Dear Trader…
Indian equity benchmarks ended a volatile session near intraday high on Monday, extending gains to a second straight day, despite weakness across most other Asian markets as investors remained cautious on news flow on the Russia-Ukraine conflict. Traders also awaited official data on India's GDP for the October-December period due later in the day. Markets made a gap-down start, as traders got anxious with domestic traders' body -- the Confederation of All India Traders (CAIT) said the conflict between Russia and Ukraine is expected to hit badly the Indian economy and the trade to a significant extent.
However, key gauges reversed early losses to trade in green in afternoon deals, taking support from former vice-chairman of NITI Aayog Arvind Panagariya’s statement that India is poised to grow at 7-8% over the next decade and be the third largest economy by 2030 on the back of four big reforms by the government. Traders also found some solace with India Ratings and Research (Ind-Ra) in its latest report stated that after years of enduring challenges, the non-banking finance companies (NBFCs) are finally set to witness a normalization in FY23. The NBFCs will start FY23 with sufficient capital buffers, stable margins and sizable on-balance sheet provisioning, while adequate system liquidity would aid funding.
Nifty futures opened at 16525.00 points against the previous close of 16656.05 and opened at a low of 16366.85 points. Nifty Future closed with an average movement of 458.15 points and a rise of around 133.75 points and 16789.80 points...!!
On the NSE, the midcap 100 index will rise 0.97% and smallcap 100 index is closing rise 0.59%. Speaking of various sectoral indices only Auto, Bank, Financial Services and PVT Bank 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.50880, fell from a high of Rs.51211 points to a low of Rs.50551 with a rise of 609 points, a trend of around Rs.50830 and March Silver opened at Rs.65274, fell from a high of Rs.65341 points to a low of Rs.64530, with a rise of 907 points, a trend of around Rs.64930.
Meanwhile, Domestic traders' body -- The Confederation of All India Traders (CAIT) has said that the conflict between Russia and Ukraine is expected to hit ‘badly’ the Indian economy and the trade to a significant extent. It said the impact will jeopardise efforts to recover the domestic trade from the COVID-19 pandemic.
It further said the expected rise in crude oil will be the crucial and critical factor, which will force the prices to go upward, whereas the expected rise in gold prices will also participate in a hike in the prices of the commodities.
It added that a hike in crude oil will lead to further inflation in petrol and diesel prices, which will lead to overall inflation as the manufacturing and transportation cost of the goods will become more costly. On February 24, 2022, Russia launched a major military offensive in Ukraine, targeting various cities and military installations that had left the world stunned.
Technically, the important key resistances are placed in Nifty future are at 16808 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 16888 – 16909 levels. Immediate support is placed at 16676 – 16606 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
