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Sensex Drops, Airtel Soars, Nifty Below 23,550, Market LIVE Updates

Sensex Ends Lower After Early Gains, Nifty Below 23,550; Bharti Airtel Shines, PNB Housing Falls

The Indian stock market witnessed a reversal of fortunes today, as the Sensex and Nifty gave up early gains to close in the red.

Early Gains Erased

The BSE Sensex ended the day down 100 points, settling at a value lower than yesterday’s close. The broader Nifty 50 index also failed to hold onto its initial gains and closed below the 23,550 mark.

Individual Stock Performances

Despite the overall market weakness, Bharti Airtel emerged as a bright spot, surging over 7% and becoming the top gainer among Nifty stocks. On the other hand, PNB Housing took a hit, dropping more than 4% and registering the biggest loss among Nifty constituents.

Source.

ALSO READ | Sensex Opens at Record High, Nifty Above 23,500

Business

Unlocking Gains: SAIL, J&K Bank, HAL Trading Tips

Unlocking Potential Gains: Trading Strategies for SAIL, J&K Bank, and Hindustan Aeronautics

In the dynamic world of stock trading, keeping an eye on buzzing stocks can be the key to unlocking potential gains. As we navigate the ups and downs of the market, three stocks have recently caught the attention of traders and investors alike: Steel Authority of India Ltd (SAIL), Jammu & Kashmir Bank Ltd (J&K Bank), and Hindustan Aeronautic Ltd. Let’s delve into the trading strategies shared by Avdhut Bagkar, a seasoned Derivatives & Technical Analyst at StoxBox, to make sense of the market movements.

SAIL: Riding the Upside Wave
Suggested Action: Buy
Target Price: Rs 120-135 | Stop Loss: Rs 100

Steel Authority of India Ltd, commonly known as SAIL, has been on a positive trajectory with a fresh upside, backed by robust volumes in the short term. The stock, having recently achieved a new 52-week high, is poised to ascend to levels between Rs 120 and Rs 135. According to technical analysis, the positive bias remains intact unless there’s a significant dip below Rs 100. Despite being in the overbought category, as indicated by the Relative Strength Index (RSI), the momentum remains strong, signaling continued support for the bulls.

J&K Bank: Conquering Hurdles with Confidence
Suggested Action: Hold
Target Price: Rs 160 | Stop Loss: Rs 120

Jammu & Kashmir Bank Ltd (J&K Bank) has exhibited resilience by surpassing the Rs 120 hurdle with aggressive volumes. This achievement signals a positive bias, with the price action anticipated to reach the Rs 160-170 range. The 50-simple moving average (SMA) provides additional support, bolstering the stock’s potential for further rally. A breakout pattern, identified as an ‘Ascending Triangle’ on the weekly chart, adds to the optimism surrounding J&K Bank.

Hindustan Aeronautics: Navigating Uncharted Territory
Suggested Action: Range-bound
Resistance: Rs 3,200 | Support: Rs 2,400

Hindustan Aeronautics, a key player in the aerospace industry, is deemed to be range-bound with a positive outlook. Investors are advised to consider any weakness in the stock as an opportunity for accumulation. The immediate support levels are pegged at Rs 2,600 and Rs 2,400, with the stock aiming for uncharted territory at Rs 3,200. This suggests a broader optimistic outlook for Hindustan Aeronautics shares.

In conclusion, as we gear up for the upcoming trading session, these stocks present opportunities for traders and investors to make informed decisions. It’s essential to stay vigilant and adapt strategies as the market unfolds, keeping an eye on the suggested target prices and stop-loss levels. Remember, a well-informed approach can be the key to navigating the exciting yet unpredictable world of stock trading. Happy trading!

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Business

Market Insights: Factors Driving Sensex and Nifty Fluctuations

Market Turbulence: Sensex Drops, Nifty Slips – Key Factors Unveiled!

Stocks in India faced a bit of a rough day as the Sensex, a collection of 30 major stocks, dropped by 123 points (about 0.18%) to 69,428. The Nifty, which includes more stocks, also went down by 24 points (0.11%) to 20,882. This decline was mainly because of issues with bank, financial, and information technology (IT) stocks.

Despite this, smaller companies, known as mid-cap and small-cap shares, were doing okay. The Nifty Midcap 100 went up by 0.02%, and small-cap stocks climbed by 0.15%. However, the fear index, called India VIX, rose by 0.53% to 12.78.

Overnight in the US, the stock market did well, but in Asia, many markets were down. People are now waiting to hear from the US Federal Reserve about its policy decision, which is set to be announced on Thursday at 12:30 am.

In India, inflation, or the increase in prices of goods and services, went up to 5.55% in November, mostly because food prices increased.

Foreign investors bought shares worth Rs 76.86 crore, and domestic investors bought shares worth Rs 1,923.32 crore during the previous session.

Out of 15 sector measures, eight were down. Sectors like banking, financial services, and IT were not doing as well, falling by 0.25%, 0.26%, and 0.72%, respectively. On the positive side, the auto and FMCG sectors were up by 0.32% and 0.34%.

Looking at individual stocks, Infosys was the biggest loser in the Nifty group, falling by 1.31% to Rs 1,456.75. Other companies like TCS, ONGC, HDFC Life, and Axis Bank also fell. On the flip side, companies like Eicher Motors, NTPC, BPCL, ITC, and Hero MotoCorp were among the top gainers.

Among the 30 stocks in the BSE index, HDFC Bank, Infosys, TCS, Axis Bank, Bajaj Finance, and Kotak Mahindra Bank were the biggest losers.

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Certain stocks, like Bank of India, Adani Total Gas, Sonata Software, Suntech Realty, and Paytm, took a hit, falling by up to 5.57%. On the other hand, stocks like Vaibhav Global, PFC, Tanla Platforms, Equitas Small Finance Bank, Motilal Oswal Financial Services, Chalet Hotels, and KPIT Tech rose by up to 6.97%.

Overall, more stocks were gaining (1,852) than declining (1,080) on the BSE, showing a positive market breadth.

Source.

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