Dear Trader…
Local equity benchmarks managed to keep their head above water in today deals with both Sensex and Nifty future were close above 59400 and 17700 levels, respectively. Buying was witnessed in Oil & Gas, Energy and Metal stocks, while selling was observed in TECK, IT and Healthcare stocks. Some support came as Foreign Institutional Investors (FIIs) remained net buyers in the capital market on Thursday as they purchased shares worth Rs 2,298.08 crore, exchange data showed.
However, upside remain capped as traders were worried as U.K. economy contracted in the second quarter of 2022, as the country’s cost-of-living crisis hit home. Gross domestic product fell 0.1% in the three months through June, a slightly better outcome than the 0.2% expected but a sharp drop from the 0.8% gain posted in the previous quarter. On the global front, Asian markets were trading mostly in green as investors considered whether easing inflation will enable the Federal Reserve to pivot to less aggressive interest-rate hike.
Nifty futures opened at 17675.00 points against the previous close of 17684.95 and opened at a low of 17621.00 points. Nifty Future closed with an average movement of 132.60 points and a rise of around 31.95 points and 17716.90 points...!!
On the NSE, the midcap 100 index will rise 0.73% and smallcap 100 index is closing rise 0.25%. Speaking of various sectoral indices only Media, Pharma, IT and FMCG stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, October gold opened at Rs.52382, fell from a high of Rs.52462 points to a low of Rs.52263 with a rise of 10 points, a trend of around Rs.52347 and September Silver opened at Rs.58498, fell from a high of Rs.58673 points to a low of Rs.58308, with a rise of 234 points, a trend of around Rs.58611.
Meanwhile, Finance Ministry in the notification has said that income tax payers will not be allowed to enroll in the government's social security scheme Atal Pension Yojana (APY) from October 1, 2022. The government introduced APY on June 1, 2015, to provide social security to workers mainly in the unorganised sector. Subscribers of the scheme get a minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month after attaining 60 years of age depending on their contributions.
The new notification will not apply to subscribers who have joined or joins the scheme before October 1, 2022. In case a subscriber, who joined on or after October 1, 2022, is subsequently found to have been an income tax payer on or before the date of application, the APY account shall be closed and the accumulated pension wealth till date would be given to the subscriber. Under the income tax law, people having taxable income of up to Rs 2.5 lakh are not required to pay income tax.
Currently, all Indian citizens between the age group of 18-40 years can join APY through bank or post office branches where one has the savings bank account. The government had co-contributed 50% of the total contribution or Rs 1,000 per annum, whichever is lower, to each eligible subscriber,
Technically, the important key resistances are placed in Nifty future are at 17777 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 17808 – 17838 levels. Immediate support is placed at 17606 – 17474 levels.
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