4 out of the Nifty50 stocks zoomed over 100 per cent in FY24; as per technical charts, here's are the key levels that should be closely monitored.
Stock market highlights on March 27: Reliance Industries closed 3.5 per cent higher, making up 58 per cent of Sensex gains after Goldman Sachs raised target price on the stock
Nuvama Institutional Equities, in report based on technical analysis, expects the Nifty MidCap to turn bullish above 48,100 and SmallCap above 15,400 levels.
Here are three key factors that are working in favour of the bulls and bears and could dictate the market trend going ahead as per the technical charts.
33 out of Nifty 50 stocks trade below their respective 50-DMAs; Charts suggest that select stocks can decline up to 13% in case the fall extends towards the 100-DMAs.
Most analysts, however, do not think so as they expect a minor dip and a sharp recovery as investors flock to the large-caps in search of safety and value buying as the mid-and small-caps falter.
According to Ravi Nathani, an independent technical analyst, the Nifty 50 index is seen range-bound between 22,400 - 22,580.
The BSE Sensex has gained on an average 7.7 per cent in the month of March in the last three general election years. Will history be repeated?
Stock market Update on Saturday, March 02: The S&P BSE Sensex hit a fresh all-time high at 73,995, and the Nifty a peak at 22,420 in Saturday's special trading session.
Even as the Nifty seems on course to register decade high fiscal gains, the rally seems to have lost momentum in the recent months, with net gains well below the overall average in FY24 so far.
Stock market highlights on Thursday, February 29: Among sectors, the Nifty Media index closed with losses of 0.76 per cent. On the upside, the Nifty PSU Bank index eked out gains of 1.8 per cent
On the global front, analysts expect the 'higher for longer' narrative as regards interest rates to play out for some more time as leading global central banks remain in a wait-and-watch mode
Stock market highlights on Monday, February 26, 2024: The Nifty50 shut shop at 22,122, down 91 points or 0.41 per cent. The mid, small-cap indices fell up tp 0.3 per cent.
While market valuation is high, it should be seen in the context of the acceleration in growth, Wood says
Digital banking infrastructure provider Signzy has acquired Difenz, a fraud risk management solutions provider, in a cash and equity deal at a valuation of USD 5 million (about Rs 41.4 crore). The acquisition also gives an exit to existing investor 8i Ventures, according to a release. Announcing Signzy's takeover of 8i-funded Difenz at a valuation of USD 5 million, the release said the deal positions Signzy as one of the largest RegTech (regulatory technology) companies in the country providing advanced risk and compliance solutions to financial institutions. The transaction is a cash and equity deal, the release said but did not elaborate on details. "Signzy will now provide seamless AI-led KYC compliance solutions to the financial institutions (FIs) thereby eradicating redundancy across frameworks," it said. This will also enable Signzy to provide advanced AML (Anti-Money Laundering) screening, transaction monitoring, effective chargeback management and compliance management sys
On the broader market outlook, Vinay Rajani technical & derivative analyst of HDFC Securities says the Nifty has broken out from a consolidation phase and can rally towards 22,600-22,700.
The recent outperformance (before the sharp fall in past sessions), Jefferies said, was helped by earnings per share (EPS) upgrades and return on equity (RoE) improvement.
Meanwhile, the broader markets showed no signs of cooling off despite concerns about frothy valuations
Stock market highlights on Wednesday, January 31: In the broader markets, the BSE MidCap and SmallCap indices advanced 1.57 per cent and 1.83 per cent, respectively
The 200-DMA is considered one of the most relevant trend indicators by investors and traders. They believe that stocks and indices trading above this key level exhibit strength and are likely to rally