Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking
The 12 day trading range of 17,400-17,777 and set a positive undertone in the market. Positive market breadth and outperformance of our domestic index in comparison to its global peers might propel to challenge the psychological level of 18,000. One can expect the Nifty to eventually head towards 18,300 in September 2022 as it is the swing high of January 2022.
Nifty also registered a bullish golden crossover in August (50-DEMA crossing above 200-DEMA) implying major shift of momentum from a medium term perspective. After a positive opening, investors should use intraday dips towards 17,775-17,735 for creating long position for the target of 18,300 in near term.
Mahindra & Mahindra’s new e-SUV launch fails to enthuse D-Street. Stock trading flat with negative bias
Rain Industries down 4% after temporary closure of an operating unit in Europe
ICICI Bank, SBI, Zomato among most active shares on the NSE
Rahul Bajoria, MD & Chief India Economist, Barclays
While monsoon rains are mean reverting to normal levels, an increase in sowing activity has improved the outlook for agriculture production. Still, to manage latent price pressures the government has introduced export duties on rice. Given India’s status as the world’s largest rice exporter with more than 30% global market share, the move appears certain to create spillover effects in several countries, which typically import rice from India.
Meanwhile, sowing of pulses and oilseeds is lagging prior-year trends, while for the rest of the key crops sowing remains ahead of last year’s levels. The government is expected to come out with the first advance estimate of the Kharif crop for FY22-23 later this month, which will give us official assessment of the impact of weakness in sowing and uneven monsoon on crop output. We expect the rice production to remain lower than last year’s level, which would break a six-year trend of continuous increases in paddy output.
#CNBCTV18Exclusive | Tata Motors plans to launch a hatchback EV soon with price of that EV expected to be below ₹12.50 lakh. Also, company targets sales of 50,000 electric vehicles in current fiscal (FY23) pic.twitter.com/lgXf9FljKc— CNBC-TV18 (@CNBCTV18Live) September 9, 2022
Metals lead the rally as Sensex hits 60,000. Take a look at the top gainers
Vodafone Idea gains 2 percentThe government is all set to acquire a stake in debt-ridden Vodafone Idea after the stock price of the company stabilises at Rs 10 or above, according to official sources.
All sectors in green, barring S&P BSE Realty. Financials and Metals shine. Take a look
Zydus Lifesciences announces that it has acquired rights to market MonoFerric (iron isomaltoside) injections in India and Nepal from Denmark-based Pharmacosmos
Sensex is up 345.55 points or 0.58 percent at 60,033.77. Nifty zooms 104.00 points or 0.58 percent at 17,902.80
Rupee Check | Rupee opens at 79.64/$ versus Thursday’s close of 79.71/$