On the last day of the week, the Indian stock market remained bullish. Globally, China's mega stimulus package led to a rally in Asian, European markets, with the Indian stock market posting a record high for the seventh straight day today, taking the market to a new index-based peak.
Sensex hit an all-time high of 85978 points and Nifty futures hit an all-time high of 26402 points today on positive factors as foreign as well as local funds, domestic institutional investors continued to buy stocks and SEBI approved the Indian unit of Korean auto giant Hyundai for the largest IPO of Rs 25,000 crore in the history of India's capital market. The level was recorded, however, the Indian stock market closed with a decrease due to rising fears of the world, including the US, Europe, that the war with Lebanon will end in Israel and this war will result in a Middle East war.
On BSE, the midcap index closed up 2.29% and the smallcap index closed up 0.07%. As far as various sectoral indices are concerned, only realty, banks, utilities, financial services, telecommunications, power, FMCG and tech stocks were seen selling on BSE, while all other sectoral indices closed higher. Out of a total of 4060 scrips traded on BSE, the number of decliners was 1957 and the number of advancers was 1978, 124 scrips were unchanged. While in 3 stocks there was a bearish lower circuit of only sellers against an upper circuit of bullish only buyers in 8 stocks.
Among the stocks included in the BSE Sensex are Sun Pharma 2.66%, Reliance Industries 1.72%, Titan 1.50%, HCL Tech 1.31%, Bajaj Finserv 1.10%, Asian Paints 0.90%, NTPC 0.73%, Indus Bank 0.66%, Tata Steel 0.54% and Maruti 0.5%. 49 % rose, while Power Grid 3.03%, ICICI Bank 1.83%, Bharti Airtel 1.74%, HDFC Bank 1.65%, Kotak Bank 1.55%, Larsen 1.49%, Adani Ports 1.11%, Ultratech Cement 0.84%, Hindustan Unilever 0.64% and JSW Steel rose 0.34%.
Nifty Future Technical Levels NIFTY FUTURE CLOSE :- ( 26345 ) :- The next move is likely to see Nifty Future touch the all-important level of 26202 points, 26202 points, 26188 points in relation to the first of 26474 points and the all-important strong stoploss of 26606 points. Cautious positioning around 26606 points.
Bank Nifty Future Technical Levels Bank Nifty Future Closed :- ( 54220 ) :- The next move is likely to see the Bank Nifty Future touch the all-important high of 54676 points first and 54808 points from 54108 points to 54008 points, 53880 points with respect to the all-important strong stoploss trading. Cautious positioning around 54808 points.
Specific technical level regarding future stock HCL Technology (1813) :- The share price of this leading HCL Group company is currently trading around Rs.1787. Buyable at a stoploss of Rs.1770, this stock is likely to register a price of Rs.1837 to Rs.1844 in a short period of time…!! Bullish focus above Rs.1850.
Tech Mahindra (1617) :- Positive breakout around Rs.1588 as per technical chart…!! Buyable from the support of Rs.1570, the stock is likely to register a price of Rs.1634 to Rs.1640.
Max Financial (1195) :- This life insurance sector stock is sellable with a stoploss of Rs.1240 on a deceptive rise…!! Retaliatory decline to book profit around Rs.1170 to Rs.1163 price level.
Jindal Steel ( 1030 ) :- As per the technical chart, this iron and steel sector stock is likely to trade profitably around Rs.1074 with a target price of Rs.1003 to Rs.990. Consider a trading stoploss of Rs.1090.
Future direction of the market… Friends, mutual fund investor base is expected to cross 5 crores in September. Funds in just 12 months amid a sustained boom in equity markets and a steady increase in new fund offerings The number of investors has increased by over 1 crore. At this time investors are focusing on market-based investments like mutual funds, which offer funds across all economies and sectors, to participate in the development of our country. It took the industry 21 months to finally cross 1 crore in the number of fund investors. While it took more than 26 months for the number of investors to reach from 2 crore to 4 crore.
According to the fund industry, the growing trend of equity investments has helped the growth of investors. As the country and population become more confident in India's long-term success, the capital markets have seen an increase in investor interest. Industry sources say that the number of fund investors is expected to double to 10 crore in the next 3-4 years due to growing interest for equity and SIP investments. The industry has targeted 10 crore investors by 2030. By then the total assets under management (AUM) may also cross Rs.100 lakh crore.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
