The stock market was bullish as soon as it opened on Tuesday. Then there was a sell-off. The Sensex closed down 105 points at 80004 points, while the Nifty futures index closed down 56 points at 24217 points. While the Bank Nifty future index closed at 52218 points with a surge of 47 points. The market breadth remained negative due to widespread selling by retail investors due to increased panic in small, mid cap, cash stocks. In metal-mining stocks, funds reduced short covering today. Shares of automobile companies also saw selective buying today with reduced short covering. FMCG stocks were gapped today against selective buying in frontline stocks.
It can be said from the data received that in the current year, foreign institutional investors (FIIs) have withdrawn huge investment from companies in the oil and gas sector and financial services sector. During the period of January to October of the current year, foreign investors have withdrawn Rs 63871 crore from companies in the financial services sector and oil and gas. An overall investment of Rs 32000 crore has been withdrawn from companies in the sector. In the first fortnight of the current November, foreign investors have withdrawn investments worth Rs 30774 crore in 13 sectors in which the largest investment with Rs 7214 crore has been withdrawn from oil and gas companies, according to NSDL data.
Top gainers in today's trade include TCS, Hindustan Unilever, Oberoi Realty, Muthoot Finance, HCL Technology, HDFC Bank, Tech Mahindra, Havells, Voltas, Glenmark Pharma, Bata India. In today's list of top losers, shares such as Devise Lab, Indigo, Larsen, Mahindra & Mahindra, Grasim, Lupine, Kotak Mahindra Bank, Sun Pharma, Bharti Airtel, Bharat Forge, Cipla, Axis Bank, Adani Ports have declined.
Out of a total of 4031 scrips traded on BSE, decliners were 1640 and gainers 2281, while 110 scrips were unchanged. While in 236 stocks there was a bearish lower circuit of only sellers against a bullish upper circuit of only buyers in 370 stocks.
Nifty Future Technical Levels NIFTY FUTURE CLOSE :- ( 24217 ) :- The next move is likely to see Nifty Future touch the crucial level of 24088 points first and 24008 points from 24575 points to 24606 points, the all-important level of 24676 points in terms of trading. .
Bank Nifty Future Technical Levels Bank Nifty Future Close :- ( 52218 ) :- The next fluctuation is possible Bank Nifty future may touch the first important level of 51880 points and 51808 points from 52303 points to 52373 points, 52404 points very important level with respect to 51808 points cautiously. Create a position.
Specific technical levels regarding future stocks Balakrishna Industries ( 2768 ) :- The share price of this leading company of Balakrishna Group is currently trading around Rs.2727. Buyable with a stoploss of Rs.2707, this stock is likely to register a price of Rs.2783 to Rs.2790 in a short period of time…!! Bullish focus on Rs.2808…!! HDFC Bank ( 1787 ):- Positive breakout around Rs.1770 as per technical chart…!! This buyable stock is likely to touch Rs.1803 to Rs.1813 with the support of Rs.1747…!! Lupine Limited ( 2039 ) :- According to the technical chart, this pharmaceutical sector stock has the possibility of a target price of Rs.2016 to Rs.1997 with a profitable sell-off around Rs.2078. Consider a trading stoploss of Rs.2093..!! Oberoi Realty ( 1979 ):- Registering an overbought position around Rs.2008, this stock is sellable at a stoploss of Rs.2023..!! It is likely to show the price of Rs.1960 to Rs.1944 in a phased manner…!! Consider bullish above Rs.2944.
Future direction of the market…
Friends, the Goods and Services Tax (GST) Council meeting in December is likely to give relief on GST on health and life insurance premiums. The Council meeting was earlier scheduled to meet in the current month but now it will be held on December 23 and 24. Finance Minister Nirmala Sitharaman in preparation for the next budget The Finance Ministry said that the meeting of the Council has been held in December as the Finance Ministers of various states are currently meeting The Council meeting discussed the possibility of giving senior citizens complete exemption from GST on their health and life insurance premiums.
After the slight upswing seen in the stock market last week, investors are now looking at the coming days. The last week has been a turbulent one for the Indian stock markets. On the global front, Donald Trump's victory in the US and Ukraine's attack on Russia with US missiles raised geopolitical tensions, and on the other hand sentiments about the Adani case were shaken by the specter of a Russian nuclear war. After the elections were held in Maharashtra and Jharkhand during the week, the positive effect of the sign of formation of a stable and strong government in the state will be seen in the market in the coming days. Immediately the market will take a U-turn. The streak of inevitable correction can be considered to be over now. Now, barring any unwanted geopolitical factors, the market will be seen trading in the consolidation phase with a bullish streak. Selective stocks will see a rally, but keeping in mind the fundamentals and overvaluation factor, it is advisable to stay away from buying weak stocks. So investors are advised to hold back and wait until the market stabilizes. The stock market performance 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).
