Zee Business Stock, Trading Guide: Indian stock markets declined on Thursday for the seventh straight session. The BSE Sensex closed at 56,409.96, down by 188.32 points or 0.33 per cent from the Wednesday closing price. Meanwhile, Nifty50 settled at 16818.10, down by 40 points or 0.24 per cent. In the 30-share Sensex, 16 ended in the red while 14 were trading in the green at the closing time. In the 50-share Nifty50, 27 stocks advanced while 23 declined.

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Out of the 15 Nifty sectoral indices, 8 ended in the green while remaining in the red. Nifty Pharma (1.33 per cent), Nifty Healthcare Index (1.39 per cent) and Nifty Media (1.20 per cent) were among the top gainers while Nifty IT (0.92 per cent), Nifty Financial Services (0.51 per cent), Nifty Auto (0.32 per cent) and Nifty Bank (0.30 per cent) were among the biggest losers on the monthly expiry day.  

However, broader markets traded with strength with Nifty Mid Cap 50, Nifty Mid Cap 100 and Nifty Small Cap 100 ending the day on a positive note. They ended at 8,179.60 (up 0.48 per cent), 30,185.65 (up 0.40 per cent) and 9,293.90 (up 0.63 per cent).   

Things to watch out for when markets reopen on Monday

1) RBI MPC: Reserve Bank of India (RBI) will be announcing the policy rates on Friday. While a 50 basis points interest rate is what the market is expecting, the commentary on inflation, economy and GDP estimates will be key in determining the market movement.

2) Rupee Vs Dollar: Indian rupee consolidated in a narrow range and settled 13 paise higher at 81.80 against the US Dollar on Thursday. At the interbank forex market, the local unit opened at 81.60 against the greenback, PTI reported. It witnessed an intra-day high of 81.58 and a low of 81.94 during the session. On Wednesday, the rupee plunged below the 82-mark for the first time in intraday trade before settling 40 paise down at 81.93 against the dollar. Dollar Movement against the rupee will be a key trigger on how stock markets move on Friday.

3) Dollar Index (DXY): US Dollar Index December 22 Futures were trading flat at 112.540, though with some negative bias. 

 Source: Comex

4) US Markets: DOW 30 Futures were trading at 29,143.50, down by 540.20 points or 1.82 per cent at the time of filing of the story. DOW 30 was trading at 29,196.50, down by 487.22 or 1.64 per cent; S&P 500 was trading at 3,638.51,     down by 80.53 or 2.17 per cent; Nasdaq Composite was trading at 10,720.50, down by 331.12 or 3 per cent. 

 Source: Comex

Commodities

 Source: Comex

5) Securities in Ban for Trade on 29 September 2022: Vodafone Idea.

 6) Bulk Deals: 16 stocks witnessed buld deals on the NSE and there could be stock specific action. Kamesh Kumar Khaitan bought 90,000 shares in Liberty Shoes Ltd at Rs 296.68 per share. Mathisys Advisors LLP bought 85,174 shares at Rs 291.94 per share while it sold 89,620 shares at Rs 292.33 per share. Akash Infra-Projects Ltd, Century Enka Ltd, JTL Infra Ltd and Apollo Micro Systems Ltd were among other stocks that witnessed bulk deal action.

7) FII/DII data: Foreign Institutional Investors sold Indian equities worth Rs 3599.42 cr while the Domestic Institutional Investors bought shares worth Rs 3161.73 cr.

8) Volatility Index: India VIX on Thursday stood at 21.30, down by 3.6 per cent from last closing at 22.10.

9) Trading Strategy: Market Expert Nilesh Jain of Centrum Broking said that the trend remains weak. He sees support in Nifty50 between 16650 and 16700. A breach below support levels may take Nifty50 towards 16500. The resistance is seen at 17000, he said. As for Nifty Bank, he sees 37100 getting hit at some stage, citing greater weakness in this index. Resistance is seen between 38000-38300.

10) Stocks to Buy: Jain said that there is a buying opportunity for investors with a long term view. Jain said that FMCG and pharma sectors, being defensive, hold promise. He recommends a buy on Dabur. The potential upside is RS 600-620. Investors can buy at current levels or on declines. Stop loss is Rs 555. The stock today ended at Rs 577.85 on the NSE.

11) Auto stocks may see action after Government’s decision to defer installment of 6 airbags till 1 October 2023. Meanwhile, Moody’s see robust car sales this festive season, estimating car sales volumes to grow by 12.5 per cent this year in the country and another 4 per cent in 2023 according to PTI reports.

(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.)