Dear Trader…
Indian equity benchmarks ended lower for fourth session in a row on Wednesday, tracking losses in index majors Bajaj Finance, Bajaj Finserv, ITC and TCS. After making cautious start, frontline indices slipped into red terrain, as traders got anxious as Asian Development Bank (ADB) for the second time in three months scaled down India’s growth estimate for the fiscal year ending March 2022 due to supply chain issue of industries. It has pegged India’s growth estimate at 9.7% for the current fiscal in its latest supplement. It had projected a growth rate of 10% in its September supplement.
However, key indices have recouped some of its losses in late afternoon deals, taking support from the government data showing that India's merchandise exports jumped 27.16 per cent to $30.04 billion in November on the back of good performance by sectors like petroleum products, engineering goods and electronic items.
Nifty futures opened at 17325.00 points against the previous close of 17355.05 and opened at a low of 17217.00 points. Nifty Future closed with an average movement of 162.50 points and a decline of around 107.40 points and 17247.65 points...!!
On the NSE, the midcap 100 index will decline 0.58% and smallcap 100 index is closing decline 0.39. Speaking of various sectoral indices, the NSE saw gains in only Auto stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, February gold opened at Rs.48039, fell from a high of Rs.48147 points to a low of Rs.47950.00 with a rise of 45 points, a trend of around Rs.48117 and March Silver opened at Rs.60733, fell from a high of Rs.60828 points to a low of Rs.60535, with a decline of 120 points, a trend of around Rs.60698.
Meanwhile, Union Minister of Commerce and Industry Piyush Goyal has called upon fellow Ministers of neighbouring countries to work together to transform the subcontinent and said India is becoming the global hub for innovation with the third-largest startup ecosystem. Further, he called for enhancing India's economic ties with the nations of the Southern African Customs Union which consists of Botswana, Namibia, South Africa, Swaziland and Lesotho.
He said India is looking for Free trade Agreements (FTAs) with like-minded nations with transparency and mutual benefit and growth as key pillars. He mentioned that India is also reviewing existing Free trade Agreements (FTA) with ASEAN, Japan, Korea to strengthen them and forging enhanced trade alliances with countries like UAE, EU, UK, Israel, Australia, Canada, Russia, Oman and the GCC.
Besides, he said that during the COVID-19 pandemic, India has emerged as a source of resilience and a trusted Partner and added that India had tried to the best of its ability to meet all its international service commitments. He also assured that India would continue helping nations in need as India intrinsically believed in brotherhood, partnership and the need to work together to solve problems collectively. He added that India had focussed on its neighbourhood during the pandemic and stood ready to support all its friends with vaccines and medical supplies.
Technically, the important key resistances are placed in Nifty future are at 17270 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 17303 – 17373 levels. Immediate support is placed at 17202 – 17188 levels.
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