Considering Donald Trump's lead in the US election results, the Indian stock market has seen an impressive surge. Sensex rose 1000 points, while Nifty also crossed 24600 level with a jump of 400 points. Sensex and Nifty ended the last few days of volatility to witness a bullish trade today. Investors' capital has also increased by four lakh crore rupees. Indian stock market has witnessed a general improvement. IT and technology stocks have witnessed a spectacular rally with a hint of Donald Trump's victory. The crypto currency market has seen a turbulent rally considering the possible victory of Donald Trump in the US. Bitcoin has touched the $75000 level after a long time. Cryptocurrency investors have increased buying, with Trump's policies expected to be more favorable to the cryptocurrency market.
The Sensex rose 901 points to close at 80378 points, while the Nifty futures index rose 296 points to close at 24592 points. The Bank Nifty futures index rose 286 points to close at 52680 points. Sensex, Nifty based market took a U-turn today with market breadth turning negative to positive in small cap stocks today as players, funds reduced preferred valuations.
With the announcement of the victory of Donald Trump by getting 277 electoral votes after a strong performance in the US presidential election, the stock market has recorded a surge. The reason behind the rise in IT shares is the rise in the dollar index after Trump's victory. There was heavy buying by funds in banking stocks today. Metal-mining stocks were buying on Donald Trump's election victory in the US, along with reports of price hikes by steel companies and anti-dumping duties. Automobile stocks recovered as funds bought less today.
Top gainers in today's trade include Devise Lab, Indigo, Larsen, TCS, Torrent Pharma, Sun Pharma, Mahindra & Mahindra, Grasim, ACC, Oberoi Realty, Infosys, Glenmark Pharma, Kotak Mahindra Bank, Voltas, Havells, Bharti Airtel, Reliance, Adani Ports , stocks like Bata India, Axis Bank, Tata Chemicals have increased. Today's list of top losers includes stocks like Lupine, Muthoot Finance, Cipla, IPCA Lab, AU Bank.
Out of total 4063 scrips traded on BSE, decliners were 964 and gainers 3003, 96 scrips were unchanged. While in 151 stocks there was a bearish lower circuit of only sellers against a bullish upper circuit of only buyers in 446 stocks.
Nifty Future Technical Levels NIFTY FUTURE CLOSE :- ( 24592 ) :- The next swing is likely to see Nifty future touch the crucial level of 24606 points to 24676 points, 24707 points with respect to the first of 24404 points and the all-important strong stoploss of 24273 points. Cautious positioning around 24404 point.
Bank Nifty Future Technical Levels Bank Nifty Future Close :- ( 52680 ) :- The next move is likely Bank Nifty Future to touch the crucial level of 52303 points first and 52240 points from 52737 points to 52808 points, 53008 points very important strong stoploss trading. Cautious positioning around 53008 points.
Specific technical level regarding future stock Grasim Industries ( 2659 ) :- The share price of this company, a leader of Aditya Birla Group, is currently trading around Rs.2606. Buyable with a stoploss of Rs.2580, this stock is likely to register a price of Rs.2676 to Rs.2683 in a short period of time…!! Bullish focus above Rs.2700…!! Tech Mahindra ( 1702 ) :- Positive breakout around Rs.1678 as per technical chart…!! Buyable with support of Rs.1660, this stock is likely to touch Rs.1733 to Rs.1740…!! Sun Pharma ( 1833 ) :- According to the technical chart, this stock from the pharma sector has the possibility of a target price of Rs.1808 to Rs.1787 with a profitable sell-off around Rs.1854. Consider a trading stoploss of Rs.1860..!! Infosys Limited (1828) :- This stock is sellable with a stoploss of Rs.1855 registering an overbought position around Rs.1848..!! It is likely to show the price of Rs.1808 to Rs.1787 in phases…!! Consider bullish above Rs.1860.
Future direction of the market… Friends, the victory of Donald Trump in the presidential election in America has proved to be harmful for the currencies of other countries including Indian. With reports of Trump's victory, the rupee fell by 15 paise against the dollar to reach the all-time low of 84.25. The US Fed may announce a rate cut by the end of this week. The dollar index rose 1.9% to a four-month high of 105.30 on Wednesday, with signs that Donald Trump's victory and his inflationary policies will boost the dollar. Other Asian and European currencies weakened as a result. Asian and European currencies weakened. The dollar index has been under pressure for some time due to election uncertainties. The US 10-year yield also rose 17 basis points to 4.44%. Which will increase the pressure on the rupee. Economists have expressed the possibility that the US Fed will cut interest rates by 100 basis points for 2025. After the minor uptick seen in the stock market last week, investors are now looking ahead to the coming days. In the coming days, the Indian stock market will depend on interest rate decision by the Federal Bank of America, PMI, FII data and crude oil fluctuations. The stock market performance in the coming days may be full of ups and downs.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
