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You are at:Home»Business»Zee Business Stock, Trading Guide: Things to Know Before Market Opens on 7th September 2022
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Zee Business Stock, Trading Guide: Things to Know Before Market Opens on 7th September 2022

By September 6, 2022No Comments4 Mins Read
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Zee Business Stock, Trading Guide: Indian stock markets witnessed volatility on the second day of this trading week. Stock Market Today 6 September 2022: Indian stock markets ended in the red on Tuesday. While the BSE Sensex closed at 59,245.98, down nearly 49 points or  0.08 per cent from the Monday closing price, the 50-share Nifty50 index settled at 17,655.60, down by 10 or 0.06 per cent from the last closing. 

In the 30-share BSE Sensex, 11 stocks were gainers at the closing time. The remaining 19 were losers. Meanwhile, in the 50-share Nifty50 index, 20 stocks advanced, 29 declined while 1 remained unchanged.

Bank Nifty settles at 39666.50, down by 139 points or 0.35 per cent. The Nifty Mid Cap 100 closed at 31706.05, up by 183 points or 0.6 per cent.

Zee Business Managing Editor Anil Singhvi said that the trading day was quite interesting on Tuesday after posting a good show on Monday. The markets started in the green followed by some profit booking later in the day. The Nifty50 traded in the range only to close slightly below the Monday’s level. Hence the markets respected ranges on either sides. Bank Nifty also witnessed profit booking.

The real action was seen in the small cap and mid cap stocks, Singhvi said. There was stock specific momentum in broader markets, he further said. There was some stagnancy in the index. After Monday’s momentum, there was some consolidation today.

1) Market Expert Vikas Sethi of Sethi Finmart said that the broader markets witnessed significant action. There was sector specific activity with metals, power and cement sectors in focus.

2) The buying from Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) was encouraging. He expect stock specific action and positive momentum to continue from here. Any dip should be used as a buying opportunity. While the former bought Indian equities worth 1144 cr, the latter bought equities worth Rs 633 cr.

3) His recommendation as a positional term stock is Lemon Tree Hotels which closed near Rs 73 on the NSE. The target price is Rs 85 and stop loss is Rs 68.

4) His long term pick is Andhra Sugar. He puts the target price at Rs 225. It was recommended at a price of Rs 152.  

5) The Market Guru said that investors must watch out for closing in the US markets. The previous week was very bad, he added.

6) The support range for Nifty50 will be 17475-17550 if the index starts trading below 17600 on Wednesday. The resistance zone is at 17775-17850.

7) As for Bank Nifty, the support is seen at 39300-39425. The resistance will be at 39950-40050. Nifty Bank could find it difficult to breach this level. Some profit booking will be seen in this range.

8) Mid cap and small cap stocks will continue to see good action, Singhvi said.

9) Rupee falls 2 paise to 79.80 against US dollar: The rupee declined by 2 paise to close at 79.80 (provisional) against the US dollar on Tuesday amid a lacklustre trend in domestic equities. At the interbank foreign exchange market, the domestic currency opened at 79.80 per dollar. It hovered in a range of 79.80 to 79.91 during the session. The domestic unit finally settled at 79.80, down 2 paise over its previous close of 79.78.

10) CAD to widen to 5 pc in Q2, 3.5 pc in FY23, says Icra: India’s current account deficit (CAD) will widen to 5 per cent of the GDP in the September quarter due to higher merchandise trade deficit, domestic ratings agency Icra said. The trade deficit has doubled to USD 28.7 billion for August due to a 36.8 per cent expansion in imports and a 1.2 per cent decline in export earnings.
“The current account deficit (CAD) is projected to widen to an all-time high of USD 41-43 billion in Q2 FY23 from the USD 30 billion expected in Q1 FY23. It is expected to widen to 5 per cent of GDP in Q2 FY23, the second highest level since Q3FY12,” it said in a note. PTI

Watch Full Video Tweet Here: 

#BazaarAajAurKal में देखिए आज के शेयर बाजार का लेखा-जोखा और कल के बाजार का अनुमान @rainaswati | @AnilSinghvi_ https://t.co/dZBYBYQ3ZD

— Zee Business (@ZeeBusiness) September 6, 2022

11) Tamilnad Mercantile Bank IPO subscribed 1.53 times on Day 2: The initial public offer of Tamilnad Mercantile Bank got subscribed 1.53 times on Tuesday, day two of the subscription.
The Rs 831.6-crore public offer received bids for 1,33,68,460 shares, against 87,12,000 shares on offer, according to an update available with the NSE. PTI



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