Mumbai (Maharashtra) [India], Buoyed by BJP's third consecutive victory in the recent general elections, the stock market started trading on a slightly positive note today.
Sensex and Nifty opened up about 1 percent. Of the Nifty companies, 40 registered a rise and 10 a decline.
Among Nifty companies, Hindustan Unilever, M&M, Britannia, ONGC and HCL Tech emerged as top gainers. In contrast, Hindalco, PowerGrid, L&T, Adani Enterprises and Adani Ports were the top losers.Shrikant Chauhan, Head of Equity Research at Kotak Securities gave an insight into the current market trends and said, “The current market pattern indicates a consolidation phase within the broad trading range of 22300 and 21300. It is advisable to consider taking a contrarian approach.” Is." Taking a short or long break around the given levels, above the 22300 level, resistance is expected around the 50 and 20-day SMA, located at 22400 and 22500 levels. Gradually reduce long positions at each resistance level."
After a significant fall on Tuesday, where the equity market saw its biggest one-day decline in four years, India's primary indices, Sensex and Nifty 50, rose today.The previous day's decline was driven by poll table results indicating challenges for the ruling BJP in regaining majority. The BJP-led National Democratic Alliance (NDA), despite being ahead on more than 290 seats, fell short of the nearly 350 seats it won in the 2019 election, slightly above the 272 seats required for a majority.
This smaller-than-expected victory raises concerns about the new government's ability to implement key reforms to sustain domestic economic growth.
Varun Aggarwal, Founder and Managing Director, Profit Idea, said, “Technical analysis indicates a bearish sentiment, with Nifty forming a significant bearish candle on the daily chart, indicating a possible downside if it closes below 22,222. Derivative data shows mixed sentiments, with specific stocks showing positive setup while others are displaying weakness.,
In global markets, European shares fell as investors weighed concerns about the US economy against expectations of an early easing of Federal Reserve policy.
Meanwhile, most Asian markets including Japan, South Korea and Taiwan fell due to signs of weakness in the US economy and uncertainty over the Indian election outcome.
The stock market's slightly positive start reflects cautious optimism amid widespread concerns about the new government's ability to implement significant economic reforms, despite the BJP's election victory.
Investors and analysts will closely monitor market movements and political developments to predict future trends.
Sensex and Nifty opened up about 1 percent. Of the Nifty companies, 40 registered a rise and 10 a decline.
Among Nifty companies, Hindustan Unilever, M&M, Britannia, ONGC and HCL Tech emerged as top gainers. In contrast, Hindalco, PowerGrid, L&T, Adani Enterprises and Adani Ports were the top losers.Shrikant Chauhan, Head of Equity Research at Kotak Securities gave an insight into the current market trends and said, “The current market pattern indicates a consolidation phase within the broad trading range of 22300 and 21300. It is advisable to consider taking a contrarian approach.” Is." Taking a short or long break around the given levels, above the 22300 level, resistance is expected around the 50 and 20-day SMA, located at 22400 and 22500 levels. Gradually reduce long positions at each resistance level."
After a significant fall on Tuesday, where the equity market saw its biggest one-day decline in four years, India's primary indices, Sensex and Nifty 50, rose today.The previous day's decline was driven by poll table results indicating challenges for the ruling BJP in regaining majority. The BJP-led National Democratic Alliance (NDA), despite being ahead on more than 290 seats, fell short of the nearly 350 seats it won in the 2019 election, slightly above the 272 seats required for a majority.
This smaller-than-expected victory raises concerns about the new government's ability to implement key reforms to sustain domestic economic growth.
Varun Aggarwal, Founder and Managing Director, Profit Idea, said, “Technical analysis indicates a bearish sentiment, with Nifty forming a significant bearish candle on the daily chart, indicating a possible downside if it closes below 22,222. Derivative data shows mixed sentiments, with specific stocks showing positive setup while others are displaying weakness.,
In global markets, European shares fell as investors weighed concerns about the US economy against expectations of an early easing of Federal Reserve policy.
Meanwhile, most Asian markets including Japan, South Korea and Taiwan fell due to signs of weakness in the US economy and uncertainty over the Indian election outcome.
The stock market's slightly positive start reflects cautious optimism amid widespread concerns about the new government's ability to implement significant economic reforms, despite the BJP's election victory.
Investors and analysts will closely monitor market movements and political developments to predict future trends.
