Mumbai. On Monday, the first trading day of the week, the Indian stock market opened with a fall. Sensex is trading around 51,780 with a fall of more than 500 points. At the same time, Nifty is below the level of 15,600. The market opened weak on Monday due to global reasons.
SGX NIFTY 150 points down
Global cues look weak on the first day of the week. SGX NIFTY has slipped 150 points below 15600. There is also a lot of pressure on Asia and DOW FUTURES. DOW JONES had broken more than 500 points on Friday.
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Virendra Kumar of CNBC-Awaaz says that its resistance zone is 15709-15743 and the larger resistance zone is 15778-15808. The base zone is 15539-15496 and the larger base zone is 115476-15440. Was told not to take any trades for today. US market closed below key average with heavy volume.
FIIs have put writing at 15500-400, call writing at 15800. Sell On Rise market but sell zone is 15720-800. Above 15800 there will be big short covering. On the other hand, 15539-500 / 15476-440 are the two zones from where the pullback can come. The first option will be the writers’ zone, the second will be Friday’s low. Below this is the zone of 50 DEMA (15232), below 15440 the down swing will be confirmed.
Gold slips strongly against dollar
After the strengthening of the dollar and the HAWKISH trend of the FED, there is a continuous decline in gold. The price of COMEX GOLD has slipped below $ 1775.
Opinion on RIL by GOLDMAN SACHS
GOLDMAN SACHS has a Buy rating on RIL and has a target of Rs 2425 for the stock. He says that the company’s retail business has a lot of growth potential. He said that retail business is the new engine of growth for the company. The company has the potential to grow up to 10 times its retail EBITDA. 36% CAGR growth is possible in the company’s retail revenue in the next 4 years.
Goldman SACHS says core EBITDA growth of 59 per cent is possible in FY22. The risk-reward of this stock is good in the current environment. Its bull case is expected to rise by 40 percent.