Dear Trader…
Indian equity benchmarks extended their losses in today session, with both Sensex and Nifty close near their intraday low points, on the back of mixed cues from other Asian markets. Traders got cautious after Reserve Bank Governor Shaktikanta Das said underlying economic activity in India continues to be strong, but external factors will cause some dent to the economy. Adding more worries, a private report stated that mergers and acquisitions (M&A) activity globally fell well short of the high-water mark set last year as debt financing markets collapsed and stock market volatility decimated valuations, and dealmakers are predicting a slow path to recovery in 2023.
Besides, the Securities and Exchange Board of India (Sebi) has extended the suspension of trading in derivative contracts for seven commodities, namely paddy (non-basmati), wheat, chana, mustard seeds and its derivatives, soyabean and its derivatives, crude palm oil and moong, for one year. The suspension of trading in the above contracts has been extended for one more year beyond December 20, 2022 i.e. till December 20, 2023.
Nifty futures opened at 18470.10 points against the previous close of 18423.95 and opened at a low of 18223.00 points. Nifty Future closed with an average movement of 291.90 points and a decline of around 148.05 points and 18275.90 points…!!
On the NSE, the midcap 100 index will decline 1.58% and smallcap 100 index is closing decline 2.24%. Speaking of various sectoral indices, the NSE saw gains in only Pharma and IT stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, February gold opened at Rs.54900 fell from a high of Rs.55040 points to a low of Rs.54863 with a rise of 63 points, a trend of around Rs.54961 and March Silver opened at Rs.69592, fell from a high of Rs.69875 points to a low of Rs.69330, with a decline of 152 points, a trend of around Rs.69490.
Meanwhile, a labour bureau statement has said that retail inflation for farm and rural workers rose to 6.87 per cent and 6.99 per cent, respectively, in November on annual basis. Point to point rate of inflation based on the CPI-AL (consumer price index-agricultural labours) and CPI-RL (rural labourers) stood at 7.22 per cent & 7.34 per cent respectively in October, 2022 and 3.02 per cent and 3.38 per cent, respectively, during the corresponding month (November 2021) of the previous year.
Food inflation stood at 6.19 per cent and 6.05 per cent in November, 2022 compared to 7.05 per cent and 7 per cent respectively in October 2022 and 0.88 per cent and 1.07 per cent respectively during the corresponding month (November 2021) of the previous year. The All-India Consumer Price Index Number for Agricultural Labourers and Rural Labourers for the month of November 2022 increased by 8 points each to stand at 1167 and 1178 points respectively. The CPI-AL was at 1,159 points in October 2022, while CPI-RL was at 1,170 points.
Technically, the important key resistances are placed in Nifty future are at 18303 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 18373 – 18404 levels. Immediate support is placed at 18188 – 18088 levels.
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