Friday At Stock Market: Happy Days Are Back, ICICI Pru, HPCL See Impressive Gains

Finally, it was a terrific Thursday for the stock market, as both NSE and BSE jumped to touch the green mark. The NSE Nifty jumped by 13.45 points, closing at 16,985.60, and the BSE Sensex jumped by 78.94 points closing at 57,634.84. As per the experts, buying was seen in all sectors as the Wall Street signalled strength in the US retail sales and rescue packages were seen for banks. This upward trend may continue today as well, which is the last trading day of the week. 

Big Gainers

Here is a look at the big gainers of the day, which gave good returns to their investors. ICICI Prudential Life Insurance saw a jump of 6.73 per cent to trade at Rs 409.90. In the last five days, it has shown an impressive gain of 3.71 per cent. 

Hindustan Petroleum is trading at Rs 245.40 after a jump of 6.53 per cent. In the last six month, this share has given 5.05 per cent returns. Ambuja Cements saw a gain of 5.16 per cent and traded at Rs 384. In the last one month, it has gained 8.69 per cent. 

Road construction company Gujarat Apollo was the biggest gainer of the day, with an impressive jump of 14.44 per cent. Currently trading at Rs 219.50, it has jumped 8.99 per cent in the last 5 days and its year range is Rs 276.90.

Zee Entertainment Enterprises gained by 10 per cent and touched Rs 207.95. In the last five days, this stock has gained 7.03 per cent. MedPlus Health gained by 8.38 per cent and traded at Rs 703. Its gain in the last one month is 10.08 per cent. 

Bullish Trend For These Stocks 

According to the momentum indicator MACD, there are some shares that are showing bullish trends. Reliance Capital has shown some bullish trends with a gain of 3.87 per cent. Dabur India gained by 2.66 per cent and is available at Rs 535.75. DLF is available at 4.50 per cent and is available at Rs 361. Ashok Leyland is trading at Rs 139.95 after the gain of 1.34 per cent. 

Expert Speak 

Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One

The Indian equity market had a volatile day of trade, wherein the benchmark index Nifty50 started on a bleak note and slipped to a low of 16,850. But soon after, some resurgence was seen at the lower grounds, which led to a modest recovery and the index snapped its losing streak. Amidst the intense tug of war, the Nifty50 index concluded the weekly expiry session on a subdued note with mere gains of 0.08 percent and settled a tad below the 17000 mark.

Technically speaking, there is no significant change in the view as the index is placed near the previous day’s close. However, with the formation of a ‘long-legged doji’ on the daily chart, one may interpret a halt to the ongoing sell-off, which is an encouraging sign for the market participants. As far as levels are concerned, 16900–16850 is expected to act as sacrosanct support in the near term. On the higher end, 17200–17250 is likely to act as an immediate hurdle, followed by the sturdy wall of 200 SMA, placed around 17400–17450 in a comparable period.

As we advance, one needs to keep close track of the strongly beaten-up heavyweight counters, as they could witness some recovery from hereon. Besides this, global development should also be closely tracked, as any favorable cues could boost market sentiment. Also, we would advocate that traders avoid aggressive bets for the time being and focus on stock-specific actions.