On the first day of the week, the bullish mood of the previous week was maintained in the Indian stock market. Sensex again hit an all-time high of 83184 points and Nifty futures of 25487 points today on the back of continuous buying in stocks by foreign as well as local funds, local institutional investors and positive factors at global and domestic levels. Apart from this, the index rose to all-time high due to attractive buying in healthcare, financial services, consumer durables shares. A decision on interest rates will be taken by the Fed Reserve on Wednesday. In which there is strong optimism of a reduction in interest rates by 25 to 50 bps. As a result, the bullishness in the equity market remained unchanged. On the other hand, economic growth is increasing at the local level as well. Market breadth remained positive today on the back of fresh buying in heavyweight stocks by funds, players and HNI investors on the back of positive Indian economy reports with corporate results expected to be released next month on the back of strong IIP. On BSE, the midcap index closed 0.01% higher and the smallcap index 0.28% higher. As for various sectoral indices, only FMCG, telecommunication, services, IT and tech stocks saw selling on BSE, while all other sectoral indices closed higher.
Out of total 4201 scrips traded on BSE, decliners were 1957 and advancers 2151, 93 scrips were unchanged. While in 4 stocks there was a bearish lower circuit of only sellers against a bullish upper circuit of only buyers in 4 stocks. NTPC Ltd. in S&P BSE Sensex. 2.44%, JSW Steel 1.73%, Larsen Lee. 1.35%, Axis Bank 1.13%, ICICI Bank 0.94%, Nestle India 0.72%, Kotak Mahindra Bank 0.65% and Mahindra & Mahindra rose 0.61%, while Bajaj Finance 3.36%, Hindustan Unilever 2.30%, Bajaj Finserv 1.89%, Adani Port 0.87%, Titan Li. 0.79%, Ultratech Cement 0.73%, Asian Paints 0.72%, State Bank of India 0.65% and Tech Mahindra were down 0.46%. Aggregate market capitalization of BSE-listed companies increased by Rs 1.76 lakh crore to Rs 470.47 lakh crore on the back of investors' buying into midcap and smallcap stocks along with a surge in index-based Sensex, Nifty. Out of 30 companies in the S&P BSE Sensex, 15 companies advanced and 15 companies declined.
Nifty Future Technical Levels… Nifty Future Close :- ( 25442 ) :- The next move is likely to see Nifty futures touch the all-important level of 25474 points to 25505 points, 25570 points with respect to the first of 25303 points and the all-important strong stoploss of 25180 points. Positioning cautiously around 25180 points…!!
Bank Nifty Future Technical Level… Bank Nifty Future Closed :- ( 52261 ) :- The next move is likely to see the Bank Nifty Future touch the all-important level of 52008 points first and 51808 points from 52373 points to 52404 points, the all-important level of 51808 points. Positioning cautiously around 52474 points…!!
Specific Technical Level Tech Mahindra (1653) with respect to future stock:– The share price of this leading Mahindra Group company is currently trading around Rs.1626. Buyable with a stoploss of Rs.1606, this stock is likely to register a price of Rs.1667 to Rs.1674 in a short period of time…!! Bullish focus above Rs.1680…!!
Axis Bank (1231) :- Fundamentally strong with a face value of Rs.02 this stock is worth buying around Rs.1208 stoploss in this private bank sector bullish stock around Rs.1244 to Rs.1250 profit oriented excellent…!!!
Havell's India (1996) :- According to the technical chart, this stock from the consumer electronics sector has the possibility of a profitable sell-off around Rs.2033 with a target price of Rs.1977 to Rs.1964. Consider a trading stoploss of Rs.2040..!!
Bharti Airtel (1640) :- Telecom – Cellular & Fixed Line Services Sector stocks sellable with a deceptively high stoploss of Rs.1680…!! Retaliatory decline to book profit around Rs.1626 to Rs.1606 price level…!!
Future direction of the market…. Friends, there is good news about the Indian economy. India's forex reserves have reached a record high level. This is the fourth week in a row that the figures have seen a jump. Looking at RBI data, foreign exchange reserves rose to $689.23 billion in the week ended September 6. Along with this, the country's gold reserve has also increased by 129 million dollars and due to this it has become 61.988 billion dollars. Also, India's deposits with the International Monetary Fund increased by $9 billion to $4.631 billion. While global markets are clouded by uncertainty as China struggles to recover from its economic woes and tries to rescue one economy after another, the US is also struggling to avoid a deep recession, with demand for interest rate cuts 0.25 Amid predictions that the interest rate will be reduced by 0.50% instead of %, recovery was seen in the markets of America, European countries in the global markets last week. A possible interest rate cut in China and the US in the coming days. Indian markets along with global markets will be eyeing a possible 0.25% to 0.50% cut in interest rates sometime after the Federal Reserve meeting on September 17 and 18.
The author is a SEBI Registered Research Analyst and Proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
