Indian stock markets ended in the green on Tuesday. Both the BSE Sensex and the Nifty50 traded with great strength for the entire day. While the Former was up 2.7 per cent to close at 59537.07 gaining over 1500 points, the latter ended 446 points or 2.6 per cent higher at 17759.30.
Nifty Bank also exhibited exuberance and closed at 39536.75, up almost 3.3 per cent or 1260 points. Meanwhile the Nifty Mid Cap 100 was also higher by over 2 per cent from the Monday closing levels and ended at 31481.70.
Zee Business Managing Editor Anil Singhvi called the market rally “unbelievable” just ahead of the Ganesh Chaturthi holiday on 31 August 2022 (Wednesday).
The Market Guru said that the domestic money lead the stock markets on Tuesday. The markets opened strongly and carried the momentum for the entire day. Nifty50 breached all crucial levels. Same momentum was reflected in Bank Nifty. There was buying action all around, he added.
Market Expert Vikas Sethi of Sethi Finmart said that the strength in markets was huge and not see over the last 7-8 months.
Stock Market Outlook – 10 Things to watch out for
1) The markets are moving towards new highs, Sethi said adding that he was bullish on the markets.
2) Sethi’s top pick with positional view is GNFC shares (Gujarat Narmada Valley Fertilizers and Chemicals). He called it a fundamentally sound company with strong growth outlook. The target is Rs 800 while the stop loss is Rs 730. He also recommends Datamatics with a long term view and price target of Rs 375.
3) Expect a strong opening on Thursday, says Managing Editor Anil Singhvi. Investors must keep an eye on the Wednesday closing of the US markets along with Dow Futures when markets reopen, he added.
4) Thursday will be a weekly expiry day.
5) Nifty50 has support at 17625 and 17700 while the resistance at 17800 and 17950.
6) As for Bank Nifty, there is a strong support between 39050 and 39200. Meanwhile, the resistance is at 39750.
7) The Bank Nifty is ready to breach 40000 while Nifty50 poised to surpass 18000, Singhvi said.
8) Economy: India GDP Growth Q1FY23: 13.5% in April-June 2022-23, says Govt data. Output of eight core infrastructure sectors slowed down to 4.5 per cent in July: Official data. April-July fiscal deficit at Rs 3.41 lakh crore: Govt data.
9) GMR Group to divest 30% stake in PT GEMS for USD 420 million.
Watch Video Here: Bazaar Aaj Aur Kal
10) US Fed rate hike: Rupee to remain under pressure, may test new levels: The aggressive rate hikes will dampen demand and increase the possibility of a recession in the US. This could accelerate the pace of capital outflows, weaken the rupee and raise the threat of imported inflation. The Fed rate hikes narrow the difference between the interest rates of India and the US, making India less attractive for dollar investment. This could lead to capital outflows, and coupled with elevated crude oil and commodity prices may depress the rupee further, experts said. (PTI)