Earlier today, the Indian stock market rose after opening in the green zone. Volatility in the stock market has seen an end. Market breadth remained modestly positive as banking, auto stocks followed Sensex, Nifty based buying as well as funds in small, mid cap stocks remained attractive. while the Bank Nifty Future Index closed at 52042 points with a rise of 656 points.
Wholesale inflation of manufactured products eased to 1% in September. Which was 1.22% in August. Wholesale inflation in primary articles rose to 6.59% from 2.42% in August. Wholesale inflation in food articles stood at 11.53%. Which was 3.11% in August. Wholesale prices of vegetables increased by 48.73%, which was down by 10.11% in August. Wholesale prices of fuel and electricity decreased by 4.05%. which decreased by 0.67% last month. Wholesale inflation rose to 1.84% in September due to rise in prices of vegetables and food items in the country. Which was 1.31% in August. On Monday, the government released wholesale inflation figures.
A sharp rise in vegetable prices led to wholesale inflation. Vegetable prices have increased by 40 to 60%. Although foreign investors have recorded massive selling so far in October, its impact is not being seen in the market. The reason behind this is strong buying by domestic institutional investors (DIIs). Investors are now taking a positive stance on the upcoming corporate quarterly results.
Top gainers in today's trade include Deweys Lab, Larsen, Grasim, Muthoot Finance, Sun Pharma, Infosys, Lupine, JK Cements, Reliance, Howells India, Kotak Bank, Voltas, Bharti Airtel, Bata India, Glenmark Pharma, Wipro. In the list of top losers, stocks like IndiGo, TCS, Torrent Pharma, Bajaj Finserv, DLF, Tata Chemicals, Axis Bank, Mahanagar Gas, Tata Communication have declined.
Out of the total 4011 scrips traded in BSE, the number of decliners was 1751 and the number of gainers was 2143, 117 stocks were unchanged. While 02 stocks had only seller's bearish lower circuit, 06 stocks had only buyer's bullish upper circuit.
Nifty Future Technical Levels Nifty Future Close :- ( 25221 ) :– The next fluctuation is possible Nifty Future may touch the crucial level of 25088 points first and 25008 points very important strong stoploss from 25272 points to 25303 points, 25373 points.Cautious positioning around 25008 points.
Bank Nifty Future Technical Levels Bank Nifty Future Closed :- ( 52042 ) :- The next swings are likely to see the Bank Nifty Future touch the all-important levels of 51979 points to 51880 points, 51008 points with respect to the first of 52373 points and the all-important strong stoploss trading of 52404 points. Positioning cautiously around 52404 points.
Specific technical level regarding future stock ACC Limited (2325) :- The share price of this leading company of Adani Group is currently trading around Rs.2288. Buyable with a stoploss of Rs.2270, this stock is likely to register a price of Rs.2344 to Rs.2353 in a short period of time…!! Bullish focus on Rs.2360.
Kotak Mahindra Bank (1916):- Positive breakout around Rs.1880 as per technical chart…!! Buyable with support of Rs.1863, the stock is likely to touch Rs.1937 to Rs.1950.
Oberoi Realty (2005) :- According to the technical chart, this stock of the residential, commercial projects sector has the possibility of a target price of Rs.1988 to Rs.1974 through a profitable sell-off around Rs.2047. Consider a trading stoploss of Rs.2060.
Muthoot Finance (1959):- Registering an overbought position around Rs.1989, this stock is sellable with a stoploss of Rs.1997..!! It is likely to show the price of Rs.1933 to Rs.1919 in a phased manner…!! Consider bullish over Rs.2008.
Future direction of the market…. Friends, the direction of the market in the coming days will largely depend on the corporate earnings, with major companies like Reliance, Infosys, HDFC Bank, Axis Bank and HCL Technology announcing their results. Global markets saw a recovery in crude oil prices amid speculation and reports that the war was moving towards a ceasefire with Hezbollah and reports that the war was moving towards a settlement, and that Iran also had the capability to have an atomic bomb, thereby preventing a nuclear war between the two countries. But after the recent relief-stimulus package in China, the Chinese markets have shown a bullish movement amid market demands that more mega stimulus package is necessary, pending a decision by the end of the week. (FPIs) selling is likely to be more aggressive.
On the other hand, the market is trying to stabilize due to continuous buying by local funds-local institutional investors, but investors are cautious about new big purchases. Sensex and Nifty are likely to see a tizzy in the coming week on geopolitical developments, China's potential package and corporate results.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
