Mumbai (Maharashtra) [India]: In a day that witnessed substantial market activity, the Indian stock market managed to close on an impressive high note.
The Sensex and Nifty indices displayed noteworthy gains, leaving investors optimistic as the month drew to a close.
The Sensex index recorded a remarkable surge of 634.65 points, ultimately closing at 63,782.80. Simultaneously, the Nifty index showed strong performance by gaining 190.00 points and concluding at 19,047.25. These remarkable figures attest to the market’s resilience.
Among the Nifty-listed companies, the majority, 44, advanced while only 6 experienced declines. The top gainers among the Nifty firms were Coal India, HCL Technologies, Axis Bank, SBI, and Bajaj Auto. On the other hand, UPL, ITC, Hindalco, BPCL, and Asian Paints were among the top losers.
Varun Aggarwal, founder and managing director, said ‘Nifty closed 190 point up today on Nov series starting. Even though the bounce is good after six days back to back drawdown, it remains crucial to see if Nifty can carry this momentum next week. It will be interesting to see how 200 DEMA level at 18800 is protected by bulls. Today bulls created good OI base at 18800 for November series. Major base lies at 18500 OI levels. Technically if 18800 breaks, 18458-18201 can be tested’.
The day’s trading session held great significance as it marked the beginning of the November series, and Nifty exhibited a strong start by closing 190 points higher.
This upward movement follows six consecutive days of drawdown, and market analysts are keen to see if this positive momentum can be sustained into the upcoming week.
‘Today evening focus will remain on Index major stock Reliance industries reporting it’s numbers today. Today rally is lead by IT, Banking, FMCG, Pharma. It is important to trade cautiously with strict stoplosses. Investors can continue to look to invest in good stocks for long term’, said Aggarwal.
Aggarwal said,’We remains positively biased for Indian Economy. Investors should accumulate good stocks in staggered manner. 5 Trillion dollar economy vision is not far & with govt. focusing on the same will be quite bullish for economy and also investors. This panic fall is healthy correction for medium to long term’.
Crucially, market observers are monitoring the 200 DEMA level at 18,800, looking to see if it is defended by the bullish sentiment.
In today’s trading, bulls established a solid Open Interest (OI) base at 18,800 for the November series. While the primary support level rests at 18,500 OI, technical analysis suggests that if 18,800 is breached, the levels of 18,458 to 18,201 may be tested.
The spotlight of the evening was on Reliance Industries, one of the major stock index components, as it reported its financial results.
The market rally today was largely led by sectors such as IT, Banking, FMCG, and Pharma.
Market experts are advising cautious trading with strict stop losses, emphasizing the importance of continuing to seek out good stocks for long-term investments.
Their outlook for the Indian economy remains positive, particularly as the government focuses on the vision of a 5 Trillion dollar economy.
The current market fluctuations are seen as a healthy correction that may prove beneficial for medium to long-term investors.
The market’s performance has further bolstered confidence in India’s economic prospects.
Investors are encouraged to consider accumulating promising stocks in a measured manner, anticipating a bullish trajectory for the economy in the coming years.