The stock market was bullish on Thursday. Despite the recovery in China after the stimulus package in the past few days, the Indian stock markets also bounced again amid the shocks in the Chinese markets today as the Chinese markets demanded that a bigger stimulus-relief package is needed for the economic recovery. A possibility that China may announce a package at any moment and on the other hand a possibility that Iran may respond to a missile attack on it by Israel at any moment, the bullish trade has been softened by the rise in the stocks, experts and funds have been thinking. Despite the upswing in Sensex, Nifty, investors' wealth i.e. aggregate market capitalization of companies listed in BSE increased as small, mid-cap, A group stocks remained attractive today.
The Sensex rose 144 points to close at 81611 points, while the Nifty future index rose 34 points to close at 25117 points. While the Bank Nifty future index closed at 51780 points with a fall of 407 points. Wall Street stocks rose on Wednesday as the S&P 500 and Dow closed at record highs ahead of Federal Reserve meeting minutes and September inflation data and the earnings season. Asian shares rose on Thursday as US stocks hit new highs ahead of inflation data. created that could define the Federal Reserve's policy easing in the coming months.
Top gainers in today's trade include HDFC AMC, TCS, Mahindra & Mahindra, TVS Motors, HCL Technology, Sun Pharma, Tata Communication, Larsen, Muthoot Finance, HDFC Bank, Oberoi Realty, Kotak Mahindra Bank, Adani Enterprises, Axis Bank. In today's top losers list, stocks like Devise Lab, Indigo, Voltas, Bharat Forge, Colpal, Lupine, ACC, Glenmark Pharma, SBI Life have declined.
Of the total 4046 scrips traded in BSE, the number of decliners was 1663 and the number of gainers was 2251, 132 stocks saw no change in price. While 03 stocks had only seller's bearish lower circuit, 08 stocks had bullish only buyer's upper circuit.
Nifty Future Technical Levels NIFTY FUTURE CLOSE :- ( 25117 ) :- The next swing is likely to see Nifty Future touch the crucial level of 25008 points first and 24808 points from 25188 points to 25202 points, 25272 points in terms of trading. Cautious positioning around 24808 points .
Bank Nifty Future Technical Levels Bank Nifty Future Close :- ( 51780 ) :- Next fluctuation is possible Bank Nifty Future may touch 52008 point first and 52188 point very important strong stoploss trading from 51676 point to 51505 point, 51434 point cautiously around 52188 point. Create a position.
Specific technical levels regarding future stocks Mahindra & Mahindra ( 3213 ) :- The share price of this leading company of Mahindra Group is currently trading around Rs.3188. Buyable with a stoploss of Rs.3160, this stock is likely to register a price of Rs.3238 to Rs.3244 in a short period of time…!! Bullish focus above Rs.3260…!! ACC Limited ( 2318 ):- Positive breakout around Rs.2280 as per technical chart…!! This buyable stock is likely to touch Rs.2344 to Rs.2370 with the support of Rs.2264…!!
Balakrishna Industries ( 3055 ) :- As per the technical chart, this stock of Tire & Rubber Products sector is likely to have a target price of Rs.3017 to Rs.3003 with a profitable sell around Rs.3108. Consider a stoploss of Rs.3130 for trading..!!
Sun Pharma ( 1901 ):- This stock is sellable with stoploss of Rs.1944 registering an overbought position around Rs.1938..!! It is likely to show the price of Rs.1884 to Rs.1860 in a phased manner…!! Consider bullish above Rs.1950…!!
Future direction of the market… Friends, the massive net selling in the Indian stock markets by Foreign Portfolio Investors (FPIs) in the last week may still be on the rise. On the other hand, local funds-local institutional investors are not picking up enough sustained buying. Considering the green signal, there will be a possibility of a retaliatory attack by Israel on Iran at any moment and with it the war will move towards the end. The sentiment is likely to remain shaky in the coming week. There is a risk of immediate reversal, while China, on the other hand, needs to get its economy back on the track of recovery. Interest rates were maintained in the Reserve Bank's lending policy. But the Reserve Bank has given indications that the interest rate will be cut in the upcoming meeting. The last meeting of the Federal Reserve in America, the market was watching the minutes coming out of the meeting. New Zealand's currency fell to a new low since August 19. Now the market was watching the inflation data released in the United States. The Australian dollar fell to a new low since September 16 against the dollar. Amid caution among investors, the market is expected to strengthen in the near future. The results season will begin with TCS announcing its results, so the focus is likely to shift to the IT sector. Globally, all eyes will be on the FOMC meeting minutes.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
