Dear
Trader…
The Indian
equity markets have witnessed a splendid day of trade amid the follow-up buying
in the benchmark index. The across-board buying participation provided the
much-needed impetus to levitate the market sentiments. Amidst the action-packed
day, Nifty Future surged consecutively for the second time in the week and
concluded the session a tad above 18199.15, procuring 0.61 percent.
There have
been contributions across the board, wherein the significant benefactors that
boosted the bullish sentiments were from the Metal space. Looking at the recent
developments, the undertone is likely to remain bullish, wherein any dip could
be seen as a buying opportunity. Meanwhile, we advocate to keep Identifying apt
themes and potential movers within the same that are likely to provide better
trading opportunities and stay abreast with global developments.
Nifty futures
opened at 18112.00 points against the previous close of 18088.80 and opened at
a low of 18071.10 points. Nifty Future closed with an average movement of 153.50
points and a rise of around 110.35 points and 18199.15 points…!!
On the NSE,
the midcap 100 index will rise 0.52% and smallcap 100 index is closing rise 0.06%.
Speaking of various sectoral indices only PSU Bank and Auto stocks were seen
selling on the NSE, while all other sectoral indices closed higher.
At the start
of intra-day trading, February gold opened at Rs.56303, fell from a high of Rs.56450
points to a low of Rs.56122 with a rise of 71 points, a trend of around Rs.56423
and March Silver opened at Rs.69369, fell from a high of Rs.69669 points to a
low of Rs.69087, with a rise of 376 points, a trend of around Rs.69562.
After making a
cautious start, key gauges gained traction as traders took encouragement with
the Reserve Bank of India’s (RBI) report stating that states’ gross fiscal
deficit (GFD) is budgeted to decline from 4.1 per cent of gross domestic
product (GDP) in Covid-hit 2020-21 to 3.4 per cent of GDP in 2022-23 showing
improvement in their fiscal health. It stated the fiscal health of the states
has improved from a sharp pandemic-induced deterioration in 2020-21 on the back
of a broad-based economic recovery and resulting high revenue collections.
Sentiments
remained up-beat with a private report that nearly six in 10 corporate heads in
India (57 per cent) are optimistic about the country’s growth prospects in 2023
in the face of a global slowdown, as well as inflationary and geopolitical
concerns. Some support also came with report that the ongoing negotiations of
India for the proposed comprehensive free trade agreements with the UK and
European Union (EU) are on track and the next round of talks with both the
regions will happen soon.
Meanwhile, the
World Economic Forum in its Chief Economists Outlook survey said that a global
recession is likely in 2023, but pressures on food, energy and inflation may be
peaking. It added at the same time, some economies in the South Asia region,
including Bangladesh and India, may bennet from global trends such as a
divarication of manufacturing supply chains away from China.
Technically, the important key resistances are placed in Nifty future are at 18303 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 18404 – 18474 levels. Immediate support is placed at 18108 – 18088 levels.
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