New Delhi, Jan 17 | India has signed a strategic partnership agreement with International Renewable Energy Agency(IRENA) to further strengthen its collaboration with the energy body in the field of Renewable Energy.
The agreement was signed by the Ministry of New and Renewable Energy (MNRE) Secretary, Indu Shekhar Chaturvedi and IRENA Director-General Francesco La Camera during the 12th IRENA Assembly.
“India is a renewable energy powerhouse and a country whose energy transition actions speak louder than their words,” said Francesco La Camera.
“As a key global actor in the shift to renewables and a founding member of IRENA, India has played a major role in international energy cooperation. This partnership represents a new chapter in an already strong relationship as the country looks to advance its transition and capitalise on emerging new technologies.”
India installed 13 gigawatts (GW) of renewables in 2021 and has grown its capacity by over 53 GW in the last five years, positioning it as one of the fastest growing renewable energy adopters in the world. With massive renewable energy potential, India has an aim to become a major producer of green hydrogen to support the decarbonisation of its industrial economy.
According to IRENA, hydrogen will account for around 12 per cent of total energy supply in a 1.5AoC world by 2050.
The benchmark Indices Nifty started on the positive side after continuous sell off in last week and has managed to settle at 15842.30 with 60 point gain or 0.38 percent. However Nifty has failed to regain 16000 levels prior to LIC listing.
While Bank nifty has managed to settle at 33597.60 levels after gaining 1.44 percent. On the sectoral front, Nifty PSU Bank, Nifty Realty and Auto have contributed 2-3 percent gain on closing basis. On the flip side Nifty IT and FMCG ended with losses of 0.75 percent and 0.35 respectively. In Nifty, EICHERMOT, APOLLOHOSP and UPL were the top gainers while ULTRACEMCO, SHREECEM and ASIANPAINT were the prime laggards.
Technically, after forming the bearish candle on the weekly chart, the index has formed a Doji candlestick on the daily chart which shows indecisiveness among the trades. Moreover, the index has also faced a resistance from falling trend lines and showed profit booking from higher levels. However, Fibonacci retrenchment also has support around 15650 levels.
Traders may find buying opportunities for short term as if 15650 levels is protected. In the hourly chart, with support of the middle Bollinger band short term upside movement is expected. Stock specific action would drive the market in coming days too.
On the derivatives front, the highest call OI is at 16000 strike price followed by 16200 strike prices while on the put side, highest OI is at 15500 strike price. INDIA VIX closed at 24.53 with gain of 4.43 percent intraday indicating volatility is going to remain till weekly expiry . On the other hand, Bank nifty has support at 32600 levels while resistance is placed at 34500 levels.
Source: Choice India