To earn profits in the stock market today you can bet on these stocks including Power Grid
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Among the companies included in the Sensex, Kotak Mahindra Bank had to face the maximum decline of 2.68 percent. Tech Mahindra, Mahindra & Mahindra, Axis Bank, Hindustan Unilever, Tata Motors, Tata Consultancy Services, Bajaj Finserv, Bajaj Finance, Nestle and Titan also declined. On the other hand, gains were registered in NTPC, Power Grid, Larsen & Toubro, HDFC, Reliance and HDFC Bank shares.
The direction of the domestic stock markets depended on the decision of the Monetary Policy Committee of the Reserve Bank to keep the repo rate unchanged. In the second consecutive bi-monthly review meeting, it has been decided to keep the repo rate unchanged at 6.5 per cent. However, inflation still remains a cause of concern for the Reserve Bank.
In other Asian markets, South Korea’s Cospi and Japan’s Nikkei were in losses, while China’s Shanghai Composite and Hong Kong’s Hangseng closed with gains. European markets were trading with gains in the afternoon session. A day earlier on Wednesday, the US markets had declined to a great extent.
There is a boom in these stocks
Momentum Indicator Moving Average Convergence Divergence (MACD) is showing a bullish trend on Paytm, Power Grid, Ashok Leyland, Zee Media and Gati. MACD is known to signal trend reversals in traded securities or indices. When the MACD crosses the signal line, it indicates a bullish trend. This indicates that an upward movement can be seen in the share price. Similarly, it also indicates recession.
Signs of recession in these stocks
MACD has indicated bearishness in the shares of HUDCO, IRB Infra, Wipro and Indian Hotels. This means that now these stocks have started to decline.
Buying visible in these stocks
The stocks which are seeing strong buying include JBM Auto, HEG, Cera Sanitaryware, NTPC and Ajanta Pharma. The stock has crossed its 52-week high. This indicates an uptrend in the stock.
World Bank Report: World Bank reduced India’s growth forecast, growth rate may be 6.3% in FY 2023-24
There is selling pressure in these stocks
The stocks which are seeing selling pressure include NIIT, BEML Land Assets and Swastik Pipe. There is a lot of selling in these stocks. These stocks have registered a 52-week low. This is a bearish signal for these stocks.
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