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Monday Market Update: Monte Carlo, Kalyan Jewellers Gain Good, Tata Steel, ICICI Bank Show Bullish Signs
Friday saw the stock market closing on the green mark, as both BSE and NSE saw significant gains. Experts say that fluctuations will continue this week too, as the new trading week starts today
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Last week, the market finally closed on the green mark on Friday. While the NSE Nifty saw a jump of 114.45 points to close at 17,100.05, and the BSE Sensex jumped by 355.06 points to close at 57,989.90. Market experts say that the ups and downs may be witnessed today also as a new trading week opens.
Big Gainers
Let us have a look at some of the top gainers of the last trading session to understand the market movement. Monte Carlo Fashions saw a jump of 12.42 per cent and traded at Rs 603.10. It has gained 4.48 per cent in the last 5 days.
Kalyan Jewellers is trading at Rs 121.80 after a jump of 11.79 per cent. It has gained by 2.65 per cent in the last one month. Tata Steel saw a gain of 2.00 to trade at Rs 107.15. This stock has finally started showing some bullish signals after a decline of 1.34 per cent in the last 5 days.
Jubilant Pharmova too saw a jump of 10.29 per cent and is available at Rs 306.45. It has gained by 0.48 per cent in the last 5 days.
Bullish Trend For These Stocks
According to the momentum indicator MACD, there are some shares that are showing bullish trends. These include ICICI Bank, Vedanta, HDFC Life and Tata Motors. After lying low by a decline of 1.35 per cent in last 5 days, ICICI Bank finally gained 1.71 per cent in the last trading session and is available at Rs 838. Tata Motors too jumped by 0.79 per cent and is available at Rs 419.
Vedanta saw a gain of 3.62 per cent and is trading at Rs 285. HDFC Life jumped by 2.29 per cent and is trading at Rs 471.95. In the last five days, it declined by 4.44 per cent but is showing bullish trend for this week.
Expert Speak
Prashanth Tapse, Senior VP (Research), Mehta Equities
"Markets are likely to drift lower in early trades Monday due to weakness in other Asian peers after US markets slumped on Friday. The ongoing scare in global financial markets following the collapse of 2 US banks and another European bank last week has put traders in a spot. With bouts of intra-day volatility likely to be the theme in the coming sessions, investors are likely to follow global trends and maintain caution. On the technical front, if the Nifty slips below 16921 mark, the index could falter to 16500 soon, while any strength could be seen only above the 17221 mark."