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Thursday At Stock Market: Adani Group Continues To Rally, Reliance Naval, Jindal Steel Show Upward Trend

Wednesday once again saw both NSE and BSE closing on red. Amidst the global crisis, there are mixed opinions about the market today

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The global crisis continued to hit the Indian stock market. On Wednesday too, the market closed on red with BSE Sensex down by 344.29 points, closing at 57,555.90 and NSE Nifty down by 71.15 points to close at 16,972.15. The impact of the SVB crisis can be seen clearly and experts say that this will continue for a while. So be careful before deciding to invest. 

Big Gainers

The global seems however did not touch some of the big names and they closed on green. GMR Airports Infrastructure was up by 4.69 per cent and traded at Rs 41.30. In the last one month, it has given 4.56 per cent returns and its year range is Rs 44.30. 

Adani Green Energy continued to rally with a gain of 5 per cent and is available at Rs 741.40. In the last five days, this Adani Group share has gained 14.03 per cent. The group’s other share Adani Enterprises too saw a gain of 5.74 per cent and traded at Rs 1,838. In the last one month, it has seen a gain of 2.30 per cent. Adani Ports and Special Economic Zone was up by 4.19 per cent and traded at Rs 681.95. Adani Wilmar was up by 1.93 per cent and is available at Rs 422.

GR Infraprojects saw a jump of 6.93 per cent and traded at Rs 1,065. It has jumped 3.10 per cent in the last five days but has seen a decline in the last one month. Chennai Petroleum Corporation was also up by 6.91 per cent and traded at Rs 269.80. 

Bullish Trend For These Stocks 

According to the momentum indicator MACD, there are some shares that are showing bullish trends. These include Kohinoor Foods, which was up by 4.92 per cent and is available at Rs 49.05. In the last five days, it was down by 4.39 per cent but has shown a bullish trend. 

Reliance Naval and Engineering saw fluctuations all through the day and was up by 4.88 per cent, trading at Rs 2.15. However in the last five days, this one has declined by 4.44 per cent. 

Jindal Steel And Power saw a jump of 1.71 per cent on Wednesday after a decline of 0.97 per cent for the last five days and is available at Rs 580.90. Reliance Capital was up by 4.62 per cent after being down by 9.05 per cent in the last 5 days and is trading at Rs 9.05. 

Stocks To Watch Out For Today 

Market Experts have named a few stocks which can be tracked today. These include Asian Paints, Glenmark, Tata Steel, Power Grid and ITC

Expert Speak 

Rohan Patil, Technical Analyst, SAMCO Securities

"The benchmark index witnessed a gap-up opening following the global clues and made a  day high at 17211.35 levels in the first 5 mins of trade and began its downward journey. On the intraday chart, Nifty traded in a structural bear market lower high lower low formation and closed below 17,000 with a loss of 0.42%. From the last 5 trading sessions Nifty is closing below its previous candle's low, which suggests bears dominance in the market.

Index has failed its bullish harmonic pattern and closed well below its potential reversal zone. The index is trading below its 9 & 21 EMA and the slope of the averages has tilted lower. The overall trend remains bearish as prices are trading in a lower low formation and a sell on rally should be the right approach in this market. The support for the Nifty is placed at around 16,800 – 16,750 levels and resistance is capped at 17,300 – 17,350 levels."