New Delhi, June 9 | The Broadband India Forum (BIF) has suggested global innovations should be utilised to attain self-sufficiency in domestic telecom equipment manufacturing.
In remarks at the release of an industry white Paper on “Atmanirbharta in Telecom Manufacturing”, BIF President T.V. Ramachandran said: “The idea of Atmanirbharta is to leverage the global ecosystem and innovations to build on our competence and grow in sync with the global economy to achieve world class manufacturing and supply chain leadership for India.”
“For that, we need enabling laws and policies alongside voluntary, incentive-led schemes to propel investments in infrastructure and boost technology driven systems, so as to provide a fillip to local businesses through organic demand and investments – both domestic and global,” he said.
According to him, this approach is the sustainable way to make India the preferred destination for investment, and a long-term pivotal player in the global supply chain.
NITI Aayog CEO Amitabh Kant, in his address, said: “The government is determined to make India ‘Atmanirbhar’ with a world-class manufacturing infrastructure and transform it into a competitive global manufacturing destination, an important part of the global supply chain.”
Aggressive duty reforms, and various incentive schemes have been introduced to encourage domestic manufacturing and thereby, help reduce the import bills in the high value sectors, he added.
The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.
Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.
In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.
Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.
Source: Choice India