Positive setup was seen in HPCL, Ambuja Cement, Eicher Motors, BPCL, ICICI Bank, IOC, GAIL, Canara Bank, REC, L&T, HDFC Bank, DLF, Bajaj Auto, Bharti Airtel, etc, among others. Since it is the beginning of the new expiry, Options data is scattered at various strike prices. On the weekly options front, the maximum Call OI is placed at 21,000 and then towards 20,700 strikes.
The S&P BSE Sensex rose nearly 500 points while the Nifty50 rose above 20,200 levels on Friday. The Nifty future closed positive with gains of 0.44% at 20360 levels.
Nestle India, Tata Consultancy Services (TCS) and Bajaj Auto are other stocks in its December 2023 All-Season portfolio, which have outperformed the Nifty index in both absolute and risk-adjusted terms, a Quant Research report said
Sectorally, buying was seen in healthcare, consumer durables, realty and capital goods stocks while utilities and banks saw some selling pressure.
"In the 1st Term of our Prime Minister we saw the clean-up activities, In the 2nd Term we saw reforms and we believe the 3rd Term would be an execution and results-based term where India would try to hit new and ambitious targets and Samvat 2080 would mark the beginning of the same.The Nifty50 has strong support at 18400 levels and we can see Nifty hitting 21500 levels by Samvat 2080."
Sectorally, buying was seen in realty, oil & gas, healthcare and industrials while banks, telecom, IT and utilities saw some profit booking.
Pinterest jumped 14.8% as the image-sharing platform beat third-quarter revenue and profit estimates on a stabilizing digital advertising market
Short-term traders can look to buy the stock on the decline as it is now trading near crucial support levels. Hence, some bounce back towards Rs 160-170 levels could be expected, suggested experts. The stock corrected largely in line with markets. It fell nearly 3% in a week compared to the Nifty50, which was down more than 1%. In terms of price action, the stock is trading below 5,10-DMA on the daily charts but above 20,30,50,100 and 200-DMA.
Turning to Bank Nifty, it presents an intriguing scenario. The index slipped below the 200-Day DEMA and formed a bearish head and shoulder pattern. However, the recent low around 42,000 serves as a critical trendline support. If there's a market reversal from this point, Bank Nifty could lead the way due to short-covering and value-based buying. To the downside, 42,000 and 41,500 are important support levels to monitor.
"With the recent geopolitical tensions raising the index volatility, we feel the index will remain range-bound in the short term and will look for the festive season demand trend in November 2023 and assembly election results in early December 2023 to take a decisive trend," InCred Equities said.
MRPL is a Miniratna company for which analysts expect an upside rally in near term. MRPL stock has been a consistent mover over the past 12 months, giving returns of 82% and outperforming the Nifty50, which has returned nearly 12% during the same time.
CLSA Asia Pacific Markets and Kotak Institutional Equities have raised their target price on the company by 7-8%, with both the brokerages maintaining a ‘buy’ or ‘add’ rating. The shares closed with over 2% gains at 480.65 rupees on Tuesday, also supported by strength in the broader market.
A small negative candle emerged on the daily chart with a minor lower shadow. Technically, this pattern suggests a slight upside bounce in the market with range-bound action
Stocks like Bajaj Finance, Hero Moto, IndusInd Bank, AB Capital, Bandhan Bank, Oberoi Realty and Shriram Finance can remain under pressure. Investors can start accumulating BPCL and ITC in the fall, said analysts.
Global brokerage firm BofA said it sees Nifty inching ending December 2023 at 20,500 as returns have mostly been positive at least three months prior to the end of the US recession as well as during the phase of FED's penultimate rate hike to six months after the start of rate cuts (current phase).
The central government's debt stood at Rs 155.6 lakh crore or 57.1 per cent of the GDP at the end of March 2023, Parliament was informed on Tuesday. "The Central Government's debt was Rs 155.6 lakh crore as on March 31, 2023. It has reduced from 61.5 per cent of GDP in 2020-21 to 57.1 per cent of GDP in FY 2022-23," Minister of State for Finance Pankaj Chaudhary said in a written reply to the Rajya Sabha.
The Indian government's road map to make India a $5 trillion economy focuses on macro-level growth and "all-inclusive welfare" on the micro level, according to Minister of State for Finance Pankaj Chaudhary. The plan aims to create a "virtuous cycle of investment and growth" and prioritises digital economy and fintech, technology-enabled development, energy transition and climate action.
The Indian market performance has shown resilience in the last couple of months. It has outperformed the major global market by healthy margins, thanks to the country's robust and superior outlook vis-à-vis other emerging economies.
YTD, the market has performed better than expected because the key risk point of a likely fall in earnings growth reversed due to a strong upside in economic activities in Q4FY23, which is expected to continue in Q1FY24. The mid-calendar year review is that the market has become more optimistic.
There are multiple reasons like strong corporate no’s, consistently higher GST numbers, strong Capex announcements by Corporates, all-time high Power Demand, lowering inflation in India, and stable interest rates.
The index is expected to move towards a higher band of channel placed around 17,600, sustainability above which will accelerate Nifty towards 18,100 in the coming quarter, this report said. The brokerage sees an immediate hurdle around 17,600.
At a time when investors were already feeling suffocated by inflation and rate hikes, an explosive report against diversified conglomerate Adani Group by US-based Hindenburg Research added smoke to the fire.
Barring any major change in the global macroeconomic and geopolitical set up, the 1-year targets for the benchmark indices indicate a 7-8% upside from the current levels.On Wednesday, Nifty 50 and Sensex ended flat at 18,122.50 points and 60,910.28 points, respectively.
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As an enthusiast with a deep understanding of financial markets and technical analysis, it's evident from the provided article that the focus is on analyzing stock market trends, predicting future movements, and identifying potential investment opportunities. The information encompasses a variety of concepts commonly used in financial markets. Let me break down the key concepts mentioned in the article:
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Positive Setup and Options Data:
- The article mentions a positive setup in various stocks, including HPCL, Ambuja Cement, Eicher Motors, BPCL, ICICI Bank, etc. The positive setup indicates a favorable market environment for these stocks.
- Options data for the new expiry is discussed, highlighting the scattered nature of data across various strike prices. The maximum Call Open Interest (OI) is specified at 21,000, with additional focus on 20,700 strikes. This information is crucial for understanding market sentiment and potential price movements.
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Market Indices Movement:
- The S&P BSE Sensex rose nearly 500 points, and the Nifty50 rose above 20,200 levels on a specific date. This information provides insights into the recent performance of the broader market indices.
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Stock Portfolio and Outperformance:
- Nestle India, Tata Consultancy Services (TCS), and Bajaj Auto are highlighted as stocks in a portfolio that have outperformed the Nifty index in both absolute and risk-adjusted terms. This suggests the importance of constructing a well-performing portfolio.
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Sectoral Analysis:
- Sectoral buying and selling activities are discussed. Sectors such as healthcare, consumer durables, realty, and capital goods witnessed buying, while utilities and banks experienced some selling pressure. This sectoral analysis helps in identifying trends and potential investment sectors.
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Market Outlook and Predictions:
- Analysts and experts provide their views on the market outlook. Predictions include Nifty50 hitting specific levels in the future, short-term market consolidation, and factors influencing market movements, such as geopolitical tensions and upcoming events.
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Stock-Specific Recommendations and Analysis:
- Specific stocks like Pinterest, MRPL, Hindalco, etc., are discussed with recommendations based on recent performance, technical analysis, and expert opinions. This information aids investors in making informed decisions about individual stocks.
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Technical Analysis and Chart Patterns:
- Technical indicators such as moving averages (5, 10, 20, 30, 50, 100, and 200-DMA) are used to analyze stock price movements. Chart patterns, such as head and shoulders, are identified to assess potential market trends.
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Macroeconomic Factors:
- The article touches upon broader macroeconomic factors, including government debt, the roadmap for a $5 trillion economy, and global economic conditions. These factors can influence overall market sentiment.
In summary, the article provides a comprehensive overview of the stock market, incorporating technical analysis, sectoral trends, expert opinions, and macroeconomic factors to guide investors and traders in making informed decisions.
