A slowdown was seen in the stock market on Friday. Global markets saw a mixed trend amid preparations for Israel's retaliatory strike on Iran. Volatility prevailed amid caution in global markets today amid calls for fresh mega-stimulus in China amid reports of Israel deciding on the strike today after Israel's reaction to a timely response to Iran's latest missile attack on it. While funds in Indian stock markets banking-finance , sell-off in automobile, capital goods stocks brought the Sensex, Nifty back into the negative zone in the market. Small cap stocks remained attractive while mid cap stocks saw profit booking.
The Sensex closed down 230 points at 81381 points, while the Nifty future index closed down 68 points at 25049 points. While the Bank Nifty future index closed down 394 points at 51386 points. Profit booking remained in mid-cap stocks. So the market breadth was moderately negative. Funds bought heavily in banking-finance stocks today. In IT-software services, technology stocks, funds were selling profitably ahead of TCS results. Funds also eased overbought positions in stocks of healthcare-pharmaceuticals companies. Funds were also buying stocks of automobile companies today.
Top gainers in today's trade include DVS Lab, HDFC AMC, Kotak Mahindra Bank, Kolpal, TCS Motors, Torrent Pharma, TVS Motors, Bharti Airtel, Tech Mahindra, State Bank, Apollo Tire, Wipro, Grasim, Oberoi Reality, Bata India, Lupine, Sun Shares like Pharma, Larsen, HCL Technology have increased. In today's top losers list, shares like Godrej Property, Mahindra & Mahindra, Havells, Muthoot Finance, Reliance, Cipla, Bharat Forge, Axis Bank have decreased.
Out of the total 4011 scrips traded in BSE, the number of decliners was 1751 and the number of gainers was 2143, 117 stocks were unchanged. While 02 stocks had bearish only sellers, 06 stocks had only bullish bullish upper circuits. Future direction of the market….friends, global trends and geopolitical tensions as well as Jammu and Kashmir and elections will be the focus of the Indian markets in the coming week. The World Bank has raised its economic growth forecast for India for the current financial year to 7. % done. India has an emerging consumer elite that is driving the economy. The Reserve Bank has also kept inflation expectations unchanged at 4.50% for the current financial year. The World Bank has raised its forecast for South Asia to 6.40% from 6% for 2024. Strong demand in India. And keeping in mind the rapid recovery in Sri Lanka and Pakistan, the estimate has increased. In the next two years, the economic growth rate in South Asia will be seen as strong as 6.20%, according to a report by the World Bank. To maintain the economic growth rate, the countries of South Asia have to stick to the economic reform programs.
The rupee weakened as crude prices skyrocketed due to the geo-political crisis in the Middle-East. Brent crude jumped more than 10% in the first 10 days of October. Foreign investors have been steadily selling out of the Indian equity market. So far in October, FIIs have recorded sales of Rs.542311 crore. Which has also affected the rupee. Foreign investors have been withdrawing funds amid speculation that the Fed may hold off on cutting interest rates for the time being due to the geo-political crisis. According to RBI data, the country's forex reserves rose to a record high of $704.09 billion till September 27. To prevent the rupee from weakening further, the RBI had informally instructed banks not to take large bets against the rupee. Continuous efforts are being made by RBI to maintain the level of rupee.
Nifty Future Technical Levels NIFTY FUTURE CLOSES :- ( 25049 ) :- Next swings are likely to see Nifty Future touch 24979 points to 24880 points, 24880 points, 24880 points, 24880 points, 25303 points in terms of first and crucial strong stoploss of 25303 points. .
Bank Nifty Future Technical Levels Bank Nifty Future Close :- ( 51386 ) :- The next move is possible Bank Nifty Future may touch the first important level of 51676 points and 51808 points from 51180 points to 51008 points, the all important level of 51808 points around 51808 points cautiously. Create a position.
Specific technical levels regarding future stocks Mahindra & Mahindra (3150) :- The share price of this leading Mahindra Group company is currently trading around Rs.3108. Buyable with a stoploss of Rs.3088, this stock is likely to register a price of Rs.3108 to Rs.3088 in a short period of time…!! Bullish focus on Rs.3073…!! Muthoot Finance (1950):- Positive breakout around Rs.1923 as per technical chart…!! Buyable with support of Rs.1909, this stock is likely to touch Rs.1974 to Rs.1990…!! Lupine Limited (2229) :- According to the technical chart, this stock of the pharmaceutical sector is likely to sell profitably around Rs.2264 with a target price of Rs.2197 to Rs.2180. Consider a stoploss of Rs.2280 for trading..!! Oberoi Reality (1928):- Registering an overbought position around Rs.1953, this stock is sellable with a stoploss of Rs.1960..!! It is likely to show the price of Rs.1890 to Rs.1873 in a phased manner…!! Consider bullish above Rs.1974…!!
Future direction of the market… Friends, the massive net selling in the Indian stock markets by Foreign Portfolio Investors (FPIs) in the last week may still be on the rise. On the other hand, local funds-local institutional investors are not picking up enough sustained buying. Considering the green signal, there will be a possibility of a retaliatory attack by Israel on Iran at any moment and with it the war will move towards the end. The sentiment is likely to remain shaky in the coming week. There is a risk of immediate reversal, while China, on the other hand, needs to get its economy back on the track of recovery.
Interest rates were maintained in the Reserve Bank's lending policy. But the Reserve Bank has given indications that the interest rate will be cut in the upcoming meeting. The last meeting of the Federal Reserve in America, the market was watching the minutes coming out of the meeting. New Zealand's currency fell to a new low since August 19. Now the market was watching the inflation data released in the United States. The Australian dollar fell to a new low since September 16 against the dollar. Amid caution among investors, the market is expected to strengthen in the near future. The results season will begin with TCS announcing its results, so the focus is likely to shift to the IT sector. Globally, all eyes will be on the FOMC meeting minutes.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
