Dear Trader…
Extending rally for third straight session, Indian equity benchmarks ended the Thursday’s trade above their crucial 57,300 (Sensex) and 17,050 (Nifty) levels, as investors cheered to studies about omicron reduced risk of hospitalization and severe disease with omicron compared to delta. Traders took some support with report that the I-T department said income tax refunds of over Rs 1.44 lakh crore have been issued to 1.38 crore taxpayers so far this fiscal. This includes 99.75 lakh refunds of Assessment Year (AY) 2021-22 (fiscal ended March 31, 2021) amounting to Rs 20,451.95 crore.
Market participants also took some solace with MPC minutes released by the central bank showing that RBI Governor Shaktikanta Das pitched for continued policy support to nurture revival in sectors especially those which are exposed to the evolving headwinds in the wake of spread of Omicron variant of Covid.
Markets extended gains as additional support came after rating agency ICRA said that profitability of sugar, fertiliser and dairy sectors will remain stable in FY22, with only three months left to close the financial year 21-22.
Nifty futures opened at 17075.00 points against the previous close of 16973.35 and opened at a low of 17040.55 points. Nifty Future closed with an average movement of 109.45 points and a rise of around 85.65 points and 17059.00 points...!!
On the NSE, the midcap 100 index will rise 0.90% and smallcap 100 index is closing rise 1.27%. Speaking of various sectoral indices only Media and Metal 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.48268, fell from a high of Rs.48340 points to a low of Rs.48179 with a rise of 19 points, a trend of around Rs.48218 and March Silver opened at Rs.62273, fell from a high of Rs.62489 points to a low of Rs.62210, with a rise of 149 points, a trend of around Rs.62337.
Meanwhile, with an aim to formulate measures to improve ease of living, doing business and reduce the compliance burden, Commerce and Industry Minister Piyush Goyal has pitched for simplicity. He also called for the creation of a single identification number for businesses and individuals by merging several identification numbers that exist presently, such as Aadhaar, PAN and TAN, so that delivery of services becomes smoother and faster.
Goyal said government departments can take cues from the private sector which often makes things simpler for users. Citing an example, he said it is because of this simplicity that many people prefer to book their tickets on online platforms like MakeMyTrip rather than on IRCTC. He said ‘Simplicity is extremely important...Young boys and girls come in and make a system which is (so) easy to navigate that our whole complex mechanism becomes totally redundant...I am only trying to explain that simplicity is going to be very important going forward’.
Technically, the important key resistances are placed in Nifty future are at 17107 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 17177 – 17202 levels. Immediate support is placed at 16970 – 16808 levels.
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