Dear Trader…
Firm trade continued over the Dalal Street in today deals, with both Sensex and Nifty holding notable gains. Domestic sentiments remained optimistic as Finance ministry said that steps taken by the government has helped in bringing down the inflation to the RBI’s tolerance level of below 6 per cent. The ministry also expressed confidence that prices of cereals, pulses and edible oils will soften further in the coming months. Adding more comfort among traders, a private report stated that the November inflation print of 5.88 per cent provides impetus to end the rate hike cycle.
The street overlooked another private report stating that the credit demand from Indian exporters shrunk 25.1 per cent year-on-year (YoY) in October, showing the impact of slowing global trade. The merchandise exports fell below the $30 billion mark for the first time in the last 20 months.
Nifty futures opened at 18630.00 points against the previous close of 18605.20 and opened at a low of 18575.60 points. Nifty Future closed with an average movement of 142.35 points and a rise of around 106.30 points and 18711.50 points…!!
On the NSE, the midcap 100 index will rise 0.54% and smallcap 100 index is closing rise 0.43%. Speaking of various sectoral indices only FMCG, Media and Realty 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.54132, fell from a high of Rs.54340 points to a low of Rs.54132 with a rise of 207 points, a trend of around Rs.54339 and March Silver opened at Rs.68085, fell from a high of Rs.68345 points to a low of Rs.67989, with a rise of 389 points, a trend of around Rs.68175.
Meanwhile, ratings agency ICRA in its latest report has said that the all-India electricity demand is expected to grow 7 per cent to 1,480 billion units (BU) in the ongoing financial year (FY23) and grow at 5-5.5 per cent in FY24. In the preceding 2021-22 fiscal, the all-India power demand was at 1,380 BU.
The report said the estimates are based on the fact that all-India electricity demand increased 10.6 per cent year-on-year in first eight months of FY2023, amid a severe heat wave in north and central India.
It further said growing energy demand along with subdued capacity addition in the thermal segment is leading to an improvement in average thermal PLF (plant load factor) level for gencos/IPPs (power generation companies/independent power producers) at all-India level.
Technically, the important key resistances are placed in Nifty future are at 18770 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 18808 – 18880 levels. Immediate support is placed at 18606 – 18474 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
