Dear Trader…
Indian equity benchmarks extended their gains for the sixth consecutive session and ended over half a percent higher on Friday led by gains in Banking, Basic Materials and FMCG stocks. Key gauges made positive start and stayed in green for whole day, as provisional data available on the NSE showed that Foreign institutional investors (FIIs) have net purchased shares worth Rs 1,799.32 crore, continuing buying for the fourth consecutive session on July 21. However, key gauges trimmed some gains in late morning deals, as traders turned cautious with the FICCI’s quarterly survey showed that the Indian economy is expected to expand 7% in fiscal 2022/23, slower than a previous estimate of 7.4% and the central bank's 7.2% projection.
But, markets gained traction in late afternoon deals, as some optimism remained among traders with Reserve Bank Governor Shaktikanta Das’ statement that the RBI was confident of achieving its growth-inflation aim of ensuring a soft landing for the economy, 'where inflation is brought down closer to the target of 4 percent over a period of time. At the same time, the growth sacrifice is within manageable limits'. Meanwhile, capital markets regulator Sebi has proposed a regulatory framework for the online bond platforms that are selling listed debt securities.
Nifty futures opened at 16631.10 points against the previous close of 16597.50 and opened at a low of 16611.00 points. Nifty Future closed with an average movement of 146.50 points and a rise of around 125.00 points and 16722.50 points...!!
On the NSE, the midcap 100 index will rise 0.01% and smallcap 100 index is closing rise 0.37%. Speaking of various sectoral indices only and Pharma stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, August gold opened at Rs.50385, fell from a high of Rs.50700 points to a low of Rs.50315 with a rise of 214 points, a trend of around Rs.50589 and September Silver opened at Rs.55435, fell from a high of Rs.55675 points to a low of Rs.55223, with a rise of 71 points, a trend of around Rs.55482.
Meanwhile, Asian Development Bank (ADB) in its supplement to the Asian Development Outlook (ADO) for 2022 said that it has lowered the economic growth forecast for India for current financial year (FY23) to 7.2 per cent, with impacts of COVID-19 and Russia-Ukraine war getting exacerbated by high inflation. In April, it had forecast the Indian economy to grow by 7.5 per cent.
It also revised downwards the economic growth in fiscal ended March 2022 to 8.7 per cent from 8.9 per cent estimated earlier. It stated India’s GDP (Gross Domestic Product) growth moderated to 4.1 per cent in Q4 of fiscal year ended March 2022 on disappointing growth in private consumption and a contraction in manufacturing.
Besides, for the South Asian region, it has lowered the growth forecast from 7 per cent to 6.5 per cent for 2022 and from 7.4 per cent to 7.1 per cent for 2023 mainly due to the economic crisis in Sri Lanka and high inflation and associated monetary tightening in India.
Technically, the important key resistances are placed in Nifty future are at 16808 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 16888 – 17007 levels. Immediate support is placed at 16606 – 16474 levels.
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