Dear Trader…
Snapping two day sharp rally, Indian equity markets ended the Monday’s trade in red terrain with a percent cut as continued conflict in Ukraine pushed oil prices higher. Crude prices past $110 a barrel mark, blowing fears of higher inflation. Markets made slightly positive opening as some support came in as India's collection from tax on personal and corporate income jumped over 48 per cent in the current fiscal after a 41 per cent surge in advance tax payments, mirroring sustained economic recovery in a year that witnessed two waves of coronavirus infections.
Soon, markets pared gains to enter into red terrain as traders turned cautious as according to the latest data from the RBI, the country’s foreign exchange reserves declined $9.646 billion to $622.275 billion in the week ended March 11. Traders paid no heed towards European and International Affairs Alexander Schallenberg’s statement that 'huge business opportunities exist for India and Austria to enhance bilateral trade and investments. The bilateral trade between the two countries has crossed $ one billion and it shows what kind of potential we have'.
Key gauges extended losses in second half of the day to end near intraday lows as sentiments dampened after retail inflation for farm workers and rural labourers rose to 5.59 per cent and 5.94 per cent respectively in February, mainly due to higher prices of certain food items.
Nifty futures opened at 17332.20 points against the previous close of 17322.05 and opened at a low of 17130.65 points. Nifty Future closed with an average movement of 261.45 points and a decline of around 154.20 points and 17167.85 points...!!
On the NSE, the midcap 100 index will decline 0.28% and smallcap 100 index is closing rise 0.23%. Speaking of various sectoral indices, the NSE saw gains in only Metal, Media and Pharma stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, April gold opened at Rs.51430, fell from a high of Rs.51545 points to a low of Rs.51350 with a rise of 73 points, a trend of around Rs.51520 and March Silver opened at Rs.68120, fell from a high of Rs.68336 points to a low of Rs.67908, with a rise of 337 points, a trend of around Rs.68213.
Meanwhile, Commerce and Industry Minister Piyush Goyal has said India's merchandise exports have reached almost $390 billion as of March 14 and will cross $400 billion in the current financial year (FY22).
Goyal also said the auto components industry has, for the first time, recorded a trade surplus of $600 million. He urged automakers to buy local products and substitute imports. He pointed out that India could no longer afford to be closed and protective but will have to open up domestic markets.
Further, he asked the auto industry to invest more in R&D (research and development), especially e-mobility, set higher benchmarks for performance and aspire to take five Indian companies in top-50 global automotive suppliers club.
Technically, the important key resistances are placed in Nifty future are at 17232 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 17272 – 17303 levels. Immediate support is placed at 17007 – 16808 levels.
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