Dear Trader…
Indian equity benchmarks failed to hold intraday gains in a choppy session and closed the session in red terrain on Tuesday, as global cues turned bearish. Domestic benchmark indices started trade in the positive territory, as traders took encouragement with Minister of State for Finance Pankaj Chaudhary’s statement the net direct tax collection grew nearly 68 per cent during April 1 to November 23 to more than Rs 6.92 lakh crore. Some support came in as India Ratings expects the economy to grow 8.3 per cent in Q2 and close the year with 9.4 per cent in FY'22.
However, the markets saw selling pressure towards fag-end of the session, as investors awaited gross domestic product (GDP) data that is expected to show the country's economic recovery strengthened in the second quarter. Traders remained cautious amid report that seven people arrived from South Africa in Maharashtra’s Thane city adjoining Mumbai since November 14 and all of them were tested in the wake of concerns over the new potentially more transmissible 'Omicron' variant of the coronavirus.
Nifty futures opened at 17089.75 points against the previous close of 17094.90 and opened at a low of 17000.00 points. Nifty Future closed with an average movement of 347.00 points and a decline of around 57.95 points and 17036.95 points...!!
On the NSE, the midcap 100 index will rise 0.46% and smallcap 100 index is closing rise 1.63. Speaking of various sectoral indices, the NSE saw gains in only Realty, IT, FMCG and Pharma stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, December gold opened at Rs.47570, fell from a high of Rs.48000 points to a low of Rs.47561.00 with a rise of 338 points, a trend of around Rs.47925 and December Silver opened at Rs.61632, fell from a high of Rs.61920 points to a low of Rs.61610, with a decline of 4 points, a trend of around Rs.61636.
Meanwhile, Minister of State for Finance Pankaj Chaudhary has said the net direct tax collection grew nearly 68 per cent during April 1 to November 23, 2021. He stated the Net Direct Tax Collection figures for the FY- 2021-22 as on November 23, 2021 are at Rs 6,92,833.6 crore showing a growth of 67.93 per cent and 27.29 per cent over the net collection figures for the corresponding period FY2020-21 and FY 2019-20.
The net collection between April 1 - November 23 in 2020-21 and 2019-20 fiscals was over Rs 4.12 lakh crore and over Rs 5.44 lakh crore respectively. The gross direct tax collection (before adjusting refunds) as of November 23 stood at over Rs 8.15 lakh crore, a 48.11 growth over the collections in the corresponding period in last fiscal.
Besides, he said that the gross GST collection in the current fiscal (April 2021-March'22) post Covid-19 outbreak is showing an increasing trend. The gross GST collection for full 2020-21 ended March 2021 was over Rs 11.36 lakh crore, while the same in the current fiscal till October stood at Rs 8.10 lakh crore.
Technically, the important key resistances are placed in Nifty future are at 17088 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 17188 – 17202 levels. Immediate support is placed at 16960 – 16888 levels.
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