Monday At Market: Watch Out For GMR Airports, RVNL Today

Last week the stock market closed on a positive note. Both BSE and NSE jumped to close on a gain. As the new trading week starts today, experts are keeping a close watch.

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29 May, 2023

by BW Online Bureau

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The Indian stock markets closed on a positive note last week. Both BSE and NSE saw significant gains to close on the green mark. The NSE nifty was up by 178.20 points and closed at 18,499.35, while the BSE Sensex was up by 629.07 points and closed at 62,501.69. The new trading week starts today and experts say it is important to keep a watch.

The Big Gainers

Here is a look at the big gainers on Friday. These included Mazda, Voltamp Transformers, Essar Shipping and Borosil Renewables.

Mazda jumped by 20 per cent and is trading at Rs 915.10. In the last five days, it has gained 21.21 per cent. Voltamp Transformers was up by 14.68 per cent and is available at Rs 3,874. In the last one month, it has jumped 28.05 per cent.

Essar Shipping gained 12.64 per cent and is trading at Rs 9.80. In the last five days, it has jumped by 12 per cent. Borosil Renewables jumped 6.08 per cent and is trading at Rs 513. The 52 week high of this stock is Rs 710.

Bullish Trend In These Stocks

According to the momentum indicator MACD, there are some stocks which are showing a bullish trend. These include National Aluminium Company, Hindustan Construction Company, GMR Airports Infrastructure, and Rail Vikas Nigam.

National Aluminium Company has gained 5.03 per cent and is available at Rs 84.60, while Hindustan Construction Company is up by 2.59 per cent and is trading at Rs 17.80.

GMR Airports Infrastructure is trading at Rs 45.05 following a jump of 0.22 per cent. Rail Vikas Nigam gained 1.13 per cent and is trading at Rs 116.15.

Expert Speak

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

In the past week, the benchmark indices made a sharp comeback, with the Nifty closing up 1.6 per cent, while the Sensex rallied over 775 points. Across sectors, almost all the major sectoral indices were trading in the green, but metal indices outperformed and gained over 5 per cent.

Technically, the index again took support near the 20-day SMA (Simple Moving Average) and bounced back sharply. It also formed a higher bottom formation on the daily and intraday charts which is broadly positive. Moreover, the index has formed a long bullish candle on the weekly chart which favours further upside from the current levels. We are of the view that the short-term market structure is strong. Now 18400-18450/62000-62200 will be the trend decider level for the trend-following traders. Above that, the index can move up to 18600 or 18670/62800 or 63000. On the other hand, below 18400/62000 traders may prefer to exit trading long positions. Below that, the index may retest 18250-18200/61600-61500 levels. For the day, the strategy should be to reduce weak long positions between 18650/18700 levels. Moreover, the earlier resistance 18400/18450 will act as a support area for the market.

For Bank Nifty traders, the 20-day SMA or 43600 would be the major support area. If 44150/44200 is out, it will rally towards 44400-44500 levels. In the best case scenario, it will trade around 45000 levels. Nifty IT is also improving higher and moving towards the minimum of 30300 levels from 29300 levels.

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