs.45924 and September Silver opened at Rs.60743, fell from a high of Rs.60860 points to a low of Rs.59310, with a decline of 971 points, a trend of around Rs.59818.
Meanwhile, Union Minister Piyush Goyal has said the commerce ministry is trying to ease norms for Special Economic Zones (SEZs) and make it simpler for units to exit these areas. The ministry is also looking at ways for partial de-recognition of existing SEZs so that areas which have no more demand can be used for industrial or other purposes.
He said ‘There are a large amount of areas lying across SEZs in the country. Now that the sunset clause (for SEZ tax incentives) has set in, probably we may not find enough traction for new people to set up units within SEZ, so we are trying to ease the system of SEZs going forward and make it easier for people to exit from the SEZ status.’
He also said different issues raised by exporters are under consideration of the government. Citing an example, he said the ministry is discussing with its finance counterpart the issues of allowing e-commerce seamlessly for artificial jewellery up to a value of USD 800 and depreciation of second hand goods. He added ‘We are also discussing how the SEZs can play a more important role in the DTA (domestic tariff area) through an equalization levy.’
Technically, the important key resistances are placed in Nifty future are at 17990 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 18008 – 18088 levels. Immediate support is placed at 17808 – 17770 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
