Dear Trader…
Indian equity benchmarks slid on Friday to log their worst week in over two months as IT stocks tumbled as HCL Technologies’ warning of a potential slowdown in client spending in the industry’s key U.S. market. Meanwhile, investors awaited the outcome of a slew of central bank meetings next week for additional clues on the pace of rate hikes. Traders ignored private report which stated that India consumer price inflation likely cooled to a nine-month low of 6.40% in November mainly due to a moderation in food prices. Information technology (IT) companies were trading lower after private report warned of further correction in valuations. It said that the current valuation of major Indian IT companies was unsustainable in the light of worsening economic outlook for their biggest market, the US.
Nifty futures opened at 18760.00 points against the previous close of 18720.15 and opened at a low of 18515.00 points. Nifty Future closed with an average movement of 261.95 points and a decline of around 148.25 points and 18571.90 points…!!
On the NSE, the midcap 100 index will decline 0.40% and smallcap 100 index is closing decline 1.10%. Speaking of various sectoral indices, the NSE saw gains in only FMCG, Pharma and Bank stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, February gold opened at Rs.54262 fell from a high of Rs.54330 points to a low of Rs.54030 with a rise of 263 points, a trend of around Rs.54314 and March Silver opened at Rs.67362, fell from a high of Rs.67681 points to a low of Rs.66892, with a rise of 251 points, a trend of around Rs.67285.
Meanwhile, Power Minister R K Singh has said that power deficit or gap between electricity required and supplied has fallen from 2 per cent to 0.1 per cent between April and October, 2022, primarily on account of various steps taken by the government. The data showed that the deficit was 2,752 million units (units) in April this year which came down to 124 MU in October, 2022. The power deficit was 609 MU (0.4 per cent) in May, 796 MU (0.6 per cent) in June, 434 MU (0.3 per cent) in July, 465 MU (0.4 per cent) in August and 312 MU (0.2 per cent) in September.
The minister stated that as on March 31, 2022, the coal stock position was 25.6 Million Tonnes (MT), or 9 days of stock, and it increased to 26.1 MT on September 30, 2022 and further increased to 30.9 MT, or 11 days of stock, as on November 30, 2022. The coal stock available at coal-based thermal power plants of the country is monitored by the Central Electricity Authority (CEA) on a daily basis. He also noted that as on November 30, 2022, there are 75 plants (56 per cent) out of 180 plants are having coal stock of less than 8 days as per their consumption pattern.
Singh said according to the draft National Electricity Plan published in 2022 by CEA, the projected new coal capacity addition requirement during the period 2022-32 is 35,014 MW, which includes under-construction coal-based capacity totalling to 25,580 MW. He also stated that the CAGR (Compound Annual Growth Rate) from 2021-22 to 2026-27 for electrical energy requirement is 6.67 per cent and for peak electricity demand is 6.42 per cent.
Technically, the important key resistances are placed in Nifty future are at 18676 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 18737 – 18808 levels. Immediate support is placed at 18303 – 18188 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
