Dear Trader…
Indian equity benchmarks moved between gains and losses on Tuesday before ending the day in red, on account of selling pressure in heavyweights like Tata Steel, Tech Mahindra, HCL Technologies and Reliance Industries. Domestic markets started trade in the green, as traders took some support with provisional data released by the government showed that India’s merchandise exports in October rose 42.33 per cent to $35.47 billion. The exports stood at $24.92 billion in October 2020 and $26.23 billion in October 2019.
However, markets lost momentum along the way and slipped into red in late afternoon session, as traders turned anxious with Centre for Monitoring of Indian Economy (CMIE) data showing that despite a 124 basis points month-on-month decline in urban joblessness rate, the country’s overall unemployment rate rose again in October, owing to a sudden 175 basis points rise in rural joblessness rate. Some concern also came amid reports that for the first time this fiscal, the weighted average cost of states' market borrowings crossed the 7 percentage mark at the auctions held on Monday with the average cut-off jumping by 12 bps to 7.02 per cent.
Nifty futures opened at 18010.05 points against the previous close of 18008.45 and opened at a low of 17861.00 points. Nifty Future closed with an average movement of 177.00 points and a decline of around 85.50 points and 17922.95 points...!!
On the NSE, the midcap 100 index will rise 0.83% and smallcap 100 index is closing rise 1.02. Speaking of various sectoral indices only Metal, Pharma, IT and FMCG 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.47835, fell from a high of Rs.47885 points to a low of Rs.47741.00 with a decline of 148 points, a trend of around Rs.47755 and September Silver opened at Rs.64600, fell from a high of Rs.64779 points to a low of Rs.64353, with a decline of 438 points, a trend of around Rs.64353.
Meanwhile, asserting that infrastructure projects are a priority for the government, Finance Minister Nirmala Sitharaman has reviewed the progress of capital expenditure by the ministries of power and coal and asked them to ensure that project implementation is fast-tracked.
The finance minister emphasized there must be close monitoring for infrastructure spending on-ground and ministries must continuously make concerted efforts, including enhanced coordination with all states, to ensure that project implementation is fast-tracked. She directed officials in Department of Economic Affairs (DEA) to work in close coordination with ministries /departments to ensure that project implementation via civil works is not hampered due to any lack of coordination amongst agencies (like contractors), or by delay in procurement of necessary equipment from international markets.
Sitharaman observed that it must increase outreach to states to facilitate project implementation by obtaining necessary clearances in time. She said efforts must be made to ensure timely completion of projects. In review with the Department of Atomic Energy, the finance minister stressed on the need to track civil works closely and take proactive steps regarding procurement of key international equipment in coordination with external affairs and economic affairs departments.
Technically, the important key resistances are placed in Nifty future are at 17977 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 17880 – 17808 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
