Dear
Trader…
Indian stock markets close in
positive terrain in today session due to buying in realty, auto, and banking
stocks. Buying in frontline stocks such as SBI, Maruti Suzuki and NTPC were
aiding sentiment, while selling in Ultratech Cement, Asian Paints and Power
Grid kept the gains in the markets in check. Sentiments got a boost with
Commerce and Industry Minister Piyush Goyal’s statement that the comprehensive
trade agreement between India and the UAE will help in creating huge job
opportunities and boost growth of the domestic economy.
The bilateral pact is expected to
increase the bilateral trade in goods to over $100 billion and trade in
services to over $15 billion within five years. However, upside remain capped
as Reserve Bank of India (RBI) data showed that India’s forex reserves declined
by $1.774 billion to $595.954 billion for the week ended May 6 on the back of a
fall in the core currency assets. On the global front, Asian markets were
trading mixed after shockingly weak data from China underlined the deep damage
lockdowns were doing to the world’s second-largest economy.
Nifty futures opened at 15832 points
against the previous close of 15786.60 and opened at a low of 15752.00 points.
Nifty Future closed with an average movement of 227.75 points and a rise of
around 78.40 points and 15865.00 points…!!
On the NSE, the midcap 100 index
will rise 1.25% and smallcap 100 index is closing rise 1.12%. Speaking of
various sectoral indices only IT, FMCG and Pharma stocks were seen selling on
the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, April
gold opened at Rs.49930, fell from a high of Rs.50118 points to a low of Rs.49572
with a rise of 197 points, a trend of around Rs.50070 and March Silver opened
at Rs.59437, fell from a high of Rs.60310 points to a low of Rs.59300, with a rise
of 923 points, a trend of around Rs.60255.
Meanwhile, Union Tourism and Culture
Minister G Kishan Reddy has said that the government is working towards a
comprehensive national tourism policy to give an impetus to the tourism
industry. He also urged the industry stakeholders to prepare a road map for the
development of the cruise tourism industry and asked them to create an action
plan on cruise tourism in a mission-mode.
Reddy said the government is taking
a slew of initiatives to promote river cruise tourism, which include river
front development, increasing the number of cruise ships to 1,000,
infrastructure development for water parks, among others. Calling for
international cruise operators to invest in the domestic cruise tourism
industry, he said that the government will facilitate all that is required to
set up business in India. He said ‘we need to concentrate both on domestic and
international tourism. This is high time we work together and explore the
potential of tourism in the country.’
The minister said that India would
be hosting the G23 Summit next year, during which some 120 conferences on
different subjects, including on cruise tourism, are expected to be organized
across various cities in the country, adding that, ‘we should utilize this
opportunity with proper branding.’
Technically, the important key resistances are placed in Nifty future are at 15979 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 16008 – 16060 levels. Immediate support is placed at 15676 – 15474 levels.
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