As soon as the stock market opened on Monday, a boom was seen. Sensex and Nifty had been falling continuously for some time now. But on Friday once again bullish mood was seen. Sensex jumped 1300 points suddenly at the beginning of the new week on Monday. While Nifty also showed bullishness. Sensex saw a big jump due to Mahayuti's grand victory in Maharashtra elections. Sensex closed at 80109 points with a jump of 992 points. happened, while the Nifty future The index closed at 24273 points with a jump of 386 points. While the Bank Nifty future index closed at the level of 52171 points with a jump of 1089 points. 09 lakh crore in investor capital at BSE amid a universal rally in the stock market.
The Sensex registered its second biggest jump in five months as stocks in the Mumbai stock market recovered on their own, following a new low on the back of BJP-led governments coming back to power in Maharashtra and Jharkhand. Also, the positive effect was seen in the foreign markets as the employment data in America was good. Adani Group's shares have also seen an attractive recovery. The stock market has seen an overall upswing on the back of attractive buying in IT, banking, oil and gas, and realty segment stocks. Investors, especially domestic institutional investors, have been increasing their buying at lower levels amid the fall in the stock market over the past few days.
Top gainers in today's trade include Larsen, HDFC AMC, DVS Lab, Mahindra & Mahindra, Titan Company, Torrent Pharma, Indigo, TCS, ACC, Havells, Grasim, TVS Motors, Sun Pharma, Muthoot Finance, Kotak Mahindra Bank, Tech Mahindra, Bharti Shares like Airtel, Reliance, Cipla, Glenmark Pharma, Adani Ports, Axis Bank have increased. In today's list of top losers, stocks like Asian Paints, Infosys, HCL Technology, Voltas, Jindal Steel have declined.
Out of total 4214 scrips traded on BSE, decliners were 1353 and gainers 2697, 164 scrips were unchanged. While in 285 stocks there was a bearish lower circuit of only sellers against a bullish upper circuit of only buyers in 448 stocks.
Nifty Future Technical Levels NIFTY FUTURE CLOSES :- ( 24273 ) :- The next swing is likely to see Nifty Future touch the crucial level of 24404 points, 24474 points, 24373 points to 24404 points, 24008 points first and crucial strong stoploss of 24008 points. .
Bank Nifty Future Technical Levels Bank Nifty Future Close :- ( 52171 ) :- Next fluctuation is possible Bank Nifty Future may touch 51008 point first and 50880 point very important strong stoploss trading from 52373 point to 52474 point, 52505 point with caution around 50880 point. Create a position.
Specific technical levels regarding future stocks Oberoi Reality (1932) :- The share price of this company, the leader of the Oberoi Group, is currently trading around Rs.1903. Buyable with 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…!! HDFC Bank ( 1776 ):- Positive breakout around Rs.1744 as per technical chart…!! Buyable with support of Rs.1730, this stock is likely to touch Rs.1793 to Rs.1800…!! HCL Technology ( 1897 ) :- According to the technical chart this stock from the Computers – Software & Consulting sector is likely to trade profitably around Rs.1919 with a target price of Rs.1880 to Rs.1864. Consider a trading stoploss of Rs.1930..!! Tech Mahindra ( 1736 ):- This stock is sellable with a stoploss of Rs.1774 registering an overbought position around Rs.1760..!! It is likely to show the price of Rs.1707 to Rs.1690 in a phased manner…!! Consider bullish above Rs.1780.
Future direction of the market… Friends, the past 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 market will see the positive impact of the mandate to form a stable and strong government in the state in favor of the BJP-led coalition in Maharashtra. The positive development of the big rally in the stock markets on Friday at the end of last week and the potential sell-off of foreign funds will now take a U-turn in the market. 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.
Local rating agency IQRA has maintained its FY2024-25 GDP growth forecast at 7% amid optimism that economic activity will pick up in the second six months of FY2024-25. . Which is lower against the estimate of 8.2% in 2023-24. The reason behind this is the decline in urban demand and excessive rainfall. The GDP figures for the second quarter will be announced on November 30.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
