Dear Trader…
Indian equity benchmarks extended gains to a second straight day on Tuesday, amid broad-based buying across the sectors and positive global cues. Markets staged a gap up opening, as traders got encouragement with a private report stated that the economy is likely to register a 9.5 per cent growth this fiscal over 7.3 per cent contraction last year, as the ongoing recovery is faster and more credible than earlier foreseen. Some support also came with report indicating that hiring activities in the country are rising in the current quarter, reflecting improvement in the job market and signs of resilience.
However benchmarks trimmed most of gains in afternoon deals, as traders got anxious with report that Foreign Institutional Investors (FII) have been net sellers of domestic stocks for 5 consecutive days now. FIIs sold Rs 2,459 crore worth of equities on Monday. Domestic Institutional Investors, however, were net buyers of stocks worth Rs 2,390 crore. Though, steady buying interest in realty and metal shares lifted the benchmarks to close higher.
Nifty futures opened at 18180.05 points against the previous close of 18145.45 and opened at a low of 18108.10 points. Nifty Future closed with an average movement of 241.90 points and a rise of around 204.55 points and 18350.00 points...!!
On the NSE, the midcap 100 index will rise 1.80% and smallcap 100 index is closing rise 2.57%. Speaking of various sectoral indices only PVT Bank 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.48147, fell from a high of Rs.48280 points to a low of Rs.47880.00 with a decline of 183 points, a trend of around Rs.48017 and December Silver opened at Rs.66235, fell from a high of Rs.66235 points to a low of Rs.65395, with a decline of 392 points, a trend of around Rs.65747.
Meanwhile, Union Minister Piyush Goyal has called for developing 100 Indian textile machinery champions recognized across the world and reducing import dependence of the textile machinery in India by concerted effort between the textile engineering industry and the government together. He also asked textile machinery manufacturers to get out of the command-and-control mindset and work through plug and play to make the textile sector vibrant in name and spirit.
Goyal said that the National Capital Goods Policy is a manufacturing sector policy devised by the Government of India aimed at increasing the production of capital goods from the 2014-15 value of about $31 billion to $101 billion by 2025. He urged the textile industry to focus on speed, skill, and scale and get into an innovative partnership. He said India should look to become a global player in producing textiles machinery, producing at scale, producing with quality and quantity the machinery of choice that the world requires.
Technically, the important key resistances are placed in Nifty future are at 18388 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 18404 – 18434 levels. Immediate support is placed at 18288 – 18202 levels.
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