The stock market closed on a bearish note on Friday. The Sensex closed in the bearish position after being highly volatile. The country's stock markets rallied for the fifth straight session till Thursday despite weak corporate results for the September quarter and significantly lower-than-expected economic growth. Three of the last five sessions have seen net buying by foreign institutional investors (FIIs) in Indian equities. Foreign funds bought a further net worth of Rs 8,539 crore of equity. After continuous selling in October and November, FIIs are seen to have become active in the last month of the year. Looking at the historical data of the Indian stock market, December has mostly been a bullish month for the market.
The Sensex closed down 56 points at 81709 points, while the Nifty futures index closed at 24683 points, up 18 points. While the Bank Nifty future index closed at the level of 53717 points with a jump of 43 points. RBI's repo rate remained unchanged at 6.50%. In which it was decided to keep the repo rate unchanged at 6.50% once again by a majority of 4:2 without making any changes. It is said that there will be no change in the EMI of the home loan. There will be no relief. The Monetary Policy Committee has cut the cash reserve ratio by 50 basis points (0.50%) with the objective of maintaining strong GDP growth in FY 2024-25. Cash reserve ratio reduced to 4% in the financial system of the country Rs. 1.06 lakh crore liquidity has been given to the market, which will boost project funding and growth. Treasury bond portfolio profits of most banks will increase. Also, the economy will be supported by the increase in consumption.
Top gainers in today's trade include IndiGo, HDFC AMC, Larsen, Grasim, TVS Motors, Muthoot Finance, Voltas, Tech Mahindra, SBI Life, Bata India. Today's top losers include TCS, Torrent Pharma, ACC, Infosys, HCL Technology. , in stocks like HDFC Bank, Sun Pharma has decreased.
Out of a total of 4088 scrips traded on BSE, decliners were 1590 and gainers 2399, while 99 scrips were unchanged. While in 191 stocks there was a bearish lower circuit of only sellers against a bullish upper circuit of only buyers in 410 stocks.
Nifty Future Technical Levels NIFTY FUTURE CLOSE :- ( 24783 ) :- The next swing is likely to see the Nifty future touch the crucial level of 24808 points to 24939 points, 25008 points, 24808 points to 24939 points, 25008 points in terms of first and crucial strong stoploss of 24474 points at 24606 points. Cautious positioning around 24474 points .
Bank Nifty Future Technical Levels Bank Nifty Future Close :- ( 53717 ) :- Next fluctuation is possible Bank Nifty future may touch 53475 point first and 53303 point very important strong stoploss trading from 53808 point to 54008 point,54088 point very important surface.Caution around 53808 point Create a position.
Specific technical level regarding future stock ACC Limited ( 2271 ) :- The share price of this leading company of Adani Group is currently trading around Rs.2233. Buyable with a stoploss of Rs.2208, this stock is likely to register a price of Rs.2294 to Rs.2303 in a short period of time…!! Bullish focus on Rs.2323…!! Cipla Limited ( 1485 ):- Positive breakout around Rs.1460 as per technical chart…!! Buyable with support of Rs.1430, this stock is likely to touch Rs.1497 to Rs.1508…!! HDFC Bank ( 1861 ) :- As per the technical chart, this private bank sector stock has the possibility of a target price of Rs.1844 to Rs.1828 through profitable selling around Rs.1893. Consider a trading stoploss of Rs.1909..!! Sun Pharma ( 1812 ):- This stock is sellable with a stoploss of Rs.1844 registering an overbought position around Rs.1838..!! It is likely to show the price of Rs.1797 to Rs.1780 in a phased manner…!! Above Rs.1850 will look bullish.
Future direction of the market… Friends, Reserve Bank of India has taken a big decision regarding repo rate. RBI's repo rate was currently unchanged at 6.50%. RBI has reduced the GDP growth estimate for FY 2024-25 from 7.2% to 6.6% taking into account current inflation and GDP figures. The inflation estimate is also estimated to be reduced from 4.5% to 4.8%. If CPI inflation is recorded at the rate of 5% or less in December, 2024, the repo rate may be reduced in February, 2025. RBI is focusing on inflation. Global demand has weakened, the country's GDP growth has also slowed. Which is a matter of concern for the country's economy.
The correction situation has been completed in the stock market. The market has bounced back. Now that the effect of all the negative factors has ended, the market will continue to improve. Foreign portfolio investors started coming back to India again and there was a universal boom in stocks due to heavy buying by foreign funds. Now that all the negative factors are over, the market will continue to improve. But now it is too early to believe that the market is fully back on the bullish track. With GDP growth numbers coming in at a two-year low and geopolitical tensions yet to fully ease, the market is likely to remain volatile as the Nifty-based vortex is likely to continue into the first fortnight of December.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
