Dear Trader…
Markets traded volatile for yet another session and lost over half a percent. After the initial positivity, the Nifty index pared all its gains as the session progressed and finally settled at 17718.35; down by 0.5%. Markets will first react to the Fed meet outcome in early trades on Thursday. Besides, the scheduled weekly expiry would add to the volatility. Amid all, indications are in the favour of further consolidation so we suggest traders to stay light and focus more on the risk management part.
Meanwhile, Sentiments were weak as the Asian Development Bank (ADB) has slashed India's economic growth projection for 2022-23 to 7 per cent from 7.2 per cent earlier, citing higher than expected inflation and monetary tightening. However, downside remained capped as Commerce and Industry Minister Piyush Goyal said that the government is working to extend incentives under the production linked incentive (PLI) scheme to more sectors.
Nifty futures opened at 17776.35 points against the previous close of 17825.65 and opened at a low of 17664.45 points. Nifty Future closed with an average movement of 179.90 points and a decline of around 85.65 points and 17740.00 points...!!
On the NSE, the midcap 100 index will decline 0.74% and smallcap 100 index is closing decline 1.03%. Speaking of various sectoral indices, the NSE saw gains in only FMCG stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, October gold opened at Rs.49189, fell from a high of Rs.49569 points to a low of Rs.49114 with a rise of 318 points, a trend of around Rs.49493 and December Silver opened at Rs.56578, fell from a high of Rs.57365 points to a low of Rs.56481, with a rise of 983 points, a trend of around Rs.57326.
Meanwhile, the commerce ministry is likely to release the new five-year foreign trade policy (FTP) on September 29, 2022 with a view to promoting the country's outbound shipments. The current foreign trade policy (2015-20) is in force till September 30, 2022.
On March 31, 2020, the government extended this policy for one year till March 31, 2021, due to the COVID-19 outbreak. It was again extended till the end of September this year. In the policy, the government announces support measures for both goods and services exporters. Districts as an Export Hubs scheme are expected to be part of that document.
Under the scheme, the aim is to initially focus on a certain number of districts which have products that are scalable and hold huge export potential. The country's exports rose by 17.68 per cent to $ 193.51 billion, while imports grew by 45.74 per cent to $318 billion during the April-August period this fiscal. The trade deficit has widened to $ 124.52 billion from $ 53.78 billion in April-August 2021.
Technically, the important key resistances are placed in Nifty future are at 17808 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 17888 – 18008 levels. Immediate support is placed at 17676 – 17606 levels.
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