35 minutes agoAuthor: Nikhil Bhatt
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Stock markets ended on a positive note on Thursday. Again Sensex and Nifty hit new highs as they opened. Bank Nifty also touched a record high. Sensex jumped 560 points to 77145 and Nifty futures jumped 160 points to hit all-time high of 23482. The market cap is 430.24 lakh crores. Apart from smallcap-midcap, healthcare, auto, telecom, consumer durables, realty index also registered new highs. BSE market cap hits new high Smallcap and midcap stocks have registered a tremendous surge. With this, the BSE market cap has crossed the 430 lakh crore mark for the first time.
Despite the US Fed Reserve’s hawkish stance on interest rates, the equity market has seen a rally. However, the release of retail inflation data yesterday supported the stock market. Retail inflation recorded 4.75% in May. Which has improved marginally against 4.80% in April.
While the Nifty Midcap 100, BSE Small Cap, Nifty IT, Nifty Auto Nifty Pharma and Nifty Financial Services Index rose during the period of strong stock market performance, shares of PSU, Defense and Aerospace companies recorded good gains. Bharat Dynamics Limited, Cochin Shipyard, Mazgaon Dock And shares of Hindustan Aeronautics Ltd closed up 5 to 6%.
List of top gainers include Shriram Finance, Indigo, Cipla, Voltas, Sun Pharma, Mahindra & Mahindra, Bata India, HDFC Life, Divis Lab, Mahindra, Titan, Larsen, LTI Mindtree, Cochin Shipyard, Hindustan Aeronautics, Bharat Electronics, Bharat Heavy Electricals, Shares of Gail India, NMDC, Coal India included, while the list of top losers included Grasim, Torrent Pharma, Axis Bank, Eicher Motors, Tata Consumer, Britannia.
Out of a total of 3984 scrips traded on BSE, decliners stood at 1539 and advancers at 2345, leaving no change in the price of 100 scrips. While in 04 stocks there was an upper circuit of only buyer bullishness against the bearish lower circuit of only sellers in 08 stocks.
Nifty Future Technical Levels…
Nifty Future Close :- ( 23396 ) :- The next move is likely to see Nifty futures touch the all-important level of 23474 points to 23505 points, 23575 points with respect to the first of 23188 points and the all-important strong stoploss of 23008 points. Cautious positioning around 23008 points.
Bank Nifty Future Technical Level…
Bank Nifty Future Closed :- ( 49923 ) :- The next swing is likely to touch the all-important level of 49808 points to 49676 points, 49606 points in the first of 50303 points and 50474 points of the all-important strong stoploss trading. Cautious positioning around 50474 point.
Specific technical level regarding future stock
ACC Limited (2637) :- The share price of this leading Reliance Group company is currently trading around Rs.2606. Buyable with a stoploss of Rs.2580, this stock is likely to register a price of Rs.2660 to Rs.2673 in a short period of time…!! Bullish focus on Rs.2680.
Havell’s India (1847) :- Positive breakout around Rs.1818 as per technical chart…!! Buyable with support of Rs.1808, the stock is likely to touch Rs.1864 to Rs.1880.
Hindustan Unilever (2468) :- According to the technical chart, this stock from the diversified FMCG sector is likely to trade profitably around Rs.2508 with a target price of Rs.2433 to Rs.2410. Consider a trading stoploss of Rs.2530.
Tata Communication (1885) :- Registering an overbought position around Rs.1909, this stock is sellable with a stoploss of Rs.1920..!! It is likely to show the price of Rs.1860 to Rs.1844 in a phased manner…!! Consider a bullish move above Rs.1933.
Future direction of the market…
Friends, the Federal Reserve of America has chosen to follow the path of India and not Europe and Canada. The US Federal Reserve has also not changed the policy rate like India’s central bank RBI. Along with this, the US Fed indicated the possibility of cutting the policy rate only once this year. On the other hand, the Reserve Bank of India has kept its repo rate unchanged at 6.50% from February 2023 onwards. In contrast, last week Canada and the European Central Bank signaled to the world by cutting interest rates. One thing that is clear after the Fed policy announcement is that everyone from Delhi to Washington wants to continue the fight against inflation. The US Federal Reserve has once again left interest rates unchanged. Inflation has continued to fall in recent months, but has indicated that They are expected to cut their benchmark interest rate only once this year. In the coming days, the Indian stock market will be watching the important 100-day performance of the NDA government as well as the new government’s cabinet allocations and upcoming plans. So, in the absence of any unexpected factors in the next week, volatility can be seen in Sensex and Nifty. The market will focus on the positive factors of monsoon after the election results.
The author is a SEBI registered research analyst and proprietor of Investment Point.
