The Indian stock market has seen an improvement today in terms of global stock markets. PSU and metal stocks have registered attractive gains. As a result, Sensex has risen by more than 600 points. While Nifty has risen by 150 points. The small cap index has also risen by more than 450 points and the midcap index has risen by 300 points. All sectoral indices except FMCG and Realty are trading in green zone. Market breadth was positive. Nifty Bank, PSU Bank, Metal Index rose more than 1%. Realty Index rose up to 3% in last one week.
The Sensex rose 597 points to close at 80845 points, while the Nifty futures index rose 118 points to close at 24547 points. While the Bank Nifty future index closed at the level of 52868 points with a rise of 473 points. With the rise in Sensex, Nifty today, the market breadth became more positive as funds, retail investors, high net worth investors bought extensively in small, mid cap stocks.
The impact of pressure on demand due to higher prices was seen in the country's manufacturing activity in November. Growth in the manufacturing sector remained modest but manufacturers remained optimistic. The HSBC Purchasing Managers' Index (PMI) for manufacturing sector for India, prepared by S&P Global, fell modestly to 56.50 in November from 57.50 in October. However, an index above 50 is considered expansion in that area. The country's economic growth rate in the second quarter of the current financial year came in much lower than expected at 5.40%. The new orders sub-index in November was the second lowest level of the current year. Competition and inflationary pressures have slowed the rate of expansion to an 11-month low. India's retail inflation hit a 14-month high of 6.21% in October.
Top gainers in today's trade include TCS, Larsen, Torrent Pharma, HDFC AMC, TVS, ACC, Lupine, Grasim, Infosys, HCL Technology, Tata Communication, Havells, Tech Mahindra, SBI Life, Aurobindo Pharma, Ramco Cements, Jindal Steel, Axis Bank, Glenmark Shares like Pharma, Cipla, Reliance, Adani Ports, Tata Motors have increased. In the list of top losers today, shares like Indigo, Oberoi Reality, Sun Pharma, Kotak Mahindra Bank, Bata India have decreased. Out of a total of 4067 scrips traded on BSE, decliners were 1220 and gainers 2739, while 108 scrips were unchanged. While in 178 stocks there was a bearish lower circuit of only sellers against a bullish upper circuit of only buyers in 458 stocks.
Nifty Future Technical Levels
NIFTY FUTURE CLOSE :- ( 24547 ) :- The next move is likely to see Nifty future touch the crucial level of 24606 points, 24676 points from 24580 points in terms of first and 24303 points very important strong stoploss trading.Careful positioning around 24303 points .
Bank Nifty Future Technical Levels
Bank Nifty Future Close :- ( 52868 ) :- The next move is possible Bank Nifty Future may touch the first important level of 52570 points and 52474 points from 52979 points to 53088 points, 53188 points very important level around 52474 points cautiously. Create a position.
Future Stock Specific Technical Level Muthoot Finance (1942) :- The share price of this company, the leader of Muthoot Group, is currently trading around Rs.1919. Buyable at a stoploss of Rs.1903, this stock is likely to touch Rs.1963 to Rs.1970 in a short period of time…!! Bullish focus on Rs.1983…!! HDFC Bank ( 1831 ):- Positive breakout around Rs.1808 as per technical chart…!! Buyable at support of Rs.1790, this stock is likely to touch Rs.1848 to Rs.1855…!! Infosys Limited ( 1895 ) :- 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.1863. Consider a trading oriented stoploss of Rs.1933..!! HCL Technology ( 1891 ) :- Registering overbought position around Rs.1909, this stock is sellable with stoploss of Rs.1920..!! It is likely to show the price of Rs.1874 to Rs.1860 in a phased manner…!! Consider bullish above Rs.1933…!!
Future direction of the market… Friends, the correction situation in the stock market is complete. The market has bounced back. As the impact of all the negative factors is now over, the market will continue to improve. After the storm created by the Foreign Portfolio Investors (FPIs) in the Indian stock markets and the Nifty-based storm in the futures and options, the weekend saw a universal rally in the stocks. Of course, FPIs sold again in the cash segment over the weekend while local funds, local institutional investors bought new life in small, mid cap stocks. But right now it would be premature 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 rally seen over the weekend can be considered a pullback rally for now. On the global front, there is a risk of rising geopolitical tensions as a result of Russia's massive missile attack on Ukraine, with Hezbollah violating the cease-fire between Israel and Lebanon and signaling the possibility of another war. As it is difficult to predict that a turn will take place, it is important to be careful in large bullish trades right now Be defensive and selective in stocks with a pull back rally. After the crash in November, now that December is about to begin, the Nifty and Sensex are likely to witness some upheaval in the coming days.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
