Dear Trader…
Bulls strengthened grip on Dalal Street on Tuesday with Nifty reclaiming its crucial 17,200 mark, while Sensex ending near 57,900 mark. Markets started the day on an optimistic note as India’s exports in the first three weeks of December rose 36.20% on-year at $23.82 billion. Outbound shipments were 27.7% higher than the same period of 2019-20. Export excluding petroleum, oil and lubricants increased 28.08% over the corresponding period last year. Traders took note of a private report that spiralling prices pinched the pocket of consumer as edible oil, fuel and many other commodities turned dearer this year amid pandemic-induced disruptions but the inflationary pressure is anticipated to ease, though marginally, in the coming months.
In last leg of trade market witnessed a sudden fall and markets pares some of their profit after Delhi chief minister Arvind Kejriwal’s statement that yellow alert has been sounded in Delhi and some restrictions imposed under the Graded Response Action Plan (GRAP) in view of rising number of Covid cases in the city. But, the selling was short and markets fully recovered in dying hour of trade as traders continued to buy fundamentally strong stocks.
Nifty futures opened at 17175.00 points against the previous close of 17103.40 and opened at a low of 17160.50 points. Nifty Future closed with an average movement of 98.30 points and a rise of around 153.60 points and 17257.00 points...!!
On the NSE, the midcap 100 index will rise 1.18% and smallcap 100 index is closing rise 1.55%. Speaking of various sectoral indices, Auto, PSU Bank and IT stocks saw heavy saw gains on the NSE, while all other sectoral indices also closed higher.
At the start of intra-day trading, February gold opened at Rs.48300, fell from a high of Rs.48328 points to a low of Rs.48092 with a rise of 134 points, a trend of around Rs.48200 and March Silver opened at Rs.62436, fell from a high of Rs.62785 points to a low of Rs.62344, with a decline of 483 points, a trend of around Rs.62784.
Meanwhile, amid robust external demand for goods, the Commerce and industry ministry data has showed that India’s exports rose by 36.2 per cent to $23.8 billion during the first three weeks of December 2021 (during December 1-21), over the same period of 2020-21 ($17.49 billion). It was up by 27.70 per cent over the same period of 2019-20 ($18.65 billion).
Export of other items, excluding petroleum oil and lubricants, increased more than 28 per cent (December 1-21) over the same period of 2021 as well as 2020 and 2019. According to data, the value of exports grew by over a fourth to $7.36 billion during the third week of December as compared to the same time period of 2021. It was up 15.4 per cent during the same time period in 2020.
The pace of growth in exports was slower in November. Exports growth fell to 26.49 per cent in November from 43.05 per cent in the previous month. In terms of absolute value, it fell to $29.8 billion, the lowest in nine months. Besides, India aims to achieve a target of $400 billion in the current fiscal year, and has met nearly two-thirds of its annual export target during April-November.
Technically, the important key resistances are placed in Nifty future are at 17272 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 17303 – 17373 levels. Immediate support is placed at 17170 – 17077 levels.
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