Dear Trader…
Indian equity benchmarks wiped out all gains and ended flat with negative bias on Friday triggered by a late sell-off mainly in Banking, Auto and Finance shares. The benchmark indices opened fairly positive and stayed in green for most part of the day, as traders took some encouragement with the commerce ministry’s statement that India’s electronic goods exports surged by 49 percent to $11 billion during April-December 2021 as against $7.4 billion recorded in the corresponding period of last year. In 2020-21, the exports stood at $11.11 billion.
However, the key indices erased entire day's gains, and slipped into red for a brief moment as investors preferred to lighten positions ahead of the weekend and the upcoming Union Budget. Meanwhile, India has initiated an anti-dumping probe against 'Ursodeoxvcholic Acid', used in the medical field, imported from China and Korea following a complaint by a domestic player. Arch Pharmalabs has filed an application before the directorate for initiation of anti-dumping investigation and imposition of the duty.
Nifty futures opened at 17200.00 points against the previous close of 17149.55 and opened at a low of 17095.00 points. Nifty Future closed with an average movement of 300.00 points and a decline of around 16.15 points and 17133.40 points...!!
On the NSE, the midcap 100 index will rise 1.50% and smallcap 100 index is closing decline 0.95%. Speaking of various sectoral indices only Bank, Auto, PVT Bank, Financial Services and PSU 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.47950, fell from a high of Rs.48000 points to a low of Rs.47551 with a decline of 214 points, a trend of around Rs.47696 and March Silver opened at Rs.62222, fell from a high of Rs.62222 points to a low of Rs.61299, with a decline of 293 points, a trend of around Rs.61651.
Meanwhile, the commerce ministry has said that India’s electronic goods exports surged by 49 percent to $11 billion during April-December 2021 as against $7.4 billion recorded in the corresponding period of last year. In 2020-21, the exports stood at $11.11 billion.
The ministry noted that top five export destinations were the US, UAE, China, Netherlands and Germany. Mobile phones constituted a major chunk of electronic goods shipments. Other sectors which recorded healthy growth included IT hardware (laptops, tablets), consumer electronics (TV and audio), industrial electronics, auto electronics, components, LED lighting and telecom equipment.
It further said the sector is set to break all-time record highs, far exceeding the previous high USD 11.7 billion recorded in 2019-20. Steps taken by the government which are expected to increase the domestic manufacturing and exports include the Production Linked Incentive Scheme (PLI), Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), and Modified Electronics Manufacturing Clusters.
Technically, the important key resistances are placed in Nifty future are at 17202 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 17272 – 17303 levels. Immediate support is placed at 17007 – 16808 levels.
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