A gap opening was seen in the stock market on Tuesday. In the stock market, due to the Asian stock markets, there has been an improvement in the local stock market. After the last seven consecutive days of crash, the stock market has seen an attractive bounce today. The Sensex rose 239 points to close at 77878 points, while the Nifty futures index rose 20 points to close at 23534 points. While the Bank Nifty future index closed at 50499 points with a surge of 69 points. Despite the upswing in Sensex, Nifty, investors' wealth i.e. the aggregate market capitalization of companies listed in BSE increased as small, mid-cap, A group stocks remained attractive today.
The overall trend in the sectoral indices is favorable for improvement. In which smallcap and midcap shares, which have been facing recession for the last one week, have seen an improvement today. The BSE Smallcap index jumped over 1100 points and the Nifty future over 250 points. Realty, PSU, Consumer Durables, Energy, Power, Capital Goods, IT Index rose over 1.50%.
Top gainers in today's trade include IndiGo, TCS, TVS Motors, Infosys, Lupine, Cipla, SBI Cards, DLF, Havells, Muthoot Finance, Glenmark Pharma, Aurobindo Pharma, Kotak Mahindra Bank, Tata Motors, Axis Bank, Tech Mahindra, Adani Ports, Wipro Stocks like have risen. Today's top In the list of losers, stocks like Larsen, Bharti Airtel, Grasim, ACC, Mahanagar Gas, Bata India, Reliance, Voltas, Jindal Steel, HCL Technology have declined. Out of a total of 4059 scrips traded on BSE, decliners were 1637 and gainers 2326, while 96 scrips were unchanged. While in 232 stocks there was a bearish lower circuit of only sellers against a bullish upper circuit of only buyers in 347 stocks.
Nifty Future Technical Levels NIFTY FUTURE CLOSE :- ( 23534 ) :- On the next move Nifty Future is likely to touch the crucial level of 23373 points to 23606 points from 23573 points to 23606 points with respect to first and 23303 points very important strong stoploss trading. Cautious positioning around the 23303 point.
Bank Nifty Future Technical Levels Bank Nifty Future Close :- ( 50590 ) :- The next move is likely Bank Nifty Future to touch the crucial level of 50088 points first and 49808 points from 50606 points to 50737 points, 50808 points very important level. Cautious positioning around the 50808 point.
Specific technical level regarding future stock Infosys Limited (1825):- The share price of this company, the leader of the Infosys Group, is currently trading around Rs.1787. Buyable at a stoploss of Rs.1773, this stock is likely to touch Rs.1844 to Rs.1850 in a short period of time…!! Bullish focus on Rs.1858. HCL Technology ( 1826 ) :- Positive breakout around Rs.1787 as per technical chart…!! Buyable at support of Rs.1770, this stock is likely to touch Rs.1844 to Rs.1858…!! Oberoi Realty ( 1907 ) :- According to the technical chart, this stock from the residential and commercial projects sector has the possibility of a target price of Rs.1888 to Rs.1874 with a profitable sell-off around Rs.1947. Consider a trading stoploss of Rs.1960. Tata Communication (1722) :- This stock is sellable with a stoploss of Rs.1755 registering an overbought position around Rs.1747..!! It is likely to show the price of Rs.1696 to Rs.1680 in a phased manner…!! Consider bullish above Rs.1760.
Future direction of the market…. Friends, in the next short period of time, the market will remain in correction mode with volatility. The sell-off by foreign investors is not over yet. The market will remain volatile until Trump takes over and clarifies new policies. On the global front, the development after the victory of Donald Trump in America and on the other hand the expectation of a reduction in geopolitical tension, at the time when the tariff war of America with China is considered to start, there has been a big upheaval in the global markets. Earlier, as a result of China's stimulus mega package, foreign funds, foreign portfolio investors have pulled out of India. Sensex in Indian stock markets on signs of shifting towards China A big crash in Nifty along with large gaps in small, mid-cap stocks gave fuel to the crisis.
The possibility of FPIs exiting India and resuming valuation in Indian markets has started to be discussed. Of course, despite the positive development, since corporate India's performance-results are weak and these results are showing the possibility of taking 6 to 9 months to improve, it is also necessary to be careful not to be tempted by a possible bullish surge in the coming days. Choosing to invest in stocks with attractive valuations instead of buying big in stocks. There is still a possibility of offloading stocks due to a surge in overvalued stocks. Today, November 20, 2024, the assembly elections in Maharashtra will be held in the stock market.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
