Dear Trader…
Bulls were holding a tight grip over the Dalal Street in today session, with both Sensex and Nifty closed near their intraday high points, aided by positive cues from other Asian markets. Domestic sentiments remained optimistic, amid private report that India is expected to surpass its tax collection goal by more than Rs 2 lakh crore ($24.3 billion) in the current fiscal year. Adding more comfort among traders, the prime minister Narendra Modi said India has become a major manufacturing hub and a new saga of economic reforms is being written in the country as his government's policies are 'stable, predictable and futuristic'.
On the global front, Asian markets were trading mostly in green, even after the manufacturing sector in China fell into contraction territory in October, the National Statistics Bureau said with a manufacturing PMI score of 49.2. That missed expectations for a reading of 50.0 and was down from 50.1 in September. It also slips beneath the boom-or-bust line of 50 that separates expansion from contraction.
Nifty futures opened at 17948.00 points against the previous close of 17830.20 and opened at a low of 17926.10 points. Nifty Future closed with an average movement of 135.65 points and a rise of around 224.70 points and 18054.90 points...!!
On the NSE, the midcap 100 index will rise 1.38% and smallcap 100 index is closing rise 0.13%. Speaking of various sectoral indices, Consumer Durables, IT, Auto, Financial Services, Oil & Gas and Pharma stocks saw heavy gains on the NSE, while all other sectoral indices also closed higher.
At the start of intra-day trading, December gold opened at Rs.50266, fell from a high of Rs.50447 points to a low of Rs.50161 with a rise of 159 points, a trend of around Rs.50389 and December Silver opened at Rs.57307, fell from a high of Rs.57799 points to a low of Rs.57097, with a rise of 124 points, a trend of around Rs.57604.
Meanwhile, Union Law and Justice Minister Kiren Rijiju has said that protection of jobs in India is a concern while safeguarding the environment during economic progress. He said the per capita GDP in India is still very less compared to other mid-level and developed nations.
The minister said ‘currently, the per capita GDP of India is 2,100 dollars and it is very less, but India as a whole, when we calculate, it's close to a 3.23 trillion dollar economy. It is the fifth largest economy (in the world). The international standard of development for 'middle-level countries' is a per capita income of $12,000. So, we have to reach the position of a middle-level country before attaining developed status. While climbing from 2,100 dollars to 12,000 dollars, you can imagine the impact on the environment and the growth which we would be embarking upon.’
Claiming that India is currently one of the fastest-growing economies in the world despite the global impact of the pandemic, Rijiju said the country has never seen such a growth rate in its history. He said India is not a mineral-rich nation, especially in the oil and gas sectors, as we import these, and added that the role of the judiciary is going to be extremely crucial in the growth and development of India.
Technically, the important key resistances are placed in Nifty future are at 18088 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 18108 – 18188 levels. Immediate support is placed at 17880 – 17808 levels.
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