Volatility was seen in the stock market on Monday. The first day of the week saw a decline due to more selling pressure in the stock market. Global markets were softening amid China uncertainty. Sensex, Nifty today saw major offloading in auto, consumer durables, metal, pharma, banking, oil-gas stocks and small, mid-cap stocks. Market breadth weakened again as investors sold. The Sensex closed down 73 points at 81151 points, while the Nifty future index closed down 160 points at 24788 points. The Bank Nifty future index closed down 270 points at 52040 .
Funds also offloaded heavily in consumer durables stocks. Banking stocks saw overall selling. Funds booked profits in healthcare-pharmaceuticals stocks. In capital goods stocks too, there was a wide softening of profit booking by funds. There was a profitable sale in stocks of FMCG companies. Along with the continuous fall in Sensex, Nifty, large selling in small and mid cap stocks, the prices of many stocks fell and the wealth of investors i.e. the aggregate market capitalization of companies listed in BSE also decreased. was done
The US budget deficit for the fiscal year 2024 has increased to 1.833 trillion dollars, which is the highest since the corona epidemic. Interest payments on the nation's debt alone have increased the total budget deficit to a record high of more than $1 trillion. In addition, pressure on the balance sheet increased due to increased spending for the Social Security retirement program, healthcare and the military. According to a US Treasury Department report, the deficit for the year ended September 30 was 8%, or $138 billion, higher than the $1.695 trillion recorded in fiscal year 2023. . This budget deficit figure was the third largest federal deficit in US history.
Top gainers in today's trade include Asian Paints, Mahindra & Mahindra, TVS Motors, Tata Chemicals, Oberoi Realty, Tech Mahindra, HDFC Bank, Apollo Tires. Today's top losers include TCS, DVS Lab, Indigo, Grasim, Torrent Pharma, Shares like Muthoot Finance, Sun Pharma, Adani Ports, Voltas, Axis Bank, Cipla, Infosys, Lupine, Tata Motors, DLF, Sun TV have declined. Out of a total of 4175 scrips traded in BSE, the number of losers was 2914 and the number of gainers was 1123, 138 stocks saw no change in price. While 06 stocks had only seller's bearish lower circuit, only buyer's bullish upper circuit remained in 09 stocks.
Nifty Future Technical Levels NIFTY FUTURE CLOSES :- ( 24788 ) :- The next swing is likely to see Nifty Future touch 24808 points to 24838 points, 24939 points, 24808 points to 24838 points, 24939 points in terms of first and crucial strong stoploss of 24570 points at 24606 points. …!!
Bank Nifty Future Technical Levels Bank Nifty Future Close :- ( 52040 ) :- The next move is likely to see Bank Nifty Future touch the crucial level of 51676 points first and 51606 points from 52088 points to 51188 points, 52303 points very important level in relation to 51606 points very important strong stoploss trading. Create a position.
Specific technical level regarding future stock ACC Limited ( 2302 ) :- The share price of this leading company of Adani Group is currently trading around Rs.2273. Buyable with a stoploss of Rs.2260, this stock is likely to register a price of Rs.2333 to Rs.2340 in a short period of time…!! Bullish focus above Rs.2350.
Kotak Mahindra Bank ( 1783 ):- Positive breakout around Rs.1760 as per technical chart…!! Buyable with support of Rs.1744, this stock is likely to touch Rs.1797 to Rs.1808…!! HCL Technology ( 1832 ) :- According to the technical chart, this stock from the Computers – Software & Consulting sector is likely to trade profitably around Rs.1853 with a target price of Rs.1808 to Rs.1790. Consider a trading stoploss of Rs.1870.
Bata India ( 1412 ):- This stock is sellable with a stoploss of Rs.1455 registering an overbought position around Rs.1447..!! It is likely to show the price of Rs.1397 to Rs.1380 in a phased manner…!! Above Rs.1460 will look bullish.
Future direction of the market… Friends, the correction in Foreign Portfolio Investors (FPIs) stocks resulting from massive net selling of Rs.80,000 crore so far in the month of October has now been seen stalling at the end of the week. Continued buying by local funds, institutional investors against the selling of foreign funds has seen a flash of bullishness in the water stocks over the weekend as well. Along with this, as the IPO of the auto giant Hyundai Motor India took away the large liquidity from the market, the overall sluggishness seen during the week ended with the help of the new QIBs of this IPO. Stock specific movement has been observed in the market as the results of the companies are showing an overall mixed trend. Sensex and Nifty futures may be volatile in the coming days due to geopolitical developments, China's possible package and crude oil prices falling again, corporate results. Global trends, geopolitical tensions and corporate results of companies and elections will be watched by Indian markets 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).
