Indian stock markets closed in the red on Thursday. The BSE Sensex Index fell 311 points, or 0.53 percent, to settle at 58,774.72 while the Nifty50 50-share index closed at 17522.45 and fell 82 points, or 0.47 percent, from Wednesday’s closing level. Nift Bank closed at 38,950.75 and was down 0.22 percent. Nifty Mid Cap 100 settled at 30,942 and fell by 18 points.
On the market movement today, Anil Singhvi, managing editor of Zee Business, said the day was eventful with movement on both sides. The start was positive with global signals favourable. He added that the strength derives from the US markets. Nifty is trading in a 75 pip range and is moving between 17650 and 17,725.
The last hour proved to be expensive for two reasons. The first reason was the monthly expiry today where profit taking was seen as the market had a lot of long positions and the second reason was that the Dow shed some pips and also saw a correction in the European markets.
This was after two days of recovery.
Here are things to watch out for when markets reopen on Friday:
1) Market expert Avinash Gorakshkar said that profit bookings were seen today due to short positions being covered. Moreover, US GDP data and unemployment numbers affected the markets as well. Globally, funds were less active in today’s trading session, he said.
2) Gorakshakar’s advice to investors is to take a specific approach to the stock. He said there may be less traction in the indices with some volatility.
3) Investors can take a long-term look at Sharda Motor stock. It is of attractive value and has good growth potential. He has set his target price at Rs 950.
4) Foreign Institutional Investors (FIIs) bought Indian shares worth Rs 369 crore while local institutional investors (DIIs) sold shares worth Rs 334 crore.
5) The September series starts on Friday. The managing editor said that tomorrow’s opening will take cues from the US market closing on Thursday.
6) The three day Jackson Hole meeting starts today and the markets will be watching.
7) Nifty50 will find support in the range between 17350 and 17450 while resistance is between 17600 and 17700. He said that the range is large because the movement in the markets coming is big now.
7) For Nifty Bank, the support will be at 38550-38650 while the resistance will be at 39400-39500.
8) The clear indicator will appear for the markets on Monday after the Jackson Hole meeting.
9) The rupee ended up 7 pounds at 79.88 against the US dollar on Thursday. In the interbank foreign exchange market, the rupee closed at 79.88 against the US dollar, versus 79.81 in the previous trading session.
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ZeeBusiness August 25 2022
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11) Friday is the last date to sign up for Series 2 Sovereign Gold Bonds (SGBs).