Friday Market Opening: Tips Films Gains Big, Paytm, Tata Tele Go Bullish

Thursday did not turn out to be a terrific day for the Indian stock market as after closing on green for the three consecutive days, the market declined and closed on red. The NSE Nifty was down by 91.85 points and closed at 18,634.55, while the BSE Sensex was down by 294.32 points and closed at 62,848.64. Today is the last trading day of the week and fluctuations are expected. 

The Big Gainers 

Despite a low market, there were some gainers on Thursday. These included Tips Films, Essar Shipping, Ginni Filaments and PC Jeweller. 

Tips Films jumped by 20 per cent and is trading at 526.55. In the last five days, it has gained 20.75 per cent. Essar Shipping was up by 19.59 per cent and is available at Rs 11.60. In the last one month, it has jumped a whopping 36.47 per cent.  

Ginni Filaments gained 9.96 per cent and is trading at Rs 27.05. In the last five days, it has jumped by 21.57 per cent. PC Jeweller jumped 9.90 per cent and is trading at Rs 26.65. The 52 week high of this stock is Rs 105.50. 

Stocks That Are Showing Bullish Signs

According to the momentum indicator MACD, there are some stocks which are showing a bullish trend. These include Tata Teleservices (Maharashtra), NTPC, One 97 Communications, and FCS Software Solutions.

Tata Teleservices (Maharashtra) has gained 14.56 per cent and is available at Rs 78.30, while NTPC is up by 3.10 per cent and is trading at Rs 182.85. 

One 97 Communications is trading at Rs 771 following a jump of 6.05 per cent. FCS Software Solutions gained 6.98 per cent and is trading at Rs 2.30.

Expert Speak 

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

On the weekly closing day, the benchmark indices saw profit-booking at higher levels, with Nifty down 92 points while Sensex was down 294 points. Across sectors, media and realty indices declined sharply, while some buying was seen in select metals and energy stocks despite weak market sentiment.

Technically, after the intraday rally in the morning, there was a sharp decline in the market. It has formed a long bearish candle on the daily chart, indicating further weakness from the current levels. On the daily chart, it is diverging negatively, which could drag down sentiment. Now for traders, as long as the index is trading below 18800/63100, the technical correction is likely to continue in the near term. Below that the market can slide towards 18600-18530/62700-62500. The strategy should be to sell Nifty between 18700 and 18740. Place stop loss at 18800 level. 44500 is acting as a major hurdle for Nifty Bank. To create a short position, keep 44500 as a stop loss. The Nifty IT index closed comfortably below the level of 20 days SMA, which would drag the index towards 28300/28400 levels

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