Dear Trader…
Indian equity benchmarks bounced back strongly after two sessions of sharp losses amid positive global cues as concerns about the Omicron corona virus variant eased. Markets opened a day with good gap and managed to hold its bullish stream throughout day, as traders took encouragement with a private report that Indian economy is showing strong signs of recovery from the devastation caused by the pandemic, with an upswing being reported in 19 out of the 22 economic indicators as compared to the pre-Covid levels.
Benchmarks extended gains in late afternoon session, taking support from Minister of State for Finance Pankaj Chaudhary’s statement that India currently has the fourth largest foreign exchange reserves in the world. Some solace also came as the government said it is taking all steps to strengthen the National Company Law Tribunal (NCLT) to reduce delays in disposal of cases under the insolvency law.
Nifty futures opened at 17053.80 points against the previous close of 16957.15 and opened at a low of 17016.60 points. Nifty Future closed with an average movement of 292.35 points and a rise of around 265.85 points and 17223.00 points...!!
On the NSE, the midcap 100 index will rise 1.29% and smallcap 100 index is closing rise 1.14%. Speaking of various sectoral indices, the NSE saw heavy gains in Metal, PVT Bank, Bank and Financial Services stocks, while all other sectoral indices also closed higher.
At the start of intra-day trading, February gold opened at Rs.47907, fell from a high of Rs.48080 points to a low of Rs.47790 with a rise of 143 points, a trend of around Rs.48057 and March Silver opened at Rs.61236, fell from a high of Rs.61690 points to a low of Rs.61167, with a rise of 362 points, a trend of around Rs.61632.
Meanwhile, Healthcare industry body NATHEALTH has urged the government to allocate funds to introduce medical education programmes that can address the shortage of skilled healthcare manpower in the country. As part of its Budget wishlist, it also sought development of hospitals in smaller towns with adequate infrastructure to take care of patient needs.
NATHEALTH Senior Vice President Harsh Mahajan said ‘in the aftermath of COVID, it is imperative to build infrastructural capabilities so that people can access quality and critical healthcare services. The pandemic has made us realise the need of equipping hospitals in tier 2 and 3 towns with adequate infrastructure such as diagnosis centres, ventilators and oxygen plants through increased budget outlay and greater investments.’ He said this will also add up in creating employment opportunities.
Besides, he said the sector has not been able to derive the benefits of the GST transition. He said in fact, the embedded taxes in the sector have increased in the post-GST regime compared to pre-GST scenario. Therefore, he said it is imperative to rationalise GST to unlock embedded credit trapped in the healthcare value chain.
Technically, the important key resistances are placed in Nifty future are at 17303 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 17373 – 17404 levels. Immediate support is placed at 17188 – 17170 levels.
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