In the stock market, there has been a buying spree between F&O expiry. The Indian stock market has reached an all-time high for the fifth day in a row with continuous bullishness. The indication of strong economic growth rate of India by various rating agencies and due to the boom of the Asian markets, the stock market is moving forward with a positive trend. Investors' capital has increased by 2 lakh crores.
The Sensex rose 761 points intraday to hit an all-time high of 85930 and closed down 666 points at 85836. The Nifty closed 182 points higher at 26308 after an intraday jump of 210 points to hit an all-time high of 26336. The Bank Nifty surged 360 points intraday to hit an all-time high of 54640 and finally closed up 182 points at 54549. Even amid geo-political crisis at the global level, the Indian stock market is making new record highs daily for five consecutive trading sessions. American, Asian and Indian stock markets are moving ahead with attractive gains after the announcement of interest rate cuts by the US Fed. Metals and auto shares picked up volumes during the F&O settlement, resulting in the index trading higher by over 2%. Apart from this, due to good rains, there has been a surge in commodities with bullish possibilities. On the one hand, funds saw profitable selling in small, mid-cap stocks. Selling pressure was seen in mid-cap and small-cap stocks. Consumer durables stocks also fell and the index declined. The IT and Tech index saw a surge.
Top gainers in today's trade include IndiGo, TCS, Kolpal, Mahindra & Mahindra, Grasim, ACC Limited, Tata Communication, Kotak Mahindra Bank, Infosys, Sun Pharma, Tech Mahindra, Adani Ports. Today's top losers include Devise Lab, JK Stocks like Cements, Larsen, Torrent Pharma, Lupine, Havells, Voltas, Cipla have declined.
Out of total 4082 scrips traded in BSE, the number of losers was 2293 and the number of gainers was 1686, 103 stocks saw no change in price. While 02 stocks had only seller's bearish lower circuit, 07 stocks had bullish only buyer's upper circuit.
Nifty Future Technical Levels Nifty Future Close :- ( 26308 ) :- On the next move, Nifty Future is likely to touch the crucial level of 26260 to 26188, 26008 with respect to the first of 26474 points and the all-important strong stoploss of 26505 points. Positioning cautiously around 26505 points.
Bank Nifty Future Technical Levels Bank Nifty Future Closed :- ( 54549 ) :– The next fluctuation is likely to touch the most important level of 54474 point to 54303 point, 54180 point with respect to the first of 54676 points and the very important strong stoploss trading of 54808 points. Positioning cautiously around 54808 points.
Specific technical level regarding future stock Lupine Limited (2209) :- The share price of this company, the leader of the Lupine Group, is currently trading around Rs.2177. Buyable with a stoploss of Rs.2160, this stock is likely to register a price of Rs.2233 to Rs.2240 in a short period of time…!! Bullish focus at Rs.2247.
Muthoot Finance ( 2061 ):- Positive breakout around Rs.2033 as per technical chart…!! Buyable with support of Rs.2008, this stock is likely to register a price of Rs.2978 to Rs.2094.
Havells India (2035) :- According to the technical chart, this stock of the consumer electronics sector has the possibility of a target price of Rs.2002 to Rs.1980 with a profitable sell-off around Rs.2088. Consider a trading stoploss of Rs.2108.
Metropolis Gas (1931):- Registering an overbought position around Rs.1977, this stock is sellable with a stoploss of Rs.1984..!! It is likely to show the price of Rs.1909 to Rs.1880 in a phased manner…!! Consider bullish above Rs.1990.
Future direction of the market… Friends, Sensex and Nifty have created a new history as the Indian markets continue their record bullish streak. While the returns in small, mid cap stocks have declined, it is clear that funds, players have eased their investments by taking chances in many stocks. Moving forward with the fastest emerging economy in the world. After all the global agencies including the International Monetary Fund and the World Bank have expressed confidence in the fast pace of GDP growth in the country, one more rating agency has also given a positive outlook. Most of the global rating agencies including the World Bank, IMF, and now Moody's have shown confidence in India's economy. The World Bank has raised its GDP growth forecast from 6.6% to 7% in fiscal 2024-25 due to focus on infrastructure, increased domestic investment in real estate and a good monsoon. IMF has revised its GDP growth forecast by 20 basis points to 7%. S&P Global also Optimizing the GDP growth estimate to be 7%, the interest rates are likely to decrease in October. Reserve Bank of India is likely to reduce the interest rates. Following the Fed's dovish attitude, the RBI has also taken a soft stance and the chances of reducing the interest rates have increased. The Moody's report mentioned the country's inflation, which had earlier pegged the inflation estimate at 5%. Which has been reduced to 4.7%. Retail inflation in July and August will be below the rate of 4% set by RBI. While inflation is likely to be in the range of 4.5% and 4.1% in 2025-26.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
