Stock Market: Before investing money in the stock market, read this fatal prediction, a big ‘tsunami’ is coming.
Stock Market : The start of the current financial year has not been good for the Indian stock markets. The stock market has seen a strong fall amid the fall in IT stocks and fears of a recession in the US market. But the picture ahead could be even more dire. According to market experts, more correction can be seen in the market and Nifty can reach 15600.
American brokerage company BofA Securities has indicated more trouble for investors in the Indian stock markets in the coming times. BofA expects a further 10 per cent ‘correction’ in the benchmark index by December. The brokerage company said that the 50-share National Stock Exchange’s Nifty will remain at 15,600 points till December 31, 2022. Earlier in June, BofA had projected the Nifty to be at 14,500 by the end of December. The company has now revised its estimate.
The markets have recently witnessed some buying after sustained selling coupled with inflow of foreign investors. Earlier, foreign investors had pulled out more than $29 billion from domestic stock markets.
Analysts at BofA said in a note, “We remain cautious about the current volatile environment and concerns of a global slowdown.” Apart from this, the brokerage also said some positives such as higher crude oil prices, depreciating rupee and moderation in domestic inflation. Things have also been pointed out.
Nifty is now at 17659
BofA has forecast the Nifty to reach 16500. On the other hand, when the market closed on August 11, the Nifty closed at 17.659 points with an increase of 124.25 points by 0.71 percent.
Rupee breaks against dollar
The rupee lost 36 paise to close at Rs 79.61 against the US dollar. Since the last few days, there has been a lot of volatility in the rupee. The rupee was trading in the range of 79.22 to 79.31 in early trade. On Wednesday, the rupee had gained 38 paise to close at 79.25 against the US dollar.
Latest Business News
function loadFacebookScript(){
!function (f, b, e, v, n, t, s) {
if (f.fbq)
return;
n = f.fbq = function () {
n.callMethod ? n.callMethod.apply(n, arguments) : n.queue.push(arguments);
};
if (!f._fbq)
f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = [];
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t, s);
}(window, document, ‘script’, ‘//connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘1684841475119151’);
fbq(‘track’, “PageView”);
}
window.addEventListener(‘load’, (event) => {
setTimeout(function(){
loadFacebookScript();
}, 7000);
});
,
