Dear Trader…
Indian equity benchmarks ended a volatile session lower on Wednesday, extending losses to a second straight day amid brisk selling in frontline bluechip counters. Markets opened on a positive note as sentiments got a boost with Niti Aayog Vice-Chairman Rajiv Kumar’s statement that Niti Aayog Vice-Chairman Rajiv Kumar has said that the country’s economy is likely to grow by 10 per cent or more in the current fiscal (FY22), and going forward, once Indian economy out of the COVID-19 pandemic, it will grow at 8 per cent plus in the next fiscal year (FY23).
Some optimism also came with a private report stating that hiring activity expanded by 43 per cent year-on-year in October driven by strong demand for technology professionals. According to the report, with 2,523 job listings in October 2021, there was a 43 per cent year-on-year (Y-O-Y) growth.
However, markets erased all early gains, with indices slipping further during closing hours, even as a private survey showed India's dominant services industry expanded at the fastest pace in more than a decade on improved domestic demand despite high inflation, driving firms to take on staff at a rate not seen since the onset of the pandemic. Nifty futures opened at 17961.05 points against the previous close of 17916.25 and opened at a low of 17770.00 points. Nifty Future closed with an average movement of 249.80 points and a decline of around 53.30 points and 17862.95 points...!!
On the NSE, the midcap 100 index will decline 0.27% and smallcap 100 index is closing decline 0.66. Speaking of various sectoral indices, the NSE saw gains in Realty, Metal and IT stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, December gold opened at Rs.47584, fell from a high of Rs.47584 points to a low of Rs.47315.00 with a decline of 173 points, a trend of around Rs.47449 and September Silver opened at Rs.63153, fell from a high of Rs.63447 points to a low of Rs.62930, with a rise of 110 points, a trend of around Rs.63333.
Meanwhile, expressing optimism over India’s economic growth, Niti Aayog Vice-Chairman Rajiv Kumar has said that the country’s economy is likely to grow by 10 per cent or more in the current fiscal (FY22), and going forward, once Indian economy out of the COVID-19 pandemic, it will grow at 8 per cent plus in the next fiscal year (FY23), Niti Aayog Vice-Chairman Rajiv Kumar said. He further said that seven years of the Modi government has laid a strong economic foundation for businesses to thrive in India.
Kumar said ‘According to the IMF, India will be the fastest growing major economy for the next five years. These are underestimations’. There was a hiccup (in economic growth) for two years due to COVID-19 pandemic. The IMF has projected a growth of 9.5 per cent in 2021. He noted that ‘Things are changing and people are ready to invest in India’.
The Niti Aayog Vice-Chairman said the potential rate of growth of India will move up to 8 per cent. Meanwhile, the country's economy grew by a record 20.1 per cent in the April-June quarter, helped by a very weak base of last year and a sharp rebound in the manufacturing and services sectors in spite of the devastating second COVID wave.
Technically, the important key resistances are placed in Nifty future are at 17909 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.
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