Dear
Trader…
Domestic
indices showed strength on the day of monthly/yearly derivatives expiry with
broad based buying visible across various sectors. Also rebalancing of NSE
indices led to strong momentum in the last hour of the session. Nifty future
opened positive and remained strong throughout the day to finally close with
gains of 93 points (+0.55%) at 17064 levels.
Indian
equities have been consolidating in range for last few days. Easing concern
over banking crisis and FIIs turning net buyers after being seller for last two
weeks improved the sentiments. Volatility too cooled off sharply by 9% at
13.6%, thus providing some comfort. Domestic market will remain close on
Thursday on the occasion of Ram-Navmi. On Friday, investors would react to UK
GDP data while await release of US GDP data later that day, which could provide
some cues towards Fed future course of action.
Nifty futures
opened at 17090.00 points against the previous close of 17072.80 and opened at
a low of 17052.00 points. Nifty Future closed with an average movement of 187.00
points and a rise of around 140.30 points and 17213.10 points…!!
On the NSE,
the midcap 100 index will rise 1.54% and small cap 100 index is closing rise
1.73%. Speaking of various sectoral indices, PSU Bank, Media, Realty and Metal stocks
saw heavy gains on the NSE, while all other sectoral indices also closed
higher.
At the start
of intra-day trading, April gold opened at Rs.58918, fell from a high of Rs.59074
points to a low of Rs.58747 with a decline of 22 points, a trend of around Rs.59020
and May Silver opened at Rs.70444, fell from a high of Rs.70740 points to a low
of Rs.70186, with a decline of 71 points, a trend of around Rs.70513.
Meanwhile, India
is expected to be one of the major beacons of economic growth in the calendar
year 2023, driven by strong domestic demand and government expenditure, said
KPMG in its Global Economic Outlook report. This despite a sluggish growth of
4.4 per cent during the last quarter of calendar year 2022 as compared to 6.3
per cent in Q3 2022, the report said.
The RBI is
focused on the withdrawal of accommodation aimed at controlling inflation, with
policy repo rates hiked six times since May 2022. According to the report, core
inflation is expected to be affected by the continued transfer of input costs
to output prices, particularly in the services sector. However, input costs and
output prices are expected to ease in the manufacturing sector.
Taken
together, the RBI projects inflation at 6.5 per cent for 2022-23 and 5.3 per
cent for 2023-24. A robust domestic demand and favorable government initiatives
are expected to help India remain as one of the fastest growing major economies
globally. However, external challenges, such as a slowdown in the global
economy and monetary tightening in advanced economies, are factors that could
affect the country’s growth, KPMG said.
Technically, the important key resistances are placed in Nifty future are at 17303 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 17373 – 17404 levels. Immediate support is placed at 17170 – 17107 levels.
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