Dear Trader…
Indian stock markets continued to trade in positive terrain in the today session due to buying in consumer durables, healthcare and realty stocks. Buying in frontline stocks such as Bharti Airtel, Ultratech Cement and HDFC were aiding sentiment, while selling in ITC, Indusind Bank and Infosys kept the gains in the markets in check. Sentiments remained positive with Commerce and industry Minister Piyush Goyal’s statement that the free trade agreement between India and the UAE has opened huge opportunities and businesses of both countries should look at taking the bilateral trade to $250 billion by 2030.
Meanwhile, Russian Foreign Minister Sergey Lavrov is likely to visit India this week and the key focus is expected to be discussions on a payment system for New Delhi's procurement of oil and military hardware from Moscow. It would be the highest-level visit from Russia to India after Moscow launched its military offensive against Ukraine on February 24. On the global front, Asian markets were trading mostly higher amid prospect of more cease-fire talks between Russia and Ukraine.
Nifty futures opened at 17350.00 points against the previous close of 17268.95 and opened at a low of 17269.40 points. Nifty Future closed with an average movement of 120.60 points and a rise of around 119.60 points and 17388.55 points...!!
On the NSE, the midcap 100 index will rise 0.41% and smallcap 100 index is closing rise 0.34%. Speaking of various sectoral indices only Media, PSU Bank, Auto and FMCG stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, February gold opened at Rs.51342, fell from a high of Rs.51383 points to a low of Rs.50354 with a decline of 1075 points, a trend of around Rs.50496 and March Silver opened at Rs.67890, fell from a high of Rs.67977 points to a low of Rs.65299, with a decline of 2128 points, a trend of around Rs.65977.
Meanwhile, Former finance minister P Chidambaram has raised doubts over high Gross domestic product (GDP) growth projections for 2022-23 in Union Budget, and said these number are not credible. He said ‘I am cautioning the government that you (will) not get 8 per cent, 9 per cent or 9.5 per cent GDP growth. The world is going through a churning. IMF has lowered growth rate (projections) for all countries by 0.5 per cent to 2 per cent, I think we must settle for lower growth rate. We must achieve that lower growth rate.’
Chidambaram urged Finance Minister Nirmala Sitharaman that she must reassess these growth projections and tell the House about the more realistic nominal and real GDP growth numbers. He also suggested that lower growth rate can be achieved only if the government encourages private savings, household savings and fine ways to channelise that into private investment. It is a difficult year ahead and requires sound tax policies, financial management and economic management.
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 17272 – 17202 levels.
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