On Friday, the last day of the week, the stock market saw a universal improvement. Markets have recovered after the crash recorded in the stock market due to F&O settlement, FII selling. With funds, high net worth investors becoming active again, small and mid cap stocks witnessed a broad rally again. So the market breadth was positive. Investors' capital has increased by 3 lakh crores today. There has been a universal improvement in the stock market. So the market breadth remained positive. Sensex has closed at the level of 80004 points with a decrease of 105 points, while the Nifty future index has closed at the level of 24217 points with a decrease of 56 points. While the Bank Nifty future index closed at the level of 52218 points with a jump of 47 points.
America's growth rate has been faster than expected, but Europe's structural weakness and China's economy have slowed down, while the Ukraine and Gaza wars have unsettled the global situation. This is also having an impact on the global economy, which in turn is having a serious impact on the Indian economy. However, the Indian economy has remained stable, and the setback in its growth rate during the monsoons has now been overcome. It has been making steady progress since October. Sales of fast moving consumer goods (FMCG) have increased in cities and also in rural areas. Sales of tractors have increased and sales of two-wheelers have also increased. Hence both the manufacturing and service sectors are happy. Purchasing Managers' Index trends have also been positive. Although our economy is strong, we need to be alert to global uncertainties.
Top gainers in today's trade include Torrent Pharma, Larsen, TCS, Indigo, Sun Pharma, Kotak Mahindra Bank, Mahindra & Mahindra, Grasim, ACC, Lupine, Infosys, Voltas, Bharti Airtel, Cipla, Mahanagar Gas, Jindal Steel, Tata Motors, Glenmark Pharma , Adani Ports, Bata India, Stocks like Reliance, Tata Chemicals, Axis Bank, Wipro have increased. In today's list of top losers, stocks like HDFC AMC, Oberoi Realty, HDFC Bank, Havells, Tech Mahindra, State Bank of India, AU Bank, SBI Cards have declined. Out of total 4050 scrips traded on BSE, decliners were 1606 and advancers 2347, 97 scrips were unchanged. While in 207 stocks there was a bearish lower circuit of only sellers against a bullish upper circuit of only buyers in 373 stocks.
Nifty Future Technical Levels NIFTY FUTURE CLOSE :- ( 24304 ) :- The next swing is likely to see Nifty Future touch the all-important level of 24088 points first and 24008 points from 24373 points to 24404 points, the all-important strong stoploss of 24008 points. Cautious positioning around 24474 points.
Bank Nifty Future Technical Levels Bank Nifty Future Close :- ( 52364 ) :- Next fluctuation is possible Bank Nifty Future may touch the crucial level of 52008 points first and 51808 points from 52474 points to 52530 points, 52606 points very important level regarding strong stoploss trading. Cautious positioning around the 52606 point.
Specific technical level regarding future stock Tech Mahindra (1721) :- The share price of this leading company of Mahindra Group is currently trading around Rs.1690. Buyable with a stoploss of Rs.1676, this stock is likely to register a price of Rs.1737 to Rs.1744 in a short period of time…!! Bullish focus above Rs.1750…!! Glenmark Pharma ( 1533 ) :- Positive breakout around Rs.1487 as per technical chart…!! Buyable from the support of Rs.1474, the stock is likely to register a price of Rs.1553 to Rs.1560.
Lupine Limited ( 2063 ) :- According to the technical chart, this pharmaceutical sector stock has the possibility of a target price of Rs.2044 to Rs.2018 with profitable selling around Rs.2108. Consider a trading stoploss of Rs.2130.
Kotak Mahindra Bank (1772) :- This stock is sellable with a stoploss of Rs.1818 registering an overbought position around Rs.1808..!! It is likely to show the price of Rs.1747 to Rs.1733 in phases…!! Consider bullish above Rs.1830.
Future direction of the market… Friends, the stock market is facing global challenges of weak trend of rate cuts, US economic growth and inflation concerns. Foreign investors have also continued to sell. So short-term volatility can be seen in the market. Reserve Bank's Monetary Policy Committee meeting is being held from December 4 to 6. The stock market is facing global challenges of weak trend of rate cuts, US economic growth and inflation concerns. Foreign investors have also continued to sell. So short-term volatility can be seen in the market. 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 increased the geopolitical tension on the fear of Russia's nuclear war, and on the other hand, the sentiment on the Adani case was shaken. Trade in a phase of consolidation showing fluffiness Will see it happen. Selective stocks will pick up, but avoid buying in weak stocks considering fundamentals and overvaluation factors.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
