Dear Trader…
Indian equity benchmarks extended their winning run to sixth consecutive trading session and posted record closing highs yet again on Thursday. Barring auto index, buying demand was seen across the board with banking, PSU and metal stocks moving the most. After opening in the green, the markets witnessed the continuation of a positive trend, as sentiments got boost with Retailers Association of India (RAI) said retail sales in September this year were at 96 per cent of the pre-pandemic levels of the same month in 2019 as the sector shows signs of recovery.
Support also came with World Bank president David Malpass’ statement that the Indian economy that was hit hard by the COVID-19 pandemic is now in recovery mode. He also said that India, which faces huge challenges of integrating more people into the formal sector economy and raising the earnings of the people, has made some progress but that's not enough.
Nifty futures opened at 18260.00 points against the previous close of 18172.75 and opened at a low of 18240.00 points. Nifty Future closed with an average movement of 125.90 points and a rise of around 184.00 points and 18172.75 points...!!
On the NSE, the midcap 100 index will rise 0.65% and smallcap 100 index is closing rise 0.60%. Speaking of various sectoral indices only auto stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, December gold opened at Rs.47808, fell from a high of Rs.48100 points to a low of Rs.47783.00 with a rise of 110 points, a trend of around Rs.48026 and December Silver opened at Rs.62577, fell from a high of Rs.63825 points to a low of Rs.62487, with a rise of 769 points, a trend of around Rs.63656.
Meanwhile, International Monetary Fund (IMF) has said that as the Indian economy recovers from the COVID-19 pandemic that hit it hard, it is important for the country to focus on public investment, particularly in green sectors so that the recovery can be inclusive and green. IMF’s Fiscal Affairs Department Deputy Director Paolo Mauro has said India's debt is at the ratio of about 90 per cent, and it is important to give a signal that there is a medium ‑ term fiscal framework in place that ensures investors that the debt ratio will decline in the medium term.
Mauro also said that the situation is improving when it comes to the epidemic. He said it is very different from a few months ago, and added that fortunately, the number of cases is declining and the vaccination is becoming more widespread. He said ‘On the economic front, therefore, even though the situation is improving, the priority remains to address the health emergency. It remains to provide ample support, particularly to the poorer segments of the population through social protection, employment benefits, and so on’.
Technically, the important key resistances are placed in Nifty future are at 18404 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 18434 – 18474 levels. Immediate support is placed at 18232 – 18180 levels.
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