A sell-off was seen in the stock market on Thursday. After rising for three consecutive days in the stock market, there was a big crash once again. Today on Thursday, Sensex-Nifty had a slow start, but suddenly there was a big crash in the market. BSE Sensex fell by 1300 points. came On the other hand, Nifty of National Stock Exchange also fell by 400 points to the level of 24,000. The Sensex closed down 1190 points at 79043 points, while the Nifty future index closed down 322 points at 24115 points. While the Bank Nifty Future Index closed at the level of 52329 points with a decline of 288 points. The market breadth remained negative due to widespread selling of retail investors due to increased panic in the market in small, mid cap, cash stocks.
This crash in the Indian stock market is due to the impact of the decline in the global market. Yesterday the American markets closed with a crash. Its effect was seen on Sensex and Nifty. Funds reduced short covering in metal-mining stocks today. Shares of automobile companies also saw selective buying today with reduced short covering. FMCG stocks were gapped today against selective buying in frontline stocks.
Nifty PSU Bank has seen a good bounce on Thursday. It closed at 6847 with a rise of 0.93%. Nifty Pharma closed at 21729 with a decline of 0.46%. Bank Nifty closed down 0.76% at 51907. After this Nifty Auto lost 1.63% to close at 23135, while Nifty Technology was the biggest loser of 2.39% to close at 42969.
Top gainers in today's trade include IndiGo, Adani Enterprises, Oberoi Realty, Bata India, Cipla, Mahanagar Gas, State Bank of India, SBI Cards, AU Bank. Today's top losers include TCS, Larsen, Mahindra & Mahindra, Lupine. , ACC, Infosys, HCL Technology, Sun Pharma, Kotak Shares like Mahindra Bank, Tech Mahindra, Voltas, Bharti Airtel, Reliance, Tata Chemicals have declined.
Out of a total of 4049 scrips traded on BSE, decliners were 1729 and gainers 2210, while 110 scrips were unchanged. While in 217 stocks there was a bearish lower circuit of only sellers against a bullish upper circuit of only buyers in 357 stocks.
Nifty Future Technical Levels NIFTY FUTURE CLOSE :- ( 24115 ) :- On the next move Nifty Future is likely to touch 24008 points to 23939 points, 23880 points, 24008 points to 23939 points, 23880 points in terms of first and 24303 points very important strong stoploss of 24272 points. Positioning cautiously around 24008 points .
Bank Nifty Future Technical Levels Bank Nifty Future Close :- ( 52329 ) :- The next swing is likely to see the Bank Nifty Future touch the crucial level of 52505 points first and 52676 points from 52133 points to 52008 points, 51808 points with caution around 52676 points. Create a position.
Specific technical level regarding future stock Godrej Properties ( 2832 ) :- The share price of this leading company of Godrej Group is currently trading around Rs.2797. Buyable with a stoploss of Rs.2760, this stock is likely to register a price of Rs.2853 to Rs.2860 in a short period of time…!! Bullish focus on Rs.2888…!! Lupine Limited ( 2015 ):- Positive breakout around Rs.1988 as per technical chart…!! This buyable stock is likely to touch Rs.2033 to Rs.2040 with the support of Rs.1974…!! Mahindra & Mahindra ( 2921 ) :- According to the technical chart, this stock from the passenger car and utility vehicle sector has a potential target price of Rs.2898 to Rs.2880 after a profitable sell-off around Rs.2970. Consider a stoploss of Rs.3003 for trading..!! HDFC Bank ( 1804 ):- This stock is sellable with a stoploss of Rs.1840 registering an overbought position around Rs.1833..!! It is likely to show the price of Rs.1787 to Rs.1774 in phases…!! Consider bullish above Rs.1848.
Future direction of the market… Friends, global rating agency S&P Global Ratings has cut India's GDP growth forecast for the next two fiscal years. The main reason for this is the decline in urban demand due to high interest rates. Updating its economic forecast for Asia-Pacific economies following the US election results, the rating agency projected gross domestic product (GDP) growth of 6.7% in fiscal 2025-26 (April 2025 to March 2026) and 6.8% in fiscal 2026. % was estimated to be. S&P has projected GDP growth rate of 6.8% in the current financial year 2024-25. The rating agency expects GDP growth to remain at 5% in FY 2027-28. Rising risks continue to weaken the economic outlook for Asia-Pacific in the first quarter of 2025.
After the slight upswing seen in the stock market last week, investors are now looking at the coming days. The last 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, strong government in the state in favor of the BJP-led coalition in Maharashtra in the coming days. The positive development in the share markets and the potential for the sale of foreign funds to stop now will immediately take a U-turn in the market. The inevitable correction can be considered to be over immediately. Now, apart from any unwanted geopolitical factors, the market will be seen trading in consolidation phase from here on. The performance of the stock market may be full of ups and downs 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).
