Dear Trader…
Mirroring other Asian markets, Indian equity markets maintained their upward momentum in the Today's session, following gains in Energy, Healthcare and Realty stocks. Healthy buying was observed in blue-chip stocks like Bajaj Finance, Reliance Industries and Tech Mahindra. On the sectoral front, auto stocks were in focus as automobile retail sales crashed 55 percent in May compared to April as the COVID-19 lockdowns imposed across several states crippled vehicle offtake. Total vehicle retails (including tractors) during May fell to 535,855 units from 1.18 million units sold in April, as per data shared by the Federation of Automobile Dealer Association (FADA).
Nifty futures opened at 15682.20 points against the previous close of 15660.25 and opened at a low of 15656.95 points. Nifty Future closed with an average movement of 110.85 points and a rise of around 92.85 points and 15753.10 points .. !!!
On the NSE, the midcap 100 index will rise 1.57% and smallcap 100 index is closing rise 1.61%. Speaking of various sectoral indices, only auto stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, August gold opened at Rs.49018, fell from a high of Rs.49037 points to a low of Rs.48811, with a decline of 286 points, a trend of around Rs.48838 and July Silver opened at Rs.71500, fell from a high of Rs.71570 points to a low of Rs.71257, with a decline of 389 points, a trend of around Rs.71495..!!
Meanwhile, the finance ministry in its monthly economic report said that quickening the pace and coverage of vaccination of people against COVID is critical for regaining growth momentum as economic activities are inextricably linked to the path of the pandemic. It said ‘As we cautiously recuperate from the second wave, rapidly improving vaccination delivery and frontloading the fiscal measures planned in the Union Budget hold key to invigorating the investment cycle in the coming quarters’.
Regarding the impact of the second COVID wave, the report said that with state-level lockdown restrictions being more adaptive to learnings from the first wave, manufacturing and construction are expected to experience a softer economic shock in the current quarter. The report emphasised that quickening the pace and coverage of vaccination is critical to help India heal and regain the momentum of economic recovery.
It said continued vigilance in terms of pandemic preparedness, upscaling health spending and health infrastructure, faster rollout of vaccines and vaccination, investing in research and development to guard against possible mutants of the virus, prudent and pre-emptive restrictions, and strict observance of COVID-appropriate behaviour are essential to maintain the delicate balance of lives and livelihoods.
Technically, the important key resistances are placed in Nifty future are at 15797 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 15808 – 15838 levels. Immediate support is placed at 15676 – 15606 levels.
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