Dear Trader…
Indian equity benchmarks erased initial gains in the last hour to end half a percent lower on Wednesday on the back of fresh selling pressure in select index heavyweights like Maruti Suzuki, Infosys, ITC and Reliance Industries. For most part of the day,
benchmarks traded firmly higher, as traders got encouragement with private report stated that Indian GDP will grow at 8.5 per cent in 2021-22, and the rate will accelerate further to 9.8 per cent in 2022-23. It also expects consumption to be an important contributor to growth in 2022, as the economy fully re-opens driven by a notable improvement in the virus situation and adequate progress on vaccination.
However, domestic markets failed to continue positive momentum and closed with losses amid weak global cues. Traders paid no heed towards Union Finance Minister Nirmala Sitharaman’s statement that the money taken away from the banks will be taken back as the government is actively pursuing the cases of loan defaulters and will not let them go scot-free, particularly those who have fled the country.
Nifty futures opened at 17547.80 points against the previous close of 17495.25 and opened at a low of 17360.00 points. Nifty Future closed with an average movement of 245.00 points and a decline of around 127.75 points and 17367.50 points...!!
On the NSE, the midcap 100 index will decline 0.40% and smallcap 100 index is closing rise 0.63. Speaking of various sectoral indices, the NSE saw gains in only Media, PVT Bank, Bank, PSU Bank, Financial Services and Metal stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, December gold opened at Rs.47569, fell from a high of Rs.47674 points to a low of Rs.47363.00 with a decline of 44 points, a trend of around Rs.47390 and December Silver opened at Rs.62877, fell from a high of Rs.63029 points to a low of Rs.65510, with a rise of 73 points, a trend of around Rs.62582.
Meanwhile, the Finance Ministry said the Centre has released two instalments of tax devolution to the State Governments amounting to Rs 95,082 crore on November 22 2021, as against normal monthly devolution of Rs 47,541 crore. Currently, 41 per cent of the tax collected is devolved in 14 instalments among states during a fiscal.
After a meeting with all chief ministers and state finance ministers recently, Union Finance Minister Nirmala Sitharaman had said the Centre will double the amount of November tax devolution by including one advance instalment to help states push their capital expenditure.
The increased amount of devolution in November is an advance release, and final adjustments will be made in March 2022. It added ‘Rs 95,082 crore of Tax devolution to strengthen fiscal space of States’.
Technically, the important key resistances are placed in Nifty future are at 17404 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 17474 – 17505 levels. Immediate support is placed at 17303 – 17232 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
