On Tuesday, Sensex and Nifty again closed higher. The Sensex rose 91 points to close at 83079 points, while the Nifty futures index rose 07 points to close at 25449 points. The Bank Nifty futures index rose 34 points to close at 52295 points. Market breadth became positive due to active buying of funds, high net worth investors in small, mid cap, cash stocks. Due to the earnings season, stock specific action is being seen in the market, while investors are also keeping an eye on the sector wise.
Foreign portfolio investors (FPIs) unexpectedly increased their holdings in Indian stock markets. Falling US bond yields, weaker US dollar, lower oil prices and higher metal prices, as well as the possibility of interest rate cuts by the Federal Reserve due to global factors, created a favorable environment for equities. has arisen. This Wednesday the Fed Reserve will decide on interest rates. Most economists and investors are strongly optimistic about a 25 to 50 basis point cut in interest rates. Due to which equity and bullion market has boomed. On the other hand, economic growth is increasing at the local level as well. Corporate results due next month are also likely to be encouraging on the back of strong IIP. Top gainers in today's trade include Larsen, Titan Company, Cipla, Bharti Airtel, Shriram Finance, Mahindra & Mahindra, Havells, Infosys, Mahanagar Gas, Kotak Bank, Oberoi Realty, Tech Mahindra, Jindal Steel, Lupine, Muthoot Finance, Axis Bank. Today's list of top losers includes stocks like IndiGo, TCS, Torrent Pharma, Grasim, Reliance, TVS Motors, Tata Communication, Voltas, Glenmark Pharma, Adani Ports, Wipro.
Out of the total 4058 scrips traded in BSE, the number of decliners was 2239 and the number of gainers was 1714, 105 stocks saw no change in price. While in 04 stocks there was an upper circuit of bullish only buyers against a bearish lower circuit of only sellers in 08 stocks.
Nifty Future Technical Levels Nifty Future Close :- ( 25449 ) :- On the next move, Nifty Future is likely to touch the crucial level of 25474 points to 25530 points, 25606 points, with respect to the first of 25303 points and a very important strong stoploss of 25188 points. Positioning cautiously around 25188 points.
Bank Nifty Future Technical Levels Bank Nifty Future Closed :- ( 52295 ) :- The next swings are likely to see the Bank Nifty Future touch the all-important levels of 52303 points to 52434 points, 52505 points with respect to the first of 52008 points and the all-important strong stoploss trading of 51880 points. Positioning cautiously around 51880 points.
Specific technical level regarding future stock Godrej Properties (2860) :- The share price of this leading Godrej Group company is currently trading around Rs.2828. Buyable with a stoploss of Rs.2808, this stock is likely to register a price of Rs.2888 to Rs.2894 in a short period of time…!! Bullish focus above Rs.2903. ACC LIMITED ( 2504 ):- Positive breakout around Rs.2470 as per technical chart…!! This buyable stock is likely to touch Rs.2533 to Rs.2540 with the support of Rs.2455…!! Hindustan Unilever (2881) :- According to the technical chart, this stock of the diversified FMCG sector has a target price of Rs.2858 to Rs.2838 with a profitable sell-off around Rs.2909. Consider a trading stoploss of Rs.2930. Grasim Limited ( 2753 ):- This stock is sellable with a stoploss of Rs.2794 registering an overbought position around Rs.2788..!! It is likely to show the price of Rs.2727 to Rs.2707 in phases…!! Consider bullish above Rs.2808.
Future direction of the market Friends, Foreign Portfolio Investors (FPIs) again became big buyers in the Indian stock markets last week, with Sensex, Nifty making new all-time highs as local funds-local institutional investors were buyers against the bullish sell-off earlier in the week. On the one hand, clouds of uncertainty have surrounded global markets, while China is struggling to recover from its economic crisis and is trying to rescue one economy after another, along with taking punitive measures against investment bankers and auditing firms, while the United States may not slip into a major recession. In the last week, global markets saw a recovery in the markets of America, European countries amid predictions that the interest rate will be reduced by 0.50% instead of 0.25% due to the demand for interest rate reduction.
A possible interest rate cut in China and the US in the coming days. Indian markets along with global markets will be eyeing a possible 0.25 to 0.50% cut in interest rates after the Federal Reserve meeting on September 17 and 18. Amidst these important factors, Nifty and Sensex may see a flurry in the coming days.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
