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The Sensex fell 694 points to close at 81,307 on Friday, August 22, the last trading day of the week.
The stock market is very important for the stock market two days a week starting from August 25. According to Harshubh Shah, director of wealth analytics, the market may appear in the market on 26 and 28 August. On August 27, the market will be closed due to Ganesh Chaturthi.
Apart from this, in this week of 4 business days, the signs of the global market, the purchase and sale of foreign investors and technical factors will decide the market moves.
Let us understand what can happen in the market this week…
Support Zone: 24,850 / 24,806 / 24,670 / 24,538 / 24,480 / 24,350 / 24,140
Support means the level where the share or index falls from falling down. The price does not go down easily due to increasing shopping here. You can get a chance to shop at these levels.
Resistance Zone: 24,978 / 25,083 / 25,145 / 25,322 / 25,434 / 25,566
Resistance, ie, the level where the stock or index is hindered. This happens due to increasing selling. If the Nifty Registration crosses the zone, a new fast may occur.
The possibility of reversal in the market on 26 and 28 August
The wealth report states that the market is more likely to reversal on August 26 and 28. Being a holiday on August 27, be more careful in keeping positions.
Trade reversal was shown on 22 August last week
Wealth Analytics, in its previous report, expressed the possibility of changing the trend in the market on 21-22 August. And it happened exactly. On August 22, the market was seen in a sharp upsurge after a continuous rise of 6 days. The Sensex closed down around 700 marks.
Now 5 factors who can decide the direction of the market…
1. 25% tariff of America: The total tariff on Indian goods will be 50% on Indian goods with additional 25% tariff to be implemented from 27 August.
The Indian government has said that after the implementation of 50% tariffs, Indian goods worth about $ 50 billion will be affected. Investors will keep an eye on this development
2. Domestic Economic Statistics: Investors will closely monitor India’s economic data. This includes HSBC manufacturing, services, and composite PMI, as well as IIP and GDP data. These figures will significantly indicate the speed of the economy.
3. FII selling: Foreign Institutional Investors (FII) also remained in a selling mood in August. By August 23, he sold shares worth Rs 25,564 crore. So far this year, their total selling has reached Rs 1,57,440 crore. This can affect the market mood.
4. American Market: Wall Street’s move also affects other markets. It may also show some effect on Indian markets.
- The Dow Jones index rose 846 points or 1.89% to close at 45,631 on Friday.
- The S&P 500 index closed at 6,467 with 97 points or 1.52%.
- Nasdaq Composite closed at 396 points or 1.88% at 21,496 levels.
Apart from this, the growing stress between Russia -Ukraine is reducing the hopes of the early end of war. Crude oil prices have also increased by about 1% due to these news. This is negative for India, as India is one of the largest crude oil importers in the world.
5. Technical Level: The Nifty is close to its short-term moving average support zone, which is around 24,800 around 20-Dema.
According to Ajit Mishra, a research head of Reliance Broking, “If the Nifty remains above this level, it can move first to 25,250 and then 25,400.
But if it goes down, it can test around 24,600, and a strong base can be found at 24,350. “
Apart from this, there is a monthly expiry on August 28, around which market volatility (fluctuations) may increase. This can affect the market move.
Sensex closed at 81,307 below 694 points
On Friday, August 22, the Sensex fell 694 points to close at 81,307. The Nifty also declined by 214 points, it fell at 24,870.
23 out of 30 shares of Sensex declined, 7 closed up. A total of 12 shares, including Asian Paints, UltraTech Cement and Tata Steel, declined by 1% to 2.5%.
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