Dear Trader…
Indian equity benchmarks ended higher with gains of over a percent on Monday, taking positive cues from global markets and favorable takeaways from the Economic Survey report. All eyes were now on the upcoming Union Budget, to be presented by the Finance Minister in Parliament on February 1. Markets opened gap up and continued to trade on a buoyant note, as traders took encouragement with the Federation of Indian Chambers of Commerce & Industry (FICCI) in its latest quarterly survey on Manufacturing revealed that the outlook for India’s manufacturing sector seems to have improved in the October-December 2021 quarter even as the cost of doing business remains a cause for concern and hiring prospects remain subdued. The findings of the latest survey also reflect sustained economic activity in the sector, with existing average capacity utilization in the range of 65 to 70 per cent.
The frontline indices were seen extending gains in noon deals, after the pre-Budget Economic Survey said India's economy is expected to grow by 8-8.5 per cent in the fiscal beginning April 1 and is well placed to meet the future challenges on the back of widespread vaccine coverage, supply-side reforms and easing of regulations. It also said with forex reserves of over $630 billion and plenty of ''policy room'' to deal with the situation, India can withstand normalization of monetary policy by central banks of large economies like the US Federal Reserve.
Nifty futures opened at 17300.00 points against the previous close of 17125.65 and opened at a low of 17271.00 points. Nifty Future closed with an average movement of 153.95 points and a rise of around 242.10 points and 17367.75 points...!!
On the NSE, the midcap 100 index will rise 1.57% and smallcap 100 index is closing rise 1.13%. Speaking of various sectoral indices, Realty, PSU Bank, IT, Auto and Pharma stocks saw heavy gains on the NSE, while all other sectoral indices also closed higher.
At the start of intra-day trading, February gold opened at Rs.47590, fell from a high of Rs.47695 points to a low of Rs.47499 with a rise of 51 points, a trend of around Rs.47662 and March Silver opened at Rs.61101, fell from a high of Rs.61550 points to a low of Rs.60863, with a rise of 342 points, a trend of around Rs.61376.
Meanwhile, commerce ministry has said that exports of marine products jumped 35 percent to $6.1 billion during April-December 2021 as compared with $4.5 billion in the same period of the previous year. In December 2021, the exports grew 28 per cent to $720.51 million.
It said the five-top export destinations include the US, China, Japan, Vietnam and Thailand. It noted that Frozen shrimps constitute the major share in India's marine products exports items with 74 per cent share in value terms. Other major items include Frozen Fish (7 per cent) and Frozen Squid (5 per cent).
Meanwhile, the ministry said India's export of final consumer food products such as Ready to Eat (RTE), Ready to Cook (RTC) and Ready to Serve (RTS) stood at $2.14 billion in 2020-21. It stood at $1 billion in April-October 2021-22, compared with $823 million in April-October 2020-21.
Technically, the important key resistances are placed in Nifty future are at 17676 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 17747 – 17808 levels. Immediate support is placed at 17303 – 17077 levels.
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