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Thursday Market Opening: Powerful Time With Suzlon Energy, Torrent Power, Orient Green Power
The midweek effect was a positive one in the Indian market as the Sensex and Nifty continued to close on green for the third day in this week. Today is Thursday and experts are waiting to see whether it is Terrific or not
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Wednesday continued to see the positive trend in the market and both BSE and NSE saw significant gains. The NSE Nifty jumped 127.40 points and closed at 18,726.40, while the BSE Sensex jumped 350.08 points and closed at 63,142.96. It is Thursday and market experts are looking at the day with eagerness.
The Big Gainers
Here is a look at the big gainers on Wednesday. These included Williamson Magar and Co, Suzlon Energy, Torrent Power and Orient Green Power Company.
Williamson Magar and Co jumped by 20 per cent and is trading at Rs 24.30. In the last five days, it has gained 25.26 per cent. Suzlon Energy was up by 17.62 per cent and is available at Rs 14.35. In the last one month, it has jumped a whopping 67.84 per cent.
Torrent Power gained 15.91 per cent and is trading at Rs 709.60. In the last five days, it has jumped by 28.05 per cent. Orient Green Power Company jumped 10 per cent and is trading at Rs 9.90. The 52 week high of this stock is Rs 13.25.
Stocks That Are Showing Bullish Signs
According to the momentum indicator MACD, there are some stocks which are showing a bullish trend. These include Reliance Power, Zomato, Bajaj Hindusthan Sugar, and Coal India.
Reliance Power has gained 8.09 per cent and is available at Rs 14.70, while Zomato is up by 3.52 per cent and is trading at Rs 74.90.
Bajaj Hindusthan Sugar is trading at Rs 15.60 following a jump of 4.70 per cent. Coal India gained 1.36 per cent and is trading at Rs 230.90.
Expert Speak
Rajesh Bhosale, Technical Analyst at Angel One
Following the positive momentum seen during the fag end of Tuesday, Nifty started today’s proceedings with a gap up opening above the recent congestion phase. Although there were indications of potential intraday consolidation initially, the second half witnessed a resumption of positive momentum. As a result, Nifty ended the day with a gain of 0.68%, reclaiming 18700 comfortably.
On the daily chart, a congestion breakout is observed, resembling a confirmation of 'FLAG' pattern on a daily time frame. The presence of a gap further reinforces this price up move. Based on this configuration, it is anticipated that Nifty may target the all-time high level of 18887.60 in the upcoming sessions, with 18800 serving as an immediate hurdle. While volatility may arise due to the RBI policy event, overall sentiment is expected to remain positive. Any potential dip should be seen as a buying opportunity. The immediate support zone lies within the bullish gap created today, ranging from 18620 to 18640.
The focus on the policy day will be on rate-sensitive sectors such as BFSI, Auto, and Realty. Additionally, today we witnessed the outperformance from OMCs and Metals counters, highlighting the ongoing sector churning. It is advisable to stay aligned with the prevailing theme of the day and place trading bets accordingly.
(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)