Dear Trader…
Weak trade persisted over the Dalal Street in Today deals, with both Sensex and Nifty trading marginally lower, amid mixed cues from other Asian markets. Sentiments remained downbeat, as a private report stated that asset management companies mobilised Rs 17,805 crore through 67 new fund offerings (NFOs) in the September 2022 quarter, a 64 per cent decline from the year-ago period, on expensive valuations and high volatility in equity markets.
The street overlooked reports that India’s inflation based on wholesale price index (WPI) eased further 8.39% in the month of October 2022 as against 10.70% recorded in September 2022, primarily contributed by fall in the price of mineral oils, basic metals, fabricated metal products, except machinery and equipment; textiles; other non-metallic mineral products; minerals etc.
Nifty futures opened at 18432.70 points against the previous close of 18424.00 and opened at a low of 18362.65 points. Nifty Future closed with an average movement of 92.35 points and a rise of around 53.90 points and 18370.10 points…!!
On the NSE, the midcap 100 index will rise 0.06% and smallcap 100 index is closing rise 0.48%. Speaking of various sectoral indices, Metal, Realty, IT, Auto Pharma stocks saw heavy selling on the NSE, while all other sectoral indices also closed lower.
At the start of intra-day trading, December gold opened at Rs.52318, fell from a high of Rs.52641 points to a low of Rs.52300 with a rise of 266 points, a trend of around Rs.52600 and December Silver opened at Rs.61619, fell from a high of Rs.62368 points to a low of Rs.61466, with a rise of 370 points, a trend of around Rs.61941.
Meanwhile, Finance Minister Nirmala Sitharaman said that India has emerged as one of the fastest-growing major economies in the world. It has recently surpassed the UK to become the fifth-largest economy in the world and is expected to be one of the top three economic powers globally over the next 10-15 years. She also said the global economic outlook remains challenging and the Indian economy is not insulated from the impact of global economic developments.
However, she said India has carved out its growth trajectory supported by the above-normal south-west monsoon, public investment, strong corporate balance sheets, upbeat consumer and business confidence and receding threat of the Covid pandemic. Listing out some of the important measures taken by the government to boost the economy, she mentioned about Production Linked Incentive (PLI) schemes across sectors, PM GatiShakti programme and semiconductor mission. Technically, the important key resistances are placed in Nifty future are at 18370 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 18474 – 18505 levels. Immediate support is placed at 18303 – 18232 levels.
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