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The stock market kicked off the week with a mild dip after a relatively flat opening on Monday.
The benchmark Sensex began the trading session on a cautious note, starting 113.98 points lower at 65,894.56. Similarly, the Nifty also displayed a bearish trend, opening 36.90 points down at 19,636.85. This early dip in key indices set the tone for the day's trading activities. The market saw an equal number of advances and declines, with 24 stocks gaining, 24 losing, and 2 remaining unchanged. Notably, Bajaj Finance, Bajaj Finserv, Cipla, NTPC, and Dr. Reddy emerged as the top gainers during the morning session. On the flip side, Axis Bank, Hindalco, Power Grid, Bharti Airtel, and Tata Consumer Products faced notable losses, making them the top losers in the opening market. Foreign Institutional Investors (FIIs) have significantly reduced their short positions in stock futures, dropping from 1.34 lakh contracts to 38,000 contracts. In Friday's trading, they acquired 10,000 lots, indicating that stock-specific actions may be prominent in the near term. Varun Aggarwal, founder and managing director, Profit Idea, said, Foreign Institutional Investor (FII) have reduced shorts in stock futures considerably from 1.34 lac contracts to 38k contracts. On Friday, they bought 10k lots, hence stock specific action is likely to continue. Aggarwal added, Nifty is approaching important support at 19517 and open interest (OI) data has highest put writing at 19500. Bulls will try to protect this level and the market is likely to consolidate between 19500-20000. The overall market sentiment remains positive in the Indian equities landscape. The 10-year yield curve in India is suggesting a downward trajectory, which can be seen as a positive indicator for the equity market. Bias remains positive on Indian markets. India's 10-year yield curve is suggesting a downward trajectory and it can be a good sign for the equity market. This correction is more of an opportunity for investors and dips should be utilised to accumulate quality stocks. Bullish bias strategies INFY, Reliance, HDFC Bank, and Bandhan Bank look good with defined risk. Risk reward is favourable, said Aggarwal The ongoing correction in the market is viewed by many as an opportunity for investors, with potential dips being considered ideal moments to accumulate high-quality stocks. Bullish strategies focused on stocks like INFY, Reliance, HDFC Bank, and Bandhan Bank appear promising, offering well-defined risk levels and favourable risk-reward ratios for investors looking to navigate the current market conditions. (ANI)
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