Zee Business Stock, Trading Guide: Things to Know Before Market Opens on 26th August 2022
Nifty50 will find support in the range between 17350 and 17450 while resistance between 17600 and 17700. He said that the range is big since the movement in the markets are coming big now, Zee Business Managing Editor Anil Singhvi says
Indian stock markets closed in the red on Thursday. The BSE Sensex fell by 311 points or 0.53 per cent to settle at 58774.72 while the 50-share Nifty50 closed at 17522.45 and was down by 82 points or 0.47 per cent from the Wednesday closing level. Nift Bank ended at 38950.75 and was lower by 0.22 per cent. The Nifty Mid Cap 100 settled at 30942 and was down by 18 points.
On today’s market action, Zee Business Managing Editor Anil Singhvi said that the day was quite eventful with movement on both sides. The beginning was positive as global cues were favourable. The strength was derived from the US Markets, he added. Nifty traded in the range of 75 points moving between 17650 and 17725.
The last one-hour proved to be costly on account of two reasons. One was due to the monthly expiry today where profit booking was seen as the market had ample long positions and the second reason was that Dow shed some points and correction was also seen in European markets.
This was after a two-day recovery.
Here are things to watch out for when markets reopen on Friday:
1) Market expert Avinash Gorakshakar said that profit booking was seen today because of short covering. Moreover, the GDP data and unemployment numbers in the US also weighed on the markets. Globally, funds were less active in today’s trading session, he further said.
2) Gorakshakar’s advice to investors is to kee a stock specific approach. There could be less traction in indices with some volatility, he said.
3) Investors can take a long term view on Sharda Motor shares. It is attractively valued and has good growth potential. He puts the price target at Rs 950.
4) The Foreign Institutional Investors (FIIs) bought Indian equities worth Rs 369 cr while the Domestic Institutional Investors (DIIs) sold equities worth Rs 334 cr.
5) September series will begin from Friday. The opening tomorrow will take cues from the US market closing on Thursday, Managing Editor said.
6) Three-day Jackson Hole meeting begins today and markets will be keeping an eye on it.
7) Nifty50 will find support in the range between 17350 and 17450 while resistance between 17600 and 17700. He said that the range is big since the movement in the markets are coming big now.
7) As for Bank Nifty, the support will be at 38550-38650 while resistance at 39400-39500.
8) The clear indication for the markets will be seen on Monday after the Jackson Hole Meeting.
9) The rupee ended 7 paise higher at 79.88 against the US dollar on Thursday. At the interbank foreign exchange market, rupee ended at 79.88 against the US dollar, as against 79.81 on the previous trading session.
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10) DreamFolks Services IPO receives 6 times subscription on Day 2 of offer. Tomorrow is the last date.
11) Friday is also the last date for subscribing to Series II Sovereign Gold Bonds (SGBs).
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