Dear Trader…
Indian equity benchmarks ended the Friday’s trade in red terrain as traders opted to book profit from three day consecutive gains. Soon after making a positive start markets entered into red terrain as trader remain concerned as the Federation of Indian Export Organisations (FIEO) said India’s exports growth may slow to 15-17.5% in FY23 but containment of Covid-19 through massive vaccination across the globe and creation of required capacity will be the decisive factors.
Traders also remained cautious, amid reports that the Indian hospitality industry, battered by the pandemic, is on alert mode but not panicking yet in the face of the Omicron variant threatening to derail prospects of winter holiday season business.
Markets extended losses as the Centre for Monitoring Indian Economy said that the outbreak of pandemic has led to an increase in the number of households with no earning members making them more vulnerable to the pandemic.
Nifty futures opened at 17150.00 points against the previous close of 17078.45 and opened at a low of 16920.00 points. Nifty Future closed with an average movement of 240.00 points and a decline of around 75.50 points and 17002.95 points...!!
On the NSE, the midcap 100 index will decline 1.05% and smallcap 100 index is closing decline 0.52. Speaking of various sectoral indices, the NSE saw gains in only IT stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, February gold opened at Rs.48185, fell from a high of Rs.48263 points to a low of Rs.48125.00 with a rise of 26 points, a trend of around Rs.48178 and March Silver opened at Rs.62320, fell from a high of Rs.62355 points to a low of Rs.62214, with a decline of 60 points, a trend of around Rs.62251.
Meanwhile, road transport and highways minister Nitin Gadkari said the government has issued an advisory to carmakers to introduce flexible-fuel engines in vehicles. Gadkari also said the government is working to encourage the use of green and alternative fuels.
He said ‘I signed a file on flex-fuel engines (to advise carmakers to manufacture flex-fuel engines). We have given them (carmakers) six months (to introduce flex-fuel engines in vehicles that can run on more than one fuel).’ Flex-fuel, or flexible fuel, is an alternative fuel made of a combination of gasoline and methanol or ethanol.
Further, he stated companies like TVS Motors and Bajaj Auto have already started producing flex-fuel engines for their two- and three-wheelers. Moreover, he said ‘Soon, four-wheeler vehicles will run on 100 per cent ethanol. So, we won't need petrol... And, the use of green fuel will save our money.’
Technically, the important key resistances are placed in Nifty future are at 17077 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 17107 – 17133 levels. Immediate support is placed at 16888 – 16808 levels.
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