5 hours agoAuthor: Nikhil Bhatt
- Copy link
Stock markets ended on a positive note on Friday. Once again Sensex and Nifty hit record highs. Bank Nifty also touched record highs. BSE Sensex crossed the 77000 level during the day’s trading while the Nifty future saw a surge of 23490 points close to crossing the 23500 level.
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 is a marginal improvement against 4.80% in April. All sectoral indices except Nifty’s IT index closed higher amid good stock market performance.
If we talk about PSU shares, shares of BHML Ltd registered an increase of over 16%. Shares of Mazgaon Dock closed with gains of over 15%. Garden Reach Shipbuilder closed up over 7% while shares of Bharat Dynamics rose over 7%. Shares of Cochin Shipyard closed with a gain of 6.53%. Shares of Bharat Electronics Ltd closed with a gain of 3%. Shares of Titagarh Railway, Great Eastern Shipping, Hindustan Aeronautics, Satluj Jal Vidyut Nigam and GAIL India Ltd were the gainers.
Stocks closed higher on Friday with JK Adani Ports, Sun Pharma, Grasim, Vedanta Ltd, SBI Life, Ashok Leyland, HDFC Bank, Ashoka Buildcon, Asian Paints and Tata Steel, ICICI Bank, Infosys, ONGC, Larsen, Kotak Mahindra. Shares of companies like Bank, Wipro, TCS have registered a boom. Shares of Bata India, Larsen, Rail Vikas Nigam Ltd, Coal India, Indian Railway Finance Corporation, Container Corporation and NTPC closed on weakness.
Out of total 3980 scrips traded on BSE, decliners were 1625 and gainers 2238, 117 scrips were unchanged. While in 03 stocks there was an upper circuit of only buyer bullishness in 06 stocks against the bearish lower circuit of only sellers.
Nifty Future Technical Levels
Nifty Future Close :- ( 23457 ) :- The next move is likely to see the Nifty future touch the all-important level of 23505 points to 23570 points, 23606 points with respect to the first of 23230 points and the all-important strong stoploss of 23188 points. Cautious positioning around 23230 points.
Bank Nifty Future Technical Levels
Bank Nifty Future Closed :- ( 50035 ) :- The next swings are likely to see the Bank Nifty Future touch the all-important level of 50188 points to 50303 points, 50373 points with respect to the first of 49808 points and the all-important strong stoploss trading of 48676 points. Positioning cautiously around 48676 points.
Specific technical level regarding future stock
Havells India (1845) :- The share price of this leading consumer electronics group company is currently trading around Rs.1808. Buyable at a stoploss of Rs.1787, this stock is likely to touch Rs.1864 to Rs.1870 in a short period of time…!! Bullish focus on Rs.1888.
Kotak Mahindra Bank (1725):- Positive breakout around Rs.1688 as per technical chart…!! Buyable at support of Rs.1670, the stock is likely to touch Rs.1747 to Rs.1760.
Cipla Limited (1565) :- As per the technical chart, this pharma sector stock is likely to trade profitably around Rs.1588 with a target price of Rs.1544 to Rs.1530. Consider a trading stoploss of Rs.1606.
Metro Gas (1462) :- The stock is sellable with a stoploss of Rs.1494 while registering an overbought position around Rs.1477. It is likely to show the price of Rs.1440 to Rs.1408 in a phased manner…!! Above Rs.1505 will look bullish.
Future direction of the market…
Friends, after the Modi government came back to power at the center, the focus on the central budget and the incentives, measures to accelerate economic growth are expected, the Nifty based market made a new record high as the buying in fund stocks continued. After digesting the shocks, the bullish wing will ride again and a stable government will be formed under the leadership of the BJP as the largest party at the center with a majority of the NDA. After the turmoil in the market, a historic boom will be seen. Accordingly, the market showed a flurry of movements last week. Prime Minister Narendra Modi and the hat-trick NDA government under the leadership of the BJP over the weekend. After claiming to form, the market has shown a historical boom for 3 consecutive days.
In the coming days, the Indian stock market will be keeping an eye on the important 100-day performance of the NDA government as well as the allocation of the new government’s cabinet and upcoming plans. So in the absence of any unexpected factors in the next week, volatility can be seen in Sensex and Nifty futures. So now in the coming days, the market can be seen entering the consolidation phase. A lot of volatility can be seen in the stock market.
The author is a SEBI registered research analyst and proprietor of Investment Point.