In this episode of The Week on Dalal Street, Santosh Nair and Anuj Singhal share their thoughts and experiences with the late Big Bull Rakesh Jhunjhunwala.
If the Nifty50 index holds its Friday's low point of 17,710 in the coming session, then there is nothing to worry but if it breaks, then it can correct up to 17,500 levels, experts said.
Meanwhile, Sensex closed after falling over 600 points, snapping year's longest winning gains, and Nifty ended below 17,800
Markets ended on a negative today with the Nifty down by 1.10 percent to 17. 758. Small cap indices lost 1 percent. Watch the video to catch all about today's market.
With a strong across-the-board rally, there will probably be a pause and a case for profit booking before the market decides on how the upcoming festive season demand would unfold.
So far this year, domestic institutional investors have bought shares worth nearly Rs 2.37 trillion, helping partly offset the pain from an exodus by foreign investors as the US Federal Reserve started raising interest rates.
Bajaj Electricals shares rallied 6 percent to close at seven-month high of Rs 1,226.15 and has broken a long downward sloping resistance trend line (adjoining September 17, 2021 and August 8, 2022) with long bullish candlestick pattern formation along with strong volumes on the daily charts. Also it has given a Flag and Pole breakout on the daily charts, which is generally a positive indication.
Stock Market News: Trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 34 points.
On the weekly chart of United Breweries, we can observe that prices have shown a bounce on the upside since June 2022 while taking support from the bullish trend line which the prices are respecting since October 2020.
Stock Market LIVE Updates: Except capital goods, IT and Power all other sectoral indices are trading in the red.
Based on the open interest future percentage, there were 58 stocks including Intellect Design Arena, Vedanta, Nippon Life India, HDFC Life Insurance Company, and Escorts, in which long unwinding was seen.
The Nifty50 can be able to cross its previous swing high of 18,114 (April 2022) only if it sustains above 17,833 (Wednesday's low) in coming sessions and then the next resistance would be 18,350 and 18,604 levels, experts said.
Investors should focus more on stock selection after the recent surge and focus more on the sectors/stocks which are trading in sync with the benchmark instead of focusing on laggards.
The weekly expiry could keep the markets volatile as we have witnessed steady rise in open interest in 18,000 CE strike in the past few days while on the downside 17,800 PE strike has the highest open interest of more than 2,20,000 contracts which could act as immediate support from current levels.
India has been clocking 7 percent plus rates in the past and there is no reason why our country cannot continue to deliver such a growth rate over a longer period.
This record was notched up although benchmark indices, the BSE Sensex and Nifty, are still over 4% below their all-time highs, indicating that the rally has been led by smaller stocks.
Hikal share price clocked 9.2 percent gains at Rs 322.35, continuing uptrend for fourth straight day, and formed strong bullish candlestick pattern on the daily charts for second consecutive session. In fact, it has broken long down sloping resistance trend line adjoining September 16, 2021 and May 6, 2022.
Stock Market Live updates: Buying was seen in realty, FMCG, power and banking names.
NTPC witnessed an Inverted Head & Shoulder pattern breakout on August 17 which was placed above Rs 159 levels on the daily time frame. The stock has closed above its neck line support which is an additional confirmation for the pattern.
Stock Market News: Trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 16 points.
Based on the open interest future percentage, a short-covering was seen in 73 stocks including JK Cement, ICICI Lombard General Insurance, Muthoot Finance, Eicher Motors, and Coforge
If the Nifty manages to defend the day's low of 17,833 in the coming session, it can move towards 18,114, experts said
Except auto, all sectoral indices ended in the green, with PSU Bank and information technology up 1-2 percent
My main theme is to keep it simple. If you follow, simple Gandhian rules of living to invest, investors would be on a path of financial freedom.
Except auto, all other sectoral indices ended in the green with PSU Bank and Information Technology up 1-2 percent.