Sensex and Nifty closed at new record highs again on Thursday. The Indian stock market witnessed a spectacular rally today due to strong global factors, with the Sensex managing to cross the record level of 83000. Sensex surged 11580 points to hit an all-time high of 83116. Nifty also touched 25415, close to its all-time high of 25420. Globally, the possibility of a reduction in interest rates by the ECB and the Fed Reserve has seen a universal boom in the stock market. Moreover, positive inflation and IIP figures have also supported the market at the local level. Along with this, investors' capital has seen an increase of Rs. 7.47 lakh crores today. There was a general upswing in the stock market. The index rose up to 2% with gains in auto, metal and energy shares. Telecom index was the top performer with a rise of 2.61. FMCG, Healthcare, Consumer Durables, Technology index reached record high today with a rise of more than 1%. Midcaps closed up 1.32% and smallcaps 0.78%. Top gainers in today's trade include Indigo, Torrent Pharma, TCS, Larsen, Grasim, Adani Ant., Howells, Mahindra & Mahindra, Jindal Steel, Bharti Airtel, Shriram Finance, Lupine, Infosys, Sun Pharma, Ciplavoltas, Glenmark Pharma, HCL Technology, Bata Stocks like India, Tech Mahindra, JSW, Tata Motors, State Bank of India have increased. In today's list of top losers, stocks like HDFC AMC, Kolpal, Gujarat Gas, Apollo Tire have decreased. Out of a total of 4069 scrips traded in BSE, the number of losers was 1609 and the number of gainers was 2337, 123 stocks saw no change in price. While in 07 stocks only seller's bearish lower circuit remained in 13 shares bullish only buyer's upper circuit. NIFTY FUTURE TECHNICAL LEVELS NIFTY FUTURE CLOSE :- ( 25356 ) :- Next fluctuation is possible Nifty Future may touch the first important level of 25202 points and 25088 points from 25373 points to 25404 points, 25088 points very important level. Positioning around carefully. BANK NIFTY FUTURE TECHNICAL LEVELS BANK NIFTY FUTURE CLOSE :- (51759) :- The next swing is likely to see the Bank Nifty Future touch the crucial level of 51474 points first and 51303 points from 51880 points to 51979 points, 52008 points in the context of very important strong stoploss trading. .51303 Positioning cautiously around the point. Specific technical level regarding future stock Reliance Industries (2961):- The share price of this leading Reliance Group company is currently trading around Rs.2929. Buyable with a stoploss of Rs.2909, this stock is likely to register a price of Rs.2978 to Rs.2990 in a short period of time…!! Bullish focus above Rs.3003. ACC Limited ( 2477 ):- Positive breakout around Rs.2424 as per technical chart…!! Buyable with support of Rs.2404, the stock is likely to touch Rs.2490 to Rs.2509. Lupine Limited ( 2255 ) :- According to the technical chart, this stock from the pharmaceutical sector sector is likely to trade profitably around Rs.2278 with a target price of Rs.2230 to Rs.2218. Consider a trading stoploss of Rs.2303. Sun Pharma ( 1860 ):- This stock is sellable with a stoploss of Rs.1894 registering an overbought position around Rs.1888..!! It is likely to show the price of Rs.1848 to Rs.1830 in a phased manner…!! Consider bullish above Rs.1909. Future direction of the market… Friends, Sensex, Nifty based could see a further decline as global recession starts to pick up again and with caution in global markets due to weak employment growth data in US, foreign funds in Indian stock markets become a net sell. Looking at the global markets and looking at the development of a possible cease-fire between Ukraine-Russia, Israel-Hamas, the Nifty and Sensex may see a crash in the coming days. Despite the positive factors of a successful monsoon and the government continuing to launch mega projects in the infrastructure sector and moving ahead with the policy to boost economic growth, funds and maharathis are seen easing bullish trades due to the need to break the long record bullish streak. Experts differ on valuations. Amidst sentiments now that the valuations are not right for new investments, given the extraordinary rise in stock prices, a section of funds and large investors have started booking profits with a view to unwinding 25 to 40% of investments in the last fortnight. Along with this, it is seen that investment has started diverting into stocks which are considered safe by offloading into stocks which do not have fundamentals but which have increased extraordinarily. So now it is very important to stay away from investing in those stocks at any cost. The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
INVESTMENT POINTS-Indian stock market sees attractive rally: Nifty future to remain bullish above 25202 points
