Dear Trader…
Extending gains to a second straight session, Indian equity benchmarks closed at a near two-month high on Monday, amid across-the-board buying, with Capital Goods and Realty stocks in high demand. The markets started off the week on a strong note, as traders took encouragement with the National Statistical Office (NSO) in its first advance estimate indicated that the Indian economy remains on track to regain its position as the world's fastest-growing major economy and put the GDP expansion at a tempered 9.2 per cent this fiscal.
Benchmarks extended gains and were trading near the day's high in late afternoon deals, as sentiments’ were upbeat after a quarterly employment survey by the labour ministry released that total employment generated by nine select sectors stood at 3.10 crore in the July-September 2021 quarter, which is 2 lakh more than that of the April-June period.
Nifty futures opened at 17925.00 points against the previous close of 17854.30 and opened at a low of 17905.20 points. Nifty Future closed with an average movement of 153.10 points and a rise of around 200.65 points and 18054.95 points...!!
On the NSE, the midcap 100 index will rise 0.84% and smallcap 100 index is closing rise 1.28%. Speaking of various sectoral indices, PSU Bank, Media, Realty and Auto 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.47394, fell from a high of Rs.47490 points to a low of Rs.47301 with a rise of 27 points, a trend of around Rs.47479 and March Silver opened at Rs.60404, fell from a high of Rs.60746 points to a low of Rs.60251, with a rise of 58 points, a trend of around Rs.60665.
Meanwhile, government has decided not to impose anti-dumping duty on certain steel products being imported from countries like China, Japan, and Korea, as the finance ministry has not accepted the recommendations of the directorate general of trade remedies (DGTR).
The commerce ministry's investigation arm DGTR had conducted a probe against imports of 'Cold Rolled/cold reduced flat steel products of iron or Non-Alloy Steel, or other Alloy Steel of all width and thickness - not clad, plated or coated' and 'Hot Rolled flat products of alloy or non-alloy steel', following complaints filed by domestic manufacturers of the respective products. On both these categories of steel, the directorate on September 14, 2021, had recommended the imposition of definitive anti-dumping duties. While DGTR recommends the duty, the Department of Revenue takes the final decision to impose the duties.
The directorate had concluded in its findings that cold-rolled products are being dumped by companies from China, Japan, Korea and Ukraine; and hot-rolled goods are dumped from China, Japan, Korea, Russia, Brazil and Indonesia. India has a free trade agreement with Japan and Korea.
Technically, the important key resistances are placed in Nifty future are at 18088 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 18118 – 18138 levels. Immediate support is placed at 17939 – 17808 levels.
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