1 hour agoAuthor: Nikhil Bhatt
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The stock market ended on a high on Thursday.Thursday saw a lot of ups and downs in the stock market with the Sensex reaching the red mark and the green mark at times. The Sensex rose 141 points to close at 77479 points, while the National Stock Exchange’s Nifty futures index rose 94 points to close at 23598 points. While the Bank Nifty future index closed at 51755 points with a jump of 422 points. Shares of Reliance Industries Ltd and banking giants played a major role in the rise in the stock market on Thursday.
Funds, experts in stocks have made a big change in the portfolio, on the one hand, funds in banking-finance frontline stocks showed continuous bullishness for several days, capital goods-power stocks and consumer durables stocks, funds became massive sellers. Along with this, oil-gas stocks as well Operators, funds booked huge profits in automobile, realty, metal-mining, healthcare-pharmaceuticals, PSU, small, mid-cap stocks. Funds in financial services and other banking stocks also appreciated.
Talking about the shares of the companies that gave multibagger returns to the stock market investors, the shares of Larsen, JK Paper, Ashok Leyland, Kotak Mahindra Bank, Asian Paints, Infosys were reported to increase, among the top losers of the stock market were PNB Housing, TCS, HCL Tech, Power Grid Corporation, stocks. These include shares of Wipro, Tax Mecha Rail Sanofi India, Power Finance Corporation and ABB Power. Shares of Rashtriya Chemicals, FACT, CE Info Systems, Chambal Fertilizer, Deepak Fertilizer, Prestige Estates and Algi Equipment touched 52-week highs amid the rally in the stock market. Shares of Adani Ports closed with a gain of 1.34% while shares of Ambuja Cement closed with a decline of 1.09%.
Out of total 3981 scrips traded on BSE, decliners were 1571 and gainers 2282, while 128 scrips were unchanged. While in 02 stocks there was an upper circuit of only buyer bullishness in 04 stocks against the bearish lower circuit of only sellers.
Nifty Future Technical Levels
Nifty Future Close :- ( 23597 ) :- The next move is likely to see the Nifty future touch the all-important high of 23707 points, 23770 points from 23636 points with respect to the first of 23474 points and the all-important strong stoploss of 23373 points. Cautious positioning around 23373 points.
Bank Nifty Future Technical Levels
Bank Nifty Future Closed :- ( 51775 ) :- The next swings are likely to see the Bank Nifty Future touch the all-important levels of 51808 points to 51979 points, 52008 points with respect to the first of 51606 points and the all-important strong stoploss trading of 51303 points. Positioning cautiously around 52008 points.
Specific technical levels regarding future stocks
Mahindra & Mahindra (2881) :- The share price of this leading Mahindra Group company is currently trading around Rs.2848. Buyable with a stoploss of Rs.2828, this stock is likely to register a price of Rs.2898 to Rs.2908 in the short term. Bullish focus above Rs.2929.
Oberoi Reality (1898):- Positive breakout around Rs.1870 as per technical chart…!! Buyable with support of Rs.1855, the stock is likely to touch Rs.1913 to Rs.1920.
Hindustan Unilever (2478) :- According to the technical chart, this stock from the Non Banking Financial Company sector has the possibility of a target price of Rs.2447 to Rs.2424 with a profitable sell around Rs.2517. Consider a trading stoploss of Rs.2540.
Tata Communication (1868):- Registering an overbought position around Rs.1890, this stock is sellable with a stoploss of Rs.1909..!! It is likely to show the price of Rs.1844 to Rs.1828 in a phased manner…!! Consider bullish above Rs.1919.
Future direction of the market…
Friends, Monsoon is off to a good start. With good to normal rains forecast this year, economic growth is likely to pick up as strong growth in the agriculture sector is expected to help curb food inflation. In the coming days, Manufacturing, Services PMI, China Industrial Data, Bank The market will keep an eye on the interest rate decision of England. Despite the NDA government at the centre, in the second innings of the Modi government, BJP has indicated to move forward in the mission decided by retaining the chief ministries. So this time the central budget is also expected to bring encouraging provisions in the direction of development. In view of the investment appetite of foreign investors, the buying of several four-digit infra stocks at high prices in the past few days is likely to be bullish in selected stocks in the coming days. Of course, till the presentation of the budget, it will be imperative to be selective in the stocks and book profits at a higher level. In the coming days, we will watch the HSBC India Manufacturing, Services PMI figures for the month of June to be released on Friday, June 21, along with the Bank of England’s interest rate decision on Thursday, June 20.
The author is a SEBI registered research analyst and proprietor of Investment Point.
