November has started on a good note in the stock market. In today’s trade, benchmark indices have rallied more than 1 per cent, recovering from last week’s 2.5 per cent fall. The BSE Sensex has once again crossed the psychological level of 60,000, gaining 1.4 per cent and closed at 60,138.46 today. At the same time, Nifty has once again crossed the level of 17900 and has shown an increase of 1.5 percent to 17,929.65.
Let’s know from where the market got support
good global signs
Most of the global indices were seen trading sharply amid mixed manufacturing data for the month of October in China. France’s CAC, Germany’s DAX and Britain’s FTSE indices have gained 0.4 percent to 0.9 percent. Nikkei and Kospi also remained in the green in Asia. However, after the arrival of China’s manufacturing data, there was pressure on Shanghai Composite. In October, the PMI index in China remained below 50 for the second consecutive month. In October it stood at 49.2 while in September it stood at 49.6.
auto sales
Auto sales figures in October have been better than expected. In today’s trade, the BSE Auto Index has rallied more than 1 per cent. However, the effect of shortfall of semiconductors has been seen on the sales of the companies. However, this effect has not been as much as predicted. Due to which there has been a rise in auto stocks today.
Good PMI data and GST collection statistics
India’s manufacturing figures have seen an increase for the fourth consecutive month and it has been at 55.9. Whereas in September it was at 53.7. However, there is weakness in employment opportunities. Good PMI figures gave a boost to the market sentiment today. Similarly, the GST collection has also crossed 13 lakh crore for the second time in October. It has seen an increase of 24 per cent on a yearly basis.
all round shopping
All-round shopping was seen in the market today. The metal index gained 3.3 per cent and the IT index rose 2.3 per cent. Apart from this, Bank Pharma saw a rise of 1.1 percent. Along with the giants, today there was a good purchase in the small medium. Nifty Midcap index closed with a gain of 1.8 per cent today. On the other hand, the smallcap index has seen a rise of 0.9 percent.
Market veterans say that all the quality stocks that have been hit in the recent fall seem to be buying once again. As the long term story of the market remains strong. So from a mid to long term perspective, we have seen volumes. Market experts say that such corrections will keep coming in the market every now and then which is good for the health of the market.
technical view
Nifty 50 has formed a bullish candle on the technical chart. Market experts say that if Nifty crosses the level of 18000, then it can see further rise.
Sameet Chavan of Angel One says that as the market looks oversold, we can see a rebound in it but traders should control their setup and bet on the market cautiously. An immediate hurdle is visible for Nifty at 18000-18100 levels. Lighten your long position around this level and avoid bottom fishing for now.
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