Zee Business Stock, Trading Guide: Things to Know Before Market Opens on 2 September 2022
Zee Business Managing Editor said that the domestic markets opened today with weakness taking cues from the US markets which have been on a falling spree for over four trading sessions. There were no signs of relief from anywhere, he said
Zee Business Stock, Trading Guide: It was a rout in the domestic equity markets on Thursday – the weekly expiry day as the bench mark indices BSE Sensex and Nifty50 ended in the red. While the BSE Sensex settled at 58,766.59, down 770.48 points or 1.29 per cent, the 50-share Nifty50 index was down by 1.2 per cent or by 216 points from the Tuesday closing level. The markets were closed for trading on Wednesday on account of Ganesh Chaturthi.
Nifty Bank closed at 39301.25, lower by 235 points or 0.60 per cent and the Nifty Mid Cap 100 settled at 31516.30, up by over 34 points.
Zee Business Managing Editor said that the domestic markets opened today with weakness taking cues from the US markets which have been on a falling spree for over four trading sessions. There were no signs of relief from anywhere, he said.
One of the positive came from the commodities front, Singhvi said adding that the crude oil fell to levels around USD 95 from USD 105. This augurs well, he further said.
Another positive was buying from the Foreign Institutional Investors (FIIs) buying Indian equities on Tuesday and MSCI rebalancing are some other positive, he added.
The markets today opened with a gap and took support at those levels and recovered from there. Bank Nifty took the lead in the recovery. Though weakness was observed in index, the broader markets did not display any panic.
He called today’s closing as good and not as bad as it could have been.
Stock market outlook: Triggers for Friday when markets reopen
1) Market Expert Avinash Gorakshakar of ProfitMart Securities said that there was significant selling by the FIIs today while the local investors indulged in some buying. There was sector specific correction on account of profit booking and that s not the reason for panic, he added.
2) FIIs sold equities worth Rs 2290 cr in cash market while Domestic Institutional Investors bought equities worth Rs 951 cr.
3) There are certain sectors, stock where the risk-to-reward ratio is favourable, Gorakshakar said. There are buying opportunities in banking, auto and auto component sectors.
4) He suggested Tega Industries share as his long term pick. The target price of this mining company is 700 and the view is for 12-15 months.
5) Investors and traders must watch out for the closing in US markets today, Singhvi said.
6) Nift50 support is seen at 17350017400 while the resistance is seen at 17700-17750. Some profit booking could be seen at these levels as, well, the Market Guru said.
7) As for Bank Nifty there is support at levels between 38800 and 39000 while resistance between 39600 and 3900. There could be some profit booking at these levels.
8) The market is buy on dips. If you are a skill trader then you can comfortable sell at the higher range. The markets will give opportunities for a two way trade, he added.
9) It is a perfect trading market and an opportune market for investors as well.
10) Economy: SBI slashes FY23 growth forecast to 6.8% on way-below Q1 numbers: Chief economist at State Bank of India has revised downward the full-year growth forecast to a low 6.8 per cent from 7.5 per cent earlier for FY2023, citing "the way below GDP numbers for the first quarter". The National Statistical Office on Wednesday released the Q1 growth numbers which showed a consensus growth of 13.5 per cent, pulled down by the poor show of the manufacturing sector, which reported a paltry 4.8 per cent expansion in the first three months of FY23, negating the robust show by the services sector. (PTI)
11) Rupee Vs Dollar: Rupee falls 4 paise to close at 79.56 against dollar: The rupee declined by 4 paise to close at 79.56 (provisional) against the US dollar on Thursday due to a stronger dollar in the global markets and losses in the domestic equity markets. At the interbank foreign exchange market, the domestic currency opened at 79.55 per dollar. It hovered in a range of 79.30 to 79.66 during the session. The domestic unit finally settled at 79.56, down 4 paise over its previous close. (PTI)
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