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Thursday At Market: RVNL, Suzlon Energy, Bharti Airtel Shine Even In Dull Market
Wednesday put brakes on the smooth run of the market this week and both NSE and BSE were down to close on the red mark. As per the experts, the fluctuations can continue and it has to be seen whether Thursday helps the market come out of the midweek crisis
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Finally, the happy run of the market this week came to an end. Both the NSE and the BSE were down to close on the red mark. The BSE Sensex was down by 346.89 points and closed at 62,622.24, while the NSE Nifty was down by 99.45 points and closed at 18,534.40. The experts say that these fluctuations would continue even on Thursday.
The Big Gainers
Here is a look at the big gainers on Wednesday. These included V2 Retail, Archies, Astrazeneca Pharma India and Torrent Pharmaceuticals.
V2 Retail jumped by 19.99 per cent and is trading at Rs 96.95. In the last five days, it has gained a whopping 20.66 per cent. Archies was up by 13.82 per cent and is available at Rs 24.30. In the last one month, it has jumped 15.71 per cent.
Astrazeneca Pharma India gained 6.65 per cent and is trading at Rs 3,566. In the last five days, it has jumped by 11.23 per cent. Torrent Pharmaceuticals jumped 6.15 per cent and is trading at Rs 1,819. The 52 week high of this stock is Rs 1,884.90.
Stocks That Are Showing Bullish Signs
According to the momentum indicator MACD, there are some stocks which are showing a bullish trend. These include Suzlon Energy, Zomato, Bharti Airtel, and Rail Vikas Nigam.
Suzlon Energy has gained 10.33 per cent and is available at Rs 11.75, while Zomato is up by 2.77 per cent and is trading at Rs 68.70.
Bharti Airtel is trading at Rs 834 following a jump of 1.90 per cent. Rail Vikas Nigam gained 4.98 per cent and is trading at Rs 121.30.
Rajesh Bhosale, Technical Analyst at Angel One
The Indian equity markets had a shaky start, following the weakness among Asian peers. Subsequently, there was further profit booking, causing prices to drop below the 18500 level. However, the overall sentiment remained bullish as the broader markets kept buzzing. In the second half of the day, there was a decent recovery in the benchmark index, as prices eventually ended a tad below 18550 with a loss of around half a percent.
The month of May was favorable for the bulls’ camp. While the benchmark index gained more than 2.5% during the month, other key indices reached new highs, bringing joy to the traders’ fraternity. The Nifty index has in fact rallied more than 10% from its recent lows, with intermittent pauses or price corrections that were actually healthy for an upward trend. Yesterday, as well we witnessed a bout of profit booking within key indices but traders maintained a positive bias by focusing on opportunities outside the index. Several midcap stocks showed upward movement, leading to another session of outperformance for the Nifty Midcap 100 Index compared to the frontline index. We reiterate, to concentrate on stock-specific actions for potential outperformance.
Going ahead, with key global data points lined up and with indicators in the overbought zone, some consolidation may occur within the key indices. However, the approach should remain positive, considering any further dips as buying opportunities. From a level perspective, the zone of 18450 – 18400 is a strong support area, while the immediate resistance is expected in the range of 18650 – 18730 levels. Traders should keep an eye on these levels and trade accordingly for the weekly expiry session.
(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)