Dear Trader…
Firm trade continued over the Dalal Street in today deals, with both Sensex and Nifty holding notable gains, despite negative cues from other Asian markets. Sentiments remained optimistic as Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said that the world currently is looking at India with great confidence.
He said this trust has developed after 8 years of painstakingly building up India’s story. He said structural reforms have been the core agenda of the government, helping us to lay the building blocks for the future. However, upside remained capped amid a private report stating that India suffered an income loss of USD 159 billion, 5.4 per cent of its gross domestic product, in the service, manufacturing, agriculture, and construction sectors due to extreme heat in 2021.
Nifty futures opened at 17588.00 points against the previous close of 17540.70 and opened at a low of 17495.00 points. Nifty Future closed with an average movement of 170.50 points and a rise of around 34.20 points and 17574.90 points...!!
On the NSE, the midcap 100 index will decline 0.68% and smallcap 100 index is closing decline 0.14%. Speaking of various sectoral indices only PSU Bank, PVT Bank, Financial Services and realty stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, December gold opened at Rs.50069, fell from a high of Rs.50094 points to a low of Rs.49808 with a decline of 108 points, a trend of around Rs.50035 and December Silver opened at Rs.56337, fell from a high of Rs.56497 points to a low of Rs.55591, with a decline of 871 points, a trend of around Rs.55782.
Meanwhile, the Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 1694211 new jobs in the month of August 2022.
As per the report, the maximum jobs were created in the age bracket of 22-25 and in this bracket the top sectors which have created more fresh jobs include Expert Services; Trading-Commercial Establishments; Establishment Engaged in Manufacture, Marketing Servicing; Engineers- Engineering Contractors; Building & Construction Industry; Financing Establishment and Hospitals. In the similar age bracket, Maharashtra was the first among the States to create maximum payroll, followed by Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi.
According to the data report, 6540 new jobs were created in less than 18 age group category, while 344060 jobs in 18-21 age group category. Further, 22-25 age, 26-28 age, 29-35 age and more than 35 age group category witnessed 438442, 240327, 350506 and 314336 new payrolls, respectively in August.
Technically, the important key resistances are placed in Nifty future are at 17606 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 17676 – 17707 levels. Immediate support is placed at 17474 – 17373 levels.
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