On Monday, the Indian stock market rallied after being sluggish for the last two trading sessions. The market started flat today, but later on, Sensex and Nifty rallied on increasing buying in IT-technology stocks. Sensex rose by 500 points, while Nifty saw a rise of 150 points. The clouds of depression have not yet cleared in the stock market. Smallcap and midcap indices were trading in the red zone. Apart from this, energy, healthcare, metal, oil and gas shares were also trading lower as profit booking increased.
The Sensex rose 10 points to close at 79496 points, while the Nifty future index rose 07 points to close at 24226 points. The Bank Nifty future index rose 271 points to close at 52060 points. Sensex, Nifty based market took a U-turn today with market breadth turning negative to positive in small cap stocks today as players, funds reduced preferred valuations.
With the victory of Donald Trump in America, IT and technology stocks have risen with the dollar index recording a spectacular rally. Global challenges and disappointing earnings have added to the bearishness in the stock market. FIIs are also recording continuous selling. Shares tumbled 9% today after Asian Paints posted much weaker-than-expected results. More than 50% of Nifty-listed companies reported weaker and lower profits than expected, a report has revealed. The reason behind the rally in the stock market today is weak economic data from China. Despite China announcing an economic package for GDP recovery, growth has been weak.
Top gainers in today's trade include TCS, HCL Technology, Dr Reddy, Infosys, Tech Mahindra, Wipro, Muthoot Finance, Indigo, Axis Bank. Today's top losers include Grasim, Lupine, TVS Motors, Sun Pharma, Reliance, Adani Ports. Stocks like Havells, Larsen, Cipla have declined.
Of the total 4213 scrips traded in BSE, the number of decliners was 2568 and the number of gainers was 1530, 115 stocks saw no change in price. While 05 stocks had only seller's bearish lower circuit, 06 stocks had only buyer's bullish upper circuit.
Nifty Future Technical Levels NIFTY FUTURE CLOSE :- ( 24226 ) :- The next move is likely to see Nifty Future touch the crucial level of 24008 points first and 23808 points from 24272 points to 24303 points, the all-important level of 24373 points in terms of trading. .
Bank Nifty Future Technical Levels Bank Nifty Future Close :- ( 52060 ) :- The next swing is likely to see the Bank Nifty Future touch the crucial level of 51979 points first and 51808 points from 52108 points to 52232 points, 52303 points very important levels around 51808 points. Create a position.
Specific technical levels regarding future stocks Godrej Property ( 2670 ) :- The share price of this leading company of Godrej Group is currently trading around Rs.2626. Buyable with a stoploss of Rs.2600, this stock is likely to register a price of Rs.2688 to Rs.2707 in a short period of time…!! Bullish focus on Rs.2717…!! Oberoi Reality ( 2006 ):- Positive breakout around Rs.1989 as per technical chart…!! This buyable stock is likely to touch Rs.2024 to Rs.2047 with the support of Rs.1972…!! Lupine Limited ( 2089 ) :- According to the technical chart, this stock from the pharmaceutical sector has the possibility of a target price of Rs.2037 to Rs.2020 with a profitable sell-off around Rs.2130. Consider a stoploss of Rs.2173 for trading..!! Infosys Limited ( 1862 ):- This stock is sellable with a stoploss of Rs.1909 registering an overbought position around Rs.1890..!! It is likely to show the price of Rs.1828 to Rs.1808 in a phased manner…!! Consider bullish above Rs.1919…!!
Future direction of the market… Friends, after the strong start of Samvat 2081 in Muhurta trading, the erosion of the stocks has been seen as a result of one-day selling by Foreign Portfolio Investors (FPIs). On the day of the announcement of Donald Trump's victory as the new President of the United States, Indian stock markets along with the global markets saw a boom. But the frenzy of bullishness quickly subsided on the second day as expected policies including unexpected tariff hike by the Trump government and the China factor led to a sell-off in the market. Sensex, Nifty showed limited declines and funds continued to offload into small, mid-cap stocks and continue to take profits on every bounce. It is now necessary to be defensive and selective in stocks. Care must be taken in the market until the incessant sell-off of foreign funds stops. With geopolitical tension, the pressure of redemption on the local funds may come in the coming days in the circumstances of crude oil flare-up and continuous selling of foreign funds, in this situation, the month of November can be a disaster, so it is advisable to book stocks which are getting good profits. Local institutional investors i.e. local funds-mutual funds may also slow down in the coming days. So it is advisable to stay away from new purchases or averaging in the coming days. After the slight upswing seen in the stock market last week, investors are now looking at the coming days. The performance of the stock market may be full of ups and downs in the coming days.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
