Dear Trader…
Indian equity benchmarks ended with notable gains on Tuesday. Indices made an optimistic start, as sentiments got boost with a private report stating that during the April-July period, the central government achieved more than a third of the direct tax collection for this financial year as personal tax collection exceeded corporation tax mop-up amid tightened enforcement and compliance measures. Overall direct tax collections, net of refunds, including corporation and personal income tax, grew by 40 per cent in the first four months of FY23 to Rs 5 trillion, which is nearly 35 per cent of the target of Rs 14.2 trillion for the whole fiscal year.
Traders remained optimistic during the day, as the commerce ministry in its latest data has said that India’s merchandise exports rose 2.14 per cent to $36.27 billion in July 2022 as compared to $35.51 billion in July 2021. Merchandise imports in July 2022 were $66.27 billion, which is an increase of 43.61 per cent over imports of $46.15 billion in July 2021.
Positive trade continued over the Dalal Street for the entire trading session, after India’s inflation based on wholesale price index (WPI) eased to 13.93% in the month of July 2022 as against 15.18% in June, as prices of food articles, nonfood articles and crude petroleum & natural gas declined.
Nifty futures opened at 17895.00 points against the previous close of 17713.05 and opened at a low of 17780.20 points. Nifty Future closed with an average movement of 114.80 points and a rise of around 146.25 points and 17859.30 points...!!
On the NSE, the midcap 100 index will rise 1.45% and smallcap 100 index is closing rise 0.95%. Speaking of various sectoral indices only PSU Bank and Media 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.52265, fell from a high of Rs.52265 points to a low of Rs.51809 with a decline of 690 points, a trend of around Rs.51895 and September Silver opened at Rs.58501, fell from a high of Rs.58501 points to a low of Rs.57541, with a decline of 1545 points, a trend of around Rs.57731.
Meanwhile, India’s inflation based on wholesale price index (WPI) eased to 13.93% in the month of July 2022 as against 15.18% in June, as prices of food articles, nonfood articles and crude petroleum & natural gas declined.
Component wise, primary articles index, having weight of 22.62%, declined by 2.69% to 177.5 (provisional) in July, 2022 from 182.4 (provisional) for the month of June, 2022. Prices of Minerals increased in July 2022 as compared to June 2022. Prices of Food Articles, Nonfood Articles and Crude Petroleum & Natural Gas declined in July 2022 as compared to June 2022.
Fuel & Power index, having weight of 13.15%, increased by (6.56%) to 165.6 (provisional) in July 2022 from 155.4 (provisional) for the month of June 2022, as prices of mineral oils and electricity increased in July 2022 as compared to June 2022.
Besides, Manufactured Products constituting the major portion of the index with weight of 64.23%, declined by 0.42% to 143.1 (provisional) in July 2022 from 143.7 (provisional) for the month of June 2022. Meanwhile, for the month of May, 2022 the final Wholesale Price Index and inflation rate for 'All Commodities' (Base: 2011-12=100) stood at 155.0 and 16.63 % respectively.
Technically, the important key resistances are placed in Nifty future are at 17909 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 17939 – 18008 levels. Immediate support is placed at 17808 – 17676 levels.
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