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Indian stock markets added gains in today session due to buying in bankex, consumer durables and power stocks.

Dear Trader…

Indian stock markets added gains in today session due to buying in bankex, consumer durables and power stocks. Some support came in as Prime Minister Narendra Modi and French President Emmanuel Macron discussed the positive outcomes of the recently concluded India-EU Leaders’ Meeting. India and the European Union (EU) had on May 8 announced their decision to resume negotiations for a balanced and comprehensive trade agreement after a gap of eight years and unveiled an ambitious connectivity partnership.

However, upside remain capped as Reserve Bank of India stated that the second wave of Covid-19 pandemic has triggered revision of growth projections for the current financial year with consensus gravitating towards its earlier forecast of 10.5 per cent.

Nifty futures opened at 15329.00 points against the previous close of 15303.00 and opened at a low of 15274.20 points. Nifty Future closed with an average movement of 91.20 points and a rise of around 36.00 points and 15339.00 points .. !!!

On the NSE, the midcap 100 index will rise 0.54% and smallcap 100 index is closing rise 1.01%. Speaking of various sectoral indices, only FMCG, Pharma and realty stocks were seen selling on the NSE, while all other sectoral indices closed higher.

At the start of intra-day trading, June gold opened at Rs.48751, fell from a high of Rs.48870 points to a low of Rs.48560, with a decline of 159 points, a trend of around Rs.48625 and July Silver opened at Rs.71337, fell from a high of Rs.71577 points to a low of Rs.71060, with a decline of 211 points, a trend of around Rs.71200..!!

Meanwhile, with the world’s worst outbreak of COVID pandemic stalling a nascent economic recovery, the government has begun assessing the impact of the second wave of COVID-19 infections on different sectors and may look at providing support at an appropriate time to segments requiring fiscal help. Some of the economic indicators, including the Goods and Services Tax (GST) collections, still provide confidence and incoming data will throw some more light on the state of the economy.

Services sectors like hospitality, tourism and aviation which had just started recovering were hit hard by the second wave of COVID, and these segments might need some support on an urgent basis from the government. Besides, MSME sector, the second highest employer after agriculture, has been impacted very much and would require financial assistance. The government might tweak the existing Emergency Credit Line Guarantee Scheme to provide immediate help to the sector.

Technically, the important key resistances are placed in Nifty future are at 15008 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 15474 – 15533 levels. Immediate support is placed at 15303 – 15272 levels.

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