Dear Trader…
Indian equity benchmarks continued their weak trade in Today's session after the Reserve Bank of India (RBI) maintained status quo and left repo rate unchanged at 4 per cent, while the stance remained accommodative. Some anxiety also came as Reserve Bank lowered the country's growth projection for the current financial year to 9.5 percent from 10.5 percent estimated earlier, amid uncertainties created by the second wave of the coronavirus pandemic.
Nifty futures opened at 15714.95 points against the previous close of 15712.40 and opened at a low of 15654.00 points. Nifty Future closed with an average movement of 102.00 points and a decline of around 13.40 points and 15699.00 points .. !!!
On the NSE, the midcap 100 index will rise 0.72% and smallcap 100 index is closing decline 0.37%. Speaking of various sectoral indices, the NSE saw selling in Banking, Fin Service, FMCG and Pharma stocks, while all other sectoral indices closed higher.
At the start of intra-day trading, June gold opened at Rs.48631, fell from a high of Rs.48820 points to a low of Rs.48454, with a rise of 136 points, a trend of around Rs.48813 and July Silver opened at Rs.70710, fell from a high of Rs.71090 points to a low of Rs.70329, with a rise of 236 points, a trend of around Rs.71046..!!
Meanwhile, RBI has kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4.0 per cent. Consequently, the reverse repo rate under the LAF remains unchanged at 3.35 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 4.25 per cent.
The monetary policy committee (MPC) of RBI also decided to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.
On the economic growth front, real gross domestic product (GDP) growth is now projected at 9.5 percent in 2021-22, consisting of 18.5 percent in Q1; 7.9 percent in Q2; 7.2 percent in Q3; and 6.6 per cent in Q4:2021-22. On the inflation front, CPI inflation is projected at 5.1 percent during 2021-22: 5.2 per cent in Q1; 5.4 percent in Q2; 4.7 per cent in Q3; and 5.3 percent in Q4:2021- 22; with risks broadly balanced.
Technically, the important key resistances are placed in Nifty future are at 15777 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 15838 – 15909 levels. Immediate support is placed at 15474 – 15303 levels.
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