AU Small Finance Bank, IDFC First Bank, HDFC Bank, Axis Bank, and SBI were among the top losers, while buying was seen in Federal Bank, Bandhan Bank, and Kotak Mahindra Bank. The Nifty Bank index formed a bearish candle today and the next big support is placed around 47,000. A breach below the same could trigger another round of selling, suggest experts.
Trivesh D says: "2024 will be a breakthrough year for the Indian stock market. Newer, untapped industries and stocks will now be looked upon and also may see increased retail participation. The upcoming Indian elections will be another factor to watch closely. The current government is predicted to retain power, with new policies and regulations in the 2024 Budget, impacting various sectors. New emerging markets will also be a key factor to watch."
Let s first understand how this conclusion is reached whether the stock has seen a buildup of fresh long position or not. When the stock prices move up and open interest on the counter also moves upward, it is taken as a sign of a long buildup. The signal is considered more reliable if the volume on the counter has also seen an increase.
As against Nifty s 20% rise in the calendar year 2023, the midcap index is up by almost 45% and the smallcap index is up by 55%. This trend is likely to be reversed in 2024, according to analysts.
Recently, the Securities and Exchange Board of India (SEBI) issued a report, stating that 9 out of 10 individual traders in the equity F&O segment incurred an average loss of Rs 1.1 lakh during FY22, with most of them operating in the options segment.