Dear Trader…
Extending the losing run to the third consecutive day, Indian equity benchmarks ended with losses of over half percent on Wednesday, dragged by heavy selling pressure in IT, Realty and Industrials stocks. Benchmark indices opened in green as traders took some support with Union Minister for Commerce and Industry Piyush Goyal’s statement that India's exports rose to a record high of $421.8 billion during the financial year ended March 2022 despite the COVID-19 pandemic and global supply chain disruption and the shipment may surge to $1 trillion by 2030.
Markets extended losses in late afternoon deals, as some pessimism also came in with report that India was ranked at the 54th place in a global travel and tourism development index, down from 46th in 2019, but still remained on the top within South Asia. Traders also took a note EEPC India stating that export of engineering goods to CIS countries including Russia and Ukraine fell the most year-on-year during April 2022, while that to North America registered the highest growth during this period. As per the region-wise data, exports to CIS countries slumped to $25.1 million in April 2022 from $90 million in the same month last year.
Nifty futures opened at 16168.05 points against the previous close of 16104.70 and opened at a low of 15982.00 points. Nifty Future closed with an average movement of 239.35 points and a decline of around 86.70 points and 16018.00 points...!!
On the NSE, the midcap 100 index will decline 2.45% and smallcap 100 index is closing decline 3.46%. Speaking of various sectoral indices, the NSE saw gains in only Financial Services, Bank and PVT Bank stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, June gold opened at Rs.51109, fell from a high of Rs.51132 points to a low of Rs.50906 with a decline of 206 points, a trend of around Rs.50951 and May Silver opened at Rs.61996, fell from a high of Rs.62070 points to a low of Rs.61230, with a decline of 488 points, a trend of around Rs.61488.
Meanwhile, Union Minister Piyush Goyal has said that there is need to focus more on services sector exports and added that it can help boost the country's overall exports further. He also called for the government and the businesses to support each other. He also said the presence of India has been very very noticeable this time in Davos. Referring to the challenges posed by the COVID pandemic, He said that ‘despite supply chains having been strained amid global challenges, we have done exceedingly well in terms of exports and other parameters’.
According to him, a record level of $250 billion of exports came without hospitality and some other key sectors and an extra focus on services sector can help improve the export growth much more. He added that India now needs to look at value-added exports. It is important to bring jobs to the country. He said ‘logistics is one cost where the government is very seriously looking at and if there are any other concerns, the industry may have, we are open to look at each of those’.
Technically, the important key resistances are placed in Nifty future are at 16106 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 16160 – 16202 levels. Immediate support is placed at 15933 – 15888 levels.
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