Top Stock Recommendations: Sagar Doshi of Nuvama suggests Abbott India, Dabur, and Federal Bank today
₹31 lakh crore as the total market capitalisation (m-cap) of the companies listed on the BSE fell to almost ₹395 lakh crore from almost ₹426 lakh crore in the last session.Also Read: Stock market today: Nifty 50 records biggest single-day fall in over 4 years; Sensex crashes over 4,000 pointsWhile the India bloc makes significant gains, investors are discouraged that the Bharatiya Janata Party (BJP) did not get a majority of votes.According to market experts, the negative takeaway from ‘Election Results 2024’ was that the street is still not out of the woods yet, as there is still too much of uncertainty in the outcome of the 2024 Lok Sabha election results. Volatility is likely to be the hallmark of near-term trading.The Nifty 50 ended nearly 6% lower at the outset of the general election outcome.
The Nifty 50 maintained its historical volatility by moving 9% from its day high to low, which has also been its range for the past 2 decades on general election result day. The 200 DMA support now stands at 21,100 odd, while today’s candle on Nifty has to be taken out on either side for it to move in either direction.
The verdict on a closing basis on daily charts, indicates that lower levels are likely to come with 22,300 as an intermediate supply zone. Today’s low of sub-21,300 is likely to be retested once again.Also Read: Share market today: 21 of Nifty 500 stocks rally upto 7% despite market crash; Marico, Hero MotoCorp hit record highsBank Nifty tested its 200 DMA during the panic sell-off, underperforming Nifty 50 while closing 800 pt off the day low.
Overall, the index witnessed the highest intraday fall in absolute terms during the day, dropping close to 5,000 points during the day. 47,700 is likely to act as a
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