Stock market: There has been a slowdown in the market on the last day of the year 2024. On December 31, the Sensex fell 21.66 points or 0.03 percent and closed at 78,226.47. While Nifty increased by 13.25 points or 0.06 percent and closed at 23,658.15. Nifty Bank fell 91 points and closed at 50,860. At the same time, midcap has increased by 10 points and closed at 57,199. Today 16 out of 30 Sensex stocks rose. At the same time, 26 out of 50 stocks of Nifty saw a rise. Whereas 8 out of 12 shares of Nifty Bank declined. However, today the market breadth remained positive. There was a rise in 2,120 shares today. At the same time, a decline was seen in 1,370 shares. While there was no change in 64 shares.
How will the market be in 2024?
There has been a positive closing in the market for the ninth consecutive year.Both Nifty and Sensex gained about 9 per cent and 8 per cent respectively. This is indicative of a strong closing of 2024. This year small and medium stocks dominated. The Nifty Midcap and Smallcap indices witnessed impressive growth of over 20 per cent which is a testament to the resilience and potential of small stocks.
Pharma and real estate sectors achieved good growth this year. A spectacular increase of 39 percent and 33 percent was recorded in these. While healthcare held the top position with a gain of 41 percent. In contrast, Nifty Media struggled, falling nearly 25 per cent. This highlights the current challenges in the sector. The Nifty Bank index lagged the benchmark with a slight gain of 5 per cent. While Nifty IT and Nifty Auto indexes remained ahead. Both these indexes rose more than 20 percent.
Talking about individual stocks, Trent, M&M and Bharti Airtel emerged as the shining stars of Nifty 50. While Asian Paints and IndusInd Bank faced big decline. In the midcap space, Dixon Technologies, BSE Ltd, OFSS and RVNL emerged as big winners. While Vodafone Idea, AU Small Finance Bank and Bandhan Bank faced huge decline.
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How could the market move on January 1?
Nagaraj Shetty of HDFC Securities It says that after showing weakness from upper levels on Monday, Nifty showed upward recovery from lower levels on Tuesday and closed with a gain of 13 points at the end of the day. After opening on a negative note, the market became even weaker in the initial part of the trading session. Later it showed a good intraday upside bounce from the day’s low of 23460 and finally closed near the upper level.
A small positive candle with minor upper and lower ranges has formed on the daily chart. Technically this is a signal of a counter-attack by the bulls after an attempted downside breakout. The important level of 200-day EMA is again in the headlines. After falling below this moving average on Monday, Nifty failed to show any strong follow-through weakness in the next session and bounced higher from lower levels. A small red candle formed on the weekly chart, located next to a similar green candle from last week. This is a sign of the market moving in a wide range.
Tuesday’s surge could be an early sign of another round of bullishness in the market. Broadly speaking, Nifty may be seen hovering in the range of 23500-24000 in the near future. After a bounce back from the low of 23500, a rise towards 24000 levels can be expected in the coming week.
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