INVESTMENT POINTS-Marketbreadth remains negative on Thursday: Nifty futures to remain bullish above 25303 points

Many ups and downs were seen in the stock market on Thursday. The market breadth remained negative with profitable selling in the stock market Sensex, Nifty. The Sensex closed down 151 points at 82201 points, while the Nifty future index closed at 25236 points with a decrease of 11 points. The Bank Nifty future index closed at 51727 points with a jump of 120 points of Aggregate assets i.e. total market capitalization of companies listed on BSE declined. On the one hand, the manufacturing Purchasing Managers' Index (PMI) in the country fell to a three-month low in August, while the services PMI rose to a five-month high. The SSBC India Services PMI rose to 60.90 from 60.30 in July as demand remained resilient and inflationary pressures eased. . The August PMI is the highest since March of the current year. The services sector PMI has remained consistently above 50 since August 2021. In contrast to the services sector, the August manufacturing PMI fell to 57.50, a three-month low. It is mentioned here that the service sector has a higher share than manufacturing in the country's Gross Domestic Products (GDP). The service sector mainly includes banking, insurance, real estate, telecommunications, healthcare, education, tourism and IT. Top gainers in today's trade are Titan Company 3%, ACC Limited 3%, Muthoot Finance 2%, Mahanagar Gas 2%, Tata Communication 2%, Gujarat Gas 2% along with Indigo, Adani Ant., Infosys, Lupine, HDFC Bank. , stocks like IPCA Lab, Axis Bank, State Bank of India, Glenmark Pharma, Jindal Steel, Voltas, HCL Technology, Ambuja Cements have increased. Today's top losers include Reliance, Grasim, Mahindra & Mahindra, TVS Motors, Cipla, Kotak Mahindra Bank, Aurobindo Pharma, Adani Ports, Sun Pharma. Out of a total of 4038 scrips traded in BSE, the number of losers was 1678 and the number of gainers was 2252, 108 stocks saw no change in price. While 219 stocks had only seller's bearish lower circuit, only buyer's bullish upper circuit remained in 394 stocks. NIFTY FUTURE TECHNICAL LEVELS NIFTY FUTURE CLOSE :- ( 25236 ) :- Next fluctuation is possible Nifty Future may touch the first important level of 25108 points and 25088 points from 25272 points to 25303 points, 25088 points very important level. Positioning around carefully. BANK NIFTY FUTURE TECHNICAL LEVELS BANK NIFTY FUTURE CLOSE :- (51727) :- The next move is likely to see the Bank Nifty Future touch the crucial level of 51474 points first and 51404 points from 51808 points to 51939 points, 52008 points very important level regarding strong stoploss trading. .51404 Positioning cautiously around the point. Specific technical level regarding future stock Mahindra & Mahindra (2732) :- The share price of this leading company of Mahindra Group is currently trading around Rs.2707. Buyable with a stoploss of Rs.2680, this stock is likely to register a price of Rs.2753 to Rs.2760 in a short period of time…!! Bullish focus above Rs.2775. SBI Life ( 1917 ):- Positive breakout around Rs.1890 as per technical chart…!! This buyable stock is likely to touch Rs.1934 to Rs.1940 with support of Rs.1874. Grasim Limited ( 2753 ) :- According to the technical chart, this stock of the Cement & Cement Products sector has the possibility of a target price of Rs.2727 to Rs.2707 through profitable selling around Rs.2780. Consider a trading stoploss of Rs.2808. Lupine Limited ( 2288 ):- This stock is sellable with a stoploss of Rs.2323 registering an overbought position around Rs.2313..!! It is likely to show the price of Rs.2260 to Rs.2244 in phases…!! Above Rs.2330 will look bullish. Future market direction… Friends, India Services PMI rose to 60.90 from 60.30 in July, the highest August PMI since March of the current year as demand remained resilient and inflationary pressures eased. Since August 2021, the service sector PMI has remained consistently above 50. The released report said that the PMI was due to increase in new orders from the domestic market. Employment levels in the services sector also remained strong, although hiring remained modestly lower than in July. International demand also remained strong, but growth in export orders slowed, signaling weakening global demand. The overall outlook remains strong but business confidence has declined. In a statement issued by the World Bank, India's GDP estimate for the financial year 2025 has been revised to seven percent. The World Bank had previously estimated 6.60%. The World Bank has increased its estimate for India amid expectations of strength in private consumption and investment. Nomura on Monday cut the country's GDP forecast for fiscal 2025 to 6.70% from 6.90% earlier. Earlier, Goldman Sachs and JP Morgan had put the country's GDP estimate at 6.50% for the current financial year. The Reserve Bank of India has predicted the economic growth rate of the country to be 7.20%. The author is a SEBI registered research analyst and proprietor of Investment Point.

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