Diwali mood is being seen once again in the stock market on Monday. Global markets also witnessed a boom. After many days Sensex and Nifty are once again seeing a boom. Sensex saw a rise of almost 1000 points. As the market opened on Monday, the Sensex once again surged past the 80000 level, while Nifty futures touched a high of 24492. Nifty has seen a rise of more than 300 points so far.
The Sensex rose by 602 points to close at 80005 points, while the Nifty future index closed at 24348 points with a rise of 155 points. While the Bank Nifty future index closed at 51327 points with a fall of 155 points.
Global uncertainties and low prices in China led foreign investors to sell heavily in the Indian stock market. With the relief package issued by China, foreign investors have been attracted to invest in Chinese markets instead of India. Because the volume in the Indian stock market is very high, while there is an opportunity to buy at lower prices in China. Foreign investors are withdrawing investments in a big way amid uncertainties at the global level.
Top gainers in today's trade include DVLab, Kolpal, Glenmark Pharma, TCS, Larsen, Kolpal, Mahindra & Mahindra, Grasim, Lupine, Voltas, Infosys, Muthoot Finance, Kotak Mahindra Bank, ACC, Cipla, Tata Chemicals. In Reliance Industries, for one share bonus per share, on October 28, there was a slowdown in shares. In today's list of top losers, stocks like IndiGo, Bharti Airtel, Howells India, Torrent Pharma, DLF, SBI Life, Mahanagar Gas, SBI Cards, Axis Bank have declined.
Out of a total of 4153 scrips traded in BSE, the number of losers was 1412 and the number of gainers was 2579, 162 stocks saw no change in price. While only sellers' bearish lower circuit in 309 stocks was only buyer's bullish upper circuit in 357 stocks.
Nifty Future Technical Levels… NIFTY FUTURE CLOSE :- ( 24348 ) :- The next swing is likely to see Nifty future touch the crucial level of 24404 points to 24474 points, 24505 points with respect to the first of 24202 points and the all-important strong stoploss of 24008 points. Positioning cautiously around 24404 point…!!
Bank Nifty Future Technical Level… Bank Nifty Future Close :- ( 51327 ) :- The next swing is likely to see the Bank Nifty Future touch the crucial level of 51707 points first and 51838 points from 51272 points to 51180 points, 51008 points very important level around 51303 points cautiously. Creating a position…!!
Specific technical level regarding future stock Muthoot Finance (1932) :- The share price of this company, the leader of Muthoot Group, is currently trading around Rs.1909. Buyable at a stoploss of Rs.1880, this stock is likely to touch Rs.1948 to Rs.1955 in a short period of time…!! Bullish focus on Rs.1960…!!
Sun Pharma ( 1906 ) :- Positive breakout around Rs.1880 as per technical chart…!! Buyable with support of Rs.1864, this stock is likely to touch Rs.1923 to Rs.1930…!!
HCL Technology ( 1867 ) :- According to the technical chart this stock from the Computers – Software & Consulting sector is likely to trade profitably around Rs.1890 with a target price of Rs.1844 to Rs.1818. Consider a trading stoploss of Rs.1900..!!
Infosys Limited ( 1843 ):- This stock is sellable with a stoploss of Rs.1880 registering an overbought position around Rs.1868..!! It is likely to show the price of Rs.1828 to Rs.1818 in a phased manner…!! Consider bullish above Rs.1890…!!
Future direction of the market… Friends, Samvat 2080 stocks are leaving with a major correction in the last one month after a historic rally. The Foreign Portfolio Investors (FPIs) stocks have seen massive net selling of Rs 1,00,256 crore so far in October after record returns to investors in many stocks. The correction has registered a huge erosion. In 25 days, there has been an erosion of Rs. 34.37 lakh crores in the wealth of investors. The buying of local funds against the selling of foreign funds was not enough to prevent the market from falling. Diwali cited a dip in stock prices over the weekend amid renewed tensions in the Middle East and weak corporate results at frontline companies, amid concerns over asset quality at banks, citing Diwali. 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. Redemption pressure on local funds may come in the coming days in the event of flare-up in crude oil along with geopolitical tension and incessant selling of foreign funds. Indian markets will be watching for global trends, geopolitical tension and corporate results of companies and elections in the coming week.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
