Dear Trader…
Indian equity benchmarks ended higher for the third day in a row in a choppy session on Tuesday led by gains in Power, Utilities and IT stocks. Key gauges were volatile in early morning trade after opening on a slightly positive note, as traders were concerned with a private report stating that sluggish growth momentum in the December quarter and emerging risk from the third Covid-19 wave may shave 80 basis points (bps) off India’s real gross domestic product (GDP) growth to 9 per cent for FY22.
However, key indices inched up as they recovered from some early morning volatility, taking support from the Quarterly Employment Survey (QES) report released by Union Labour Minister Bhupender Yadav stating that total employment in nine select sectors stood at 3.10 crore in the July-September 2021 quarter (Q2FY22), which is 2 lakh more than that of the April-June period. He said the rise shows improvement in economic activities after lifting of lockdown restrictions by states to curb the spread of deadly virus after the second wave of the COVID-19 pandemic hit the country in April 2021.
Nifty futures opened at 18026.65 points against the previous close of 18048.20 and opened at a low of 17994.75 points. Nifty Future closed with an average movement of 126.25 points and a rise of around 36.85 points and 18085.05 points...!!
On the NSE, the midcap 100 index will rise 0.09% and smallcap 100 index is closing rise 0.06%. Speaking of various sectoral indices, the NSE saw gains in IT, Realty, Financial Services, Bank and PVT Bank stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, February gold opened at Rs.47589, fell from a high of Rs.47618 points to a low of Rs.47481 with a rise of 66 points, a trend of around Rs.47521 and March Silver opened at Rs.60820, fell from a high of Rs.60993 points to a low of Rs.60634, with a rise of 140 points, a trend of around Rs.60807.
Meanwhile, the Reserve Bank of India (RBI) in its latest data on Outward Foreign Direct Investment (OFDI) for December 2021 has showed that outward foreign direct investment (FDI) by Indian companies fell by over 8 per cent to $2.05 billion in December 2021 in the current fiscal. The domestic companies had invested $2.23 billion in their overseas joint ventures and fully-owned subsidiaries during December 2020 in the previous financial year.
According to the data, of the total investment made by the Indian companies overseas during the month, $1.22 billion was in the form of issuance of guarantees, $464.39 million was equity participation and $367.17 million investment was made through loans. The major investors who infused capital in their overseas ventures included ANI Technologies -- the promoter of mobility solutions provider Ola -- which invested $675 million in its wholly-owned subsidiary in Singapore, and Dr Reddy's investment of $149.99 million in a joint-venture in the US.
Technically, the important key resistances are placed in Nifty future are at 18133 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 18188 – 18202 levels. Immediate support is placed at 17970 – 17888 levels.
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