Dear
Trader…
Nifty traded
sideways throughout the session to close marginally negative at 21689 levels
ahead of US inflation data and start of Q3FY24 earnings season from today.
Among the sectors, Oil and Gas, Consumer Durables, Auto, and PSU Bank were top
gainers today. Cement stocks witnessed fresh buying on the expectation of
improved demand ahead of the Union Election. Market on Friday would react to US
and China inflation data that will be released late today.
Also
domestically, Investors are likely to trade cautiously as India will release
inflation data on Friday. Hence, we expect the market to trade within the
current range, along with stock-specific actions. IT space is expected to be in
focus tomorrow as investors would react to TCS and Infosys Q3 results. Their
management commentary and guidance would provide an insight into the future
outlook for the sector.
Nifty
futures opened at 21758.10 points against the previous close of 21709.10 and
opened at a low of 21627.00 points. Nifty Future closed with an average
movement of 146.80 points and a decline of around 19.25 points and 21689.85
points…!!
On the NSE,
the midcap 100 index will rise 0.49% and smallcap 100 index is closing rise 0.58%.
Speaking of various sectoral indices only Media, IT, FMCG, Pharma, Metal and
Realty 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.62146, fell from a high of Rs.62235
points to a low of Rs.62077 with a rise of 204 points, a trend of around Rs.62200
and March Silver opened at Rs.72066, fell from a high of Rs.72320 points to a
low of Rs.72016.00 with a rise of 225 points, a trend of around Rs.72194.
Meanwhile, the
Indian government’s net direct tax collection has risen 19.4% year-on-year to
14.7 trillion rupees ($177.1 billion) in the ongoing financial year up to Jan.
10, according to a statement from the Ministry of Finance. India’s financial
year runs from April to March. The direct tax collection from April 1-Jan. 10
has helped the government to achieve about 81% of the budget target of 18.2
trillion rupees.
The figure
includes corporate tax and personal income tax, which grew 12.4% and 27.3%
year-on-year, respectively, according to the statement. The government did not
share the corporate and personal tax collection figures in absolute terms. During
the same period, the government’s gross tax collected, before adjusting for
refunds, was 17.2 trillion rupees, about 17% higher than last year. It issued
refunds worth 2.5 trillion rupees during the fiscal year, the statement said.
Technically, the important key resistances are placed in Nifty future are at 21707 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 21808 – 21880 levels. Immediate support is placed at 21606 – 21570 levels.
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