Friday At Share Market: Small Cap Stocks Shine, Watch Out For Jain Irrigations, Sansera Engineering

The market opens today i.e on Friday after the Ram Navmi holiday on Thursday. Today also is the last trading day of this month. The market closed on a green mark on Wednesday, bringing a smile for the investors. The National Stock Exchange’s Nifty jumped by 129 points and closed a little over 17,000 at 17,080.70, while the Bombay Stock Exchange’s Sensex was up by 346.37 points to close at 57,960.09. Small cap shares rocked big time on Wednesday and experts say it is a good time to check out for these small cap shares. However, they also are warning of market fluctuations so invest wisely.  

The Big Gainers 

Here is a look at some of the big gainers on Wednesday. 

Astec LifeSciences was one of the biggest gainers of the day, with a jump of 20 per cent or 218.40 points. Available at Rs 1,310.40, this share has gained 6.61 per cent in the last 5 days. 

Asian Hotels (North) saw a gain of 19.98 per cent, touching its 52 week high and is trading at Rs 103. In the last five days, this share has gained 43.75 per cent. 

Cochin Shipyard gained by 11.63 per cent and is trading at Rs 466. In the last one month, it has seen a growth of 3.09 per cent. 

Adani Enterprises jumped by 9.29 per cent and is available at Rs 1,749.50. The Adani Group shares have been witnessing a roller coaster ride for a while. 

Royal Orchid Hotels saw a gain of 14.17 per cent and is trading at Rs 276. This stock has witnessed a gain of 21.48 per cent in the last one month. 

These Stocks Are Showing Bullish Trend 

According to the momentum indicator MACD, there are some stocks that are showing bullish signals. These include Welspun India, Jain Irrigations, Sansera Engineering, Suzlon Energy, Tata Steel and Reliance Power. 

Jain Irrigation Systems informed the exchange that it has completed the transaction to merge its International Irrigation Business with Rivulis and this saw its shares rallying. It was up by 13.07 per cent and is trading at Rs 33.30. 

Sansera Engineering was down by 0.15 per cent but the company has informed the exchange that it has won one of the prestigious contracts worth Rs 106 crore for supply, installation, commissioning and O&M of PKI solutions, IT infrastructure components and connectivity services for e-passport project. This will affect its position. 

Welspun India acquired Sintex and its shares jumped by 1.59 per cent to trade at Rs 63.80. Suzlon Energy saw a gain of 14.18 per cent and is trading at Rs 8.05. Tata Steel jumped by 1.27 per cent and is trading at Rs 103.80. Reliance Power jumped by 6.56 per cent and is trading at Rs 9.75. 

Expert Speak 

Shrikant Chouhan, Head of Equity Research (retail), Kotak Securities 

On the last day of the F&o expiry series for the month of March, the benchmark indices bounced back sharply. Nifty ended up 129 points while Sensex was at 346. Among sectors, all major sectoral indices traded in the green but the PSU Bank index outperformed and gained over 3 percent.

Technically, after the range breakout at 17050/57850, the market extended positive momentum. A promising reversal formation on the daily chart and a long bullish candle indicates further upside from current levels. Now for the bulls, 16900/57400 will act as the trend decisive level above which, the index may go up to 17200-17250/58300-58500. On the flip side. An uptrend below 16900/57400 will be vulnerable. Below that, traders may prefer to exit trading long positions. A close above 17250 would lift the broad-based sentiment for the market and the Nifty will give a break to the 17500 level, which is an important resistance level.  For the bank nifty the crucial level was 39750/39800.  It closed above the same, which is positive and could lift the sentiment in the near term. Resistance would be 40200 and 40500.  Supports would be 39600 and 39400.

Prashanth Tapse, Senior VP (Research), Mehta Equities 

Markets are likely to trade higher in early trades Friday aided by upbeat sentiment in global equities. However, caution may prevail and intra-day volatility may set in as SGX Nifty has erased almost all of its gains. To provide some solace to the market, both the FIIs and DIIs bought shares worth Rs 1,245 crore Rs 823 crore respectively on Wednesday. Also, declining US Treasury yields is a positive sign for investors, as this suggests that the market is anticipating a more dovish Federal Reserve going ahead. Technically, Nifty will find intraday support at 17000 mark, while Bulls will now aim to clear the 200-DMA at 17475 mark.

(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)