Zee Business Stock, Trading Guide: Things to Know Before Market Opens on 29th September 2022

Stock Market Today 28th Sep 2022: Indian stock markets ended in red for the sixth straight day. The BSE Sensex ended at 56,598.28, down by 509.24 points or 0.89 per cent while the Nifty50 settled at 16858.60, down by 149 points or 0.87 per cent from the Tuesday closing price.

In the 30-share Sensex, 18 stocks were trading in the red at the closing time while the remaining 12 were in the green. Meanwhile, in the 50 share index, 15 stocks advanced while 35 declined.

Out of the 15 sectoral indices, four ended in the green while remaining 11 closed in the red. Nifty Bank (1.56 per cent), Nifty PSU Bank (2.07 per cent), Nifty Metal (1.94 per cent) were the worst performers today. Among gainers were Nifty Pharma (0.85 per cent), Nifty IT and Nifty Healthcare Index (0.86 per cent).  

The broader markets also traded with lackluster with Nifty Mid Cap 50, Nifty Mid Cap 100 Nifty Small Cap 100 closing in the red.  

Things to watch out for when markets reopen on Thursday:

1) RBI MPC: The Reserve Bank of India’s Monetary Policy Committee (MPC) meeting began today. The announcement of policy rates along with Central Bank’s commentary on Inflation, Economy and GDP will be announced by Governor Shaktikanta Das on Friday. RBI is expected to increase interest rates by 50 basis points.

2) Rupee Vs Dollar:  The Indian Rupee plunged below the 82 mark for the first time in day trade before settling down by 40 paise at 81.93 against the US dollar on Wednesday. The weakness was on the back of heavy forex outflows due to strengthening of US treasury yields. At the interbank foreign exchange, the rupee opened at 81.90 and later fell to 82.02 to a dollar in day trade due to risk-averse sentiment among investors. The rupee finally settled at 81.93, its all-time closing low. PTI

3) Dollar Index (DXY) cooled-off. The US Dollar Index Futures were trading at 113.580, down 0.467 or 0.41 per cent. Here is how some other currencies were trading.

Source: Comex  

4) US Markets: Dow 30 broke its losing streak today and was trading positively at the 29,449.2, up by 314.26 points or 1.08 per cent. S&P 500 was trading at 3,675.48, up by 28.19 points or 0.77 points while Nasdaq Composite was trading at 10,920.30, up by 90.81 points 0.84 per cent. 

 Source: Comex

Commodities

MCX Gold, Silver: MCX October Gold Futures were trading at Rs 50120 per 10 gram and were up by Rs 670 or 1.35 per cent from the Tuesday Closing price. As for December Silver Futures were trading at Rs 56150 per kg and were up by nearly Rs 771 or 1.39 per cent around 9:45 pm. 

5) Anil Singhvi Strategy: Market Participants must gear up for big action tomorrow, Singhvi said. Nifty50 has support between 16600 and 16700 while resistance at 17000-17200, he added. As for Bank Nifty, support is between 37200 and 37350 while resistance between 38200 and 38350. #BazaarAajAurKal

6) Securities in Ban For Trade Date 29 September 2022: Vodafone IDEA

7) Bulk Deals: There could be stock specific actions when markets reopne on Thursday on account of bulk deals which happened on Wednesday. Graviton Research Capital LLP bought 7,34,674 in Can Fin Homes Ltd at Rs 471.81 per share while it sold 7,43,449 at Rs 472.20 per. PGIM India Mutual Fund sold 10,00,000 shares in Can Fin Homes at Rs 469.62  per share. Graviton also bought 4,97,582 shares at Rs 273.68 per share in Liberty Shoes Ltd while its sold 4,97,582 shares at Rs 272.92 per share. Keva Constructions Pvt Ltd sold 11,10,000 shares in S H Kelkar and Co. Ltd at Rs 140.41 per share while buying 11,10,000 shares at the same price Rs 140.41 share.

8) FII/DII Data: Foreign Institutional Investors were net sellers of Indian equities and sold shares worth Rs 2772.49 cr while Domestic Institutional Investors were net buyers at Rs 2544.17 cr maintaining a buying trend.     

9) Volatility Index (India VIX) was up 2.44 per cent at 22.10 from 21.57 on Tuesday.

10) Thursday will be a monthly expiry day and markets could see some profit booking.

11) Market Expert Siddharth Sedani that correction is a buying opportunity in good stocks and investors can buy in a staggered manner. He said that RBI commentary and road map on economy will be crucial. Buy on dips, he said. Stock to buy with a positional view is United Spirits for a price target of Rs 1035 and stop loss of Rs 760. For long term, he suggested a buy on Apcotex Industries for a price target of Rs 703.           

12) Stock Market Expert Nilesh Jain said that the markets remain oversold and may see a bounceback soon. He said that Nifty50 has breached 200-day Moving Average (DMA) of 17000. He sees a strong support at at 16800 while resistance at 17000. He expects Nifty50 to trade in a range between 16800 and 17000. Jain, who is Assistant Vice President, Derivative and Technical Research at Centrum Broking sees major support in Nifty Bank at 37300 while the resistance at 38200. If this is breached downwards, an 600 point downside will open, he said adding that trends remain weak. On pull back levels of 38000-38300 could be seen.

13) Stocks to Buy: He said that Asian Paints stock should not be missed and buying at dips is recommended at Rs 3500-3540. Target is 3700-3800 with a stop loss of Rs 3360. Another stock is Dr Reddy's Laboratories with along term view. Target is Rs 4450 and stop loss is Rs 4180.

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)