Friday Market Update: JK Tyre, Sun Pharma Gain On Red Day, Hindalco, SAIL Show Bullish Signs

While the week was a good one for the share market, Thursday saw the market closing on red. The BSE Sensex was down by 289.31 points and closed at 57,925.28 while the NSE Nifty was down by 75 points and closed at 17,076.90. Experts say that the session was disappointing for the bulls, possibly due to the uncertainty in the global markets. With Friday being the last trading day of the week, fluctuations are expected even today. 

The Big Gainers 

Let us have a look at some of the big gainers for the day. JK Tyre made an impressive jump of 11.56 per cent and traded at Rs 167.50. In the last one month, this share has given 12.79 per cent returns. 

Sun Pharma saw a gain of 11.33 per cent and is available at Rs 181.35. In the last 5 days, it has gained by 6.80 per cent. 

Anik Industries jumped by 10.05 per cent and traded at Rs 31.20. It saw a decline for some time but in the last 5 days this share has gained 2.30 per cent. Megastar Foods saw a gain of 9.98 per cent and is trading at Rs 220.90. In the last 5 days, this stock has gained by 2.01 per cent. 

These Stocks Are Showing Bullish Signs 

As per the momentum indicator MACD, there are some stocks that are showing bullish signals. These include Future Consumer, Steel Authority of India, Hindalco Industries and Shree Renuka Sugars. 

Future Consumer has gained 9.09 per cent and is available for Rs 0.60. Steel Authority of India jumped by 0.88 per cent and is trading at 85.80. Hindalco Industries is trading at Rs 398.60 following a gain of 1.49 per cent. Shree Renuka Sugars gained by 0.45 per cent and is available at Rs 44.20. 

Expert Speak 

Rajesh Bhosale, Technical Analyst at Angel One 

After US bourses experienced a sharp sell-off following the key FED policy, the DOW futures made a remarkable recovery in the morning, Hence, the SGX Nifty indicated a mildly negative opening for our markets. The Nifty started on a sluggish note, but the initial dip was absorbed comfortably to retest the 17200 levels, suggesting a possibility of much-needed relief in our market. However, a sell-off in the penultimate hour poured complete water on this attempt to retest the morning lows. Eventually, we concluded the weekly expiry with a loss of 0.44% at 17077.

The session was disappointing for the bulls, as prices failed to surpass the sturdy wall of 17200, possibly due to the uncertainty in the global markets. As a result, traders might have opted to lighten up the positions. If bulls have to regain conviction, prices need to break beyond the sturdy wall of 17200-17250. Until then, prices may continue to see lethargic moves, with support seen around the 17000 mark. If the US market weakens further, the sacrosanct support of 17000 will be in jeopardy. In this case, the next key level to watch out for would be around the recent lows of 16850. However, we continue to remain hopeful and expect some pleasant moves to unfold on global bourses. Traders are advised to keep a close eye on global developments and avoid aggressive bets until clear trending signs emerge.