After opening in the green zone, the market fell continuously points on Friday on the back of universal selling. A fierce war is going on between Iran and Israel, Israel and Hamas. There are reports that the US and Israeli forces will soon discuss a Gaza ceasefire deal. The global geo-political crisis has affected the stock market.
The Sensex closed down 663 points at 79402 points, while the Nifty future index closed down 259 points at 24192 points. While the Bank Nifty future index closed down 760 points at 50846 points.
In the second quarter of the current fiscal, the results of IT, realty and auto companies were overall weaker than expected. Apart from this, many other companies have announced disappointing results and its impact has been seen on the stock market. Poor quarterly results are also a reason for the decline in the market.
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. In October till yesterday, FIIs have recorded a total sale of 97205.42 crores. Against which DIIA Rs. 92931.54 crore buying support to the stock market, the correction force has increased in the market.
Top gainers in today's trade include Deweys Lab, Torrent Pharma, Sun Pharma, PDLite, Hindustan Unilever, Nestlé India, Lupine, Axis Bank, Ramco Cements. Today's top losers include Adani Enterprises, Larsen, Indigo, TVS Motors, Mahindra. Stocks like & Mahindra, ACC, Grasim, Reliance, Godrej Property, Tata Communication, Kotak Mahindra Bank, HDFC Bank, Infosys, Voltas, Havells, HCL Technology, Tata Motors Bharti Airtel, Cipla have declined.
Out of a total of 4021 scrips traded on BSE, the number of losers was 3100 and the number of gainers was 842, 79 stocks were unchanged. While 427 stocks had only bearish lower circuit of only sellers, bullish upper circuit of only buyers remained in 184 stocks.
Nifty Future Technical Levels… NIFTY FUTURE CLOSES :- ( 24192 ) :- Next swings are likely to see Nifty futures touch 24108 points to 24008 points, 23979 points, 24108 points to 24008 points, 23979 points in terms of trading first of 24404 points and crucial strong stoploss of 24474 points.Careful positioning around 24474 points …!!
Bank Nifty Future Technical Level… Bank Nifty Future Close :- ( 50846 ) :- The next swing is likely to see the Bank Nifty Future touch the crucial level of 51303 points first and 51474 points from 50676 points to 50505 points, 50373 points very important level around 51303 points cautiously. Creating a position…!!
Specific technical level regarding future stock Reliance Industries ( 2657 ) :- The share price of this leading Reliance Group company is currently trading around Rs.2606. Buyable with a stoploss of Rs.2580, this stock is likely to register a price of Rs.2674 to Rs.2680 in a short period of time…!! Bullish focus above Rs.2700…!!
Lupine Limited ( 2158 ):- Positive breakout around Rs.2108 as per technical chart…!! This buyable stock with support of Rs.2088 is likely to register price of Rs.2174 to Rs.2180…!!
Mahindra & Mahindra ( 2722 ) :- According to the technical chart, this stock from the Passenger Cars & Utility Vehicles sector is likely to trade profitably around Rs.2808 with a target price of Rs.2696 to Rs.2680. Consider a stoploss of Rs.2830 for trading..!! Voltas Limited ( 1760 ):- This stock is sellable with a stoploss of Rs.1808 registering an overbought position around Rs.1797..!! It is likely to show the price of Rs.1737 to Rs.1720 in phases…!! Consider bullish above Rs.1818…!!
Future direction of the market… Friends, counting days are now left for the completion of Vikram Samvat 2080. The Indian stock market, which has given attractive returns since the beginning of the year, is recording a correction for the last two weeks. In this week, investors have lost capital of Rs. 10 lakh crore so far. While in the month of October, there has been a gap of 25 lakh crore in the market so far. Before Diwali, investors sold their old goods and bought new ones in the new year. It is believed to have been seen from the profit book with the tendency to do.
Domestically, the Indian stock market has been rising steadily for the past nine months. Volumes are very high. As a result, investors are recording sales and booking profits. On Diwali, some investors have been seen preparing to buy new goods by emptying their old goods. According to the market rules, the Indian stock market may witness a major correction amidst the bullishness of the last few months.
Elections for the post of President are to be held in November in America. In which a clash has been seen between Kamala Harris and Donald Trump. Many opinion polls have seen Kamala Harris winning and some opinion polls have seen Trump winning. Investors are adopting a wait-and-see policy amid speculation that the Fed will also cut interest rates. Global trends, geopolitical tensions and corporate results of companies as well as elections will keep an eye on Indian markets 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).
