Dear
Trader…
Indian
equity benchmarks ended Thursday’s volatile session with over half percent
losses amid selling in the domestic equity market. Traders were worried as
private report stated that the government’s strategic divestment plans for the
fiscal year 2021-22 has slowed down due to the second wave of COVID-19. During
the Budget presented in February, the government set an ambitious disinvestment
target of Rs 1.75 lakh crore for FY22.
On the
global front, Asian markets were trading mixed after minutes showed some
Federal Reserve officials contemplating a wind-down of its vast monetary easing
measures, while optimism remained buoyed by the outlook for the economic
recovery.
Nifty
futures opened at 15059.45 points against the previous close of 15040.00 and
opened at a low of 14911.65 points. Nifty Future closed with an average
movement of 173.20 points and a decline of around 121.45 points and 14938.00
points .. !!!
On the NSE,
the midcap 100 index will decline 0.08% and smallcap 100 index is closing
decline 0.17%. Speaking of various sectoral indices, the NSE saw gains in PSU
bank and realty stocks, while all other sectoral indices closed lower.
At the start
of intra-day trading, June gold opened at Rs.48598, fell from a high of
Rs.48619 points to a low of Rs.48269, with a decline of 256 points, a trend of
around Rs.48418 and July Silver opened at Rs.72199, fell from a high of
Rs.72471 points to a low of Rs.71532, with a decline of 319 points, a trend of
around Rs.72055..!!
Meanwhile,
Minister of State for Chemicals and Fertilisers Mansukh L Mandaviya has said
that the government is monitoring the supply of various ‘protocol drugs’ like
Remdesivir, Enoxaparin, MethylPrednisolone, Dexamethasone, Tocilizumab and
Ivermectin used in the treatment of COVID-19. Besides, supply of other drugs
like Favipiravir, Amphotericin and Apixamab is also being monitored. He noted
that all drugs used in the management of COVID-19 were now available in India
by ramping up production and increasing the imports. The availability of these
drugs is being monitored by implementing a three-pronged strategy of supply
chain management, demand-side management and affordability.
The minister
has stated that the Central Drugs Standard Control Organisation (CDSCO) and the
National Pharmaceutical Pricing Authority (NPPA) are coordinating with
manufacturers to enhance production and getting data about current stock,
current capacities, projected production for May 2021. He noted that the number
of plants producing Remdesivir has been increased from 20 to 60, resulting in
three times more availability in just 25 days.
Technically, the important key resistances are placed at 14808 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 15008 – 15088 levels. Immediate support is placed at 14737 – 14676 levels.
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