Market breadth turned moderately positive again on Thursday after broad declines in Sensex, Nifty, small and mid cap stocks, with short funds buying in select stocks. Foreign funds continued offloading in automobile, capital goods, power stocks today and bullish trade in healthcare-pharma stocks eased. was However, Sensex, Nifty based major losses stopped as IT-software services, technology stocks fell today, local funds took off. Sensex closed down 17 points at 80065 points, while Nifty futures index closed down 30 points at 24452 points. while the Bank Nifty future index closed at 51605 points with a rise of 253 points.
The overall sentiment remained cautious except for a recovery in select small, mid-cap stocks after a reversal from the washout in stocks over the past few days on signs of continued massive sell-off by foreign portfolio investors (FPIs) in the Indian stock markets as well as high net worth investors exiting mutual funds. .Funds in capital goods, power stocks continued to erode as experts eased sustained bullish trades.Funds' sell-off in auto stocks increased on reports of a lackluster response to festive vehicle purchases, with the automobile industry facing challenging times and companies facing inventory conditions. Shares of healthcare-pharmaceuticals companies also slipped amid talk that mutual funds had started a big sell-off. Funds again bought heavily in select stocks today, with bullish stalwarts in IT-software services, technology stocks for continued support in a collapsing market. Top gainers in today's trade include Indigo, Reliance, Mahindra & Mahindra, Grasim, Oberoi Realty, Muthoot Finance, ACC, DVS Lab, Cipla, Lupine, Sun Pharma. Today's top losers include TCS, Larsen, Adani Enterprises, Kolpal. Stocks like Voltas, Havells, Bharti Airtel, Bata India, AU Bank, Kotak Mahindra Bank, DLF, Sun TV, Infosys, Glenmark Pharma, Mahanagar Gas, Tata Chemicals have declined.
Out of a total of 4033 scrips traded in BSE, the number of losers was 2349 and the number of gainers was 1584, 100 shares saw no change in price. While 312 shares only seller's bearish lower circuit remained in 254 shares bullish only buyer's upper circuit.
Nifty Future Technical Levels NIFTY FUTURE CLOSES :- ( 24452 ) :- Next swings are likely to see Nifty futures touch 24505 points to 24575 points, 24606 points, 24575 points, 24606 points in terms of first and crucial strong stoploss of 24232 points at 24303 points. .
Bank Nifty Future Technical Levels Bank Nifty Future Close :- ( 51605 ) :- Next fluctuation is possible Bank Nifty Future may touch the first important level of 51373 points and 51232 points from 51737 points to 51808 points, 51880 points very important level around 51373 points cautiously. Create a position.
Specific technical level regarding future stock ACC Limited ( 2265 ) :- The share price of this Adani Group leader company is currently trading around Rs.2227. Buyable with a stoploss of Rs.2208, this stock is likely to register a price of Rs.2288 to Rs.2303 in a short period of time…!! Bullish focus on Rs.2317…!! Infosys Limited ( 1849 ):- Positive breakout around Rs.1828 as per technical chart…!! This buyable stock with support of Rs.1808 is likely to touch Rs.1863 to Rs.1870…!! Hindustan Unilever ( 2507 ) :- As per the technical chart, this diversified FMCG sector stock is likely to have a target price of Rs.2480 to Rs.2460 with a profitable sell-off around Rs.2560. Consider a stoploss of Rs.2588 for trading..!! Lupine Limited ( 2134 ):- This stock is sellable with stoploss of Rs.2194 registering an overbought position around Rs.2188..!! It is likely to show the price of Rs.2108 to Rs.2090 in a phased manner…!! Above Rs.2208 take bullish view…!!
Future direction of the market… Friends, India remains the largest growing economy in the world, said the International Monetary Fund (IMF) and observed that India's macroeconomic fundamentals are strong. India appears to be the largest growing economy in the world. We estimate India's economic growth to be seven per cent in FY 2024-25, supported by a recovery in rural demand due to a favorable harvest. With food prices normalizing, inflation is expected to ease to 4.40 percent in the current financial year, IMF Asia Pacific said. Despite the elections, fiscal discipline is on its side. Reserve level is good. Macro fundamentals are good for India, he also said. Post-election reform priorities in India need to be in three areas. Employment generation remains an issue in India. In this context, I think the implementation of the labor law is necessary, as it will bring flexibility to the labor market, he said.
India's investment attractiveness is still intact, but economic growth and corporate profits are declining. So a decision has been taken to downgrade the rating. Due to expensive valuation, the stock market may see a decline for a few more days in the coming days. But there is no chance of a major decline in the market due to tremendous domestic investment. World renowned brokerage firm Goldman Saas has downgraded India's rating, adding to the tension for stock market investors. Goldman Sachs has released a new research note on the Indian capital market and downgraded Bhartu from Overweight to Neutral.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
