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Monday Market Update: Khaitan, Adani Wilmar Gain, PNB, ITC Bullish
Last week, the market closed on a positive note and both BSE and NSE closed on the green mark. Experts say that the current winds are positive in the market and the week may open on a good note
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The last trading week finally closed on a positive note after a dull inning the entire week. The NSE and BSE saw an upward trend and closed on the green mark. The NSE Nifty was up by 73.45 points and closed at 18,203.40, whereas the BSE Sensex was up by 297.94 points and closed at 61,729.68. Experts opine that a new trading week may continue the positive streak, as the market opens today.
The Big Gainers
Let us have a look at the big gainers on Friday. These included Refex Industries, Foseco India, Khaitan India and Adani Wilmar.
Refex Industries jumped by 20 per cent and is trading at Rs 426.65. In the last five days, it has gained 16.27 per cent. Foseco India was up by 10.60 per cent and is available at Rs 2,733. In the last one month, it has jumped 15.40 per cent.
Khaitan India gained 9.94 per cent and is trading at Rs 45.90. In the last five days, it has jumped by 20.47 per cent. Adani Wilmar jumped 6.87 per cent and is trading at Rs 403.95. The 52 week high of this stock is Rs 403.95.
Bullish Trend In These Stocks
The momentum indicator MACD has revealed some active stocks which are bullish at the moment. These include Hindustan Construction Company, Punjab National Bank, Reliance Power, and ITC.
Hindustan Construction Company has gained 8.78 per cent and is available at Rs 17.35, while Punjab National Bank is up by 2.06 per cent and is trading at Rs 49.45.
Reliance Power is trading at Rs 11.45 following a jump of 0.44 per cent. ITC gained 0.095 per cent and is trading at Rs 420.10.
Expert Speak
Arvinder Singh Nanda, Senior Vice President, Master Capital Services
Sensex and Nifty ended the week with mixed performance by snapping their three day losing streak aided by gains in IT and technology stocks. Factors like Strong FII buying positive domestic economic indicators were positive for the market while global uncertainties surrounding interest rates and US debt ceiling impasse have provoked investors to book some profits. On sectoral front, Nifty Realty gained the most while Pharma declined the most, followed by Media.
Nifty prices experienced a decline from a five-month high, closing the week at 18203.40, down 0.61per cent from the previous week's levels. This correctional fall can be attributed to mounting global headwinds, particularly concerns surrounding the U.S. debt ceiling. Technically, broader market sentiments are still firm, although prices need to move above 18350-18460 with full conviction to extend the bullish journey for 18750-18880. On the downside, 18000-17900 will act as immediate support. This level is anticipated to attract fresh buying interest, potentially providing a floor for any potential declines in prices. The MACD indicator has witnessed a bearish crossover on the daily chart which fuels the possibility of a correctional fall in prices.
(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)