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Thursday Market Update: Schneider Electric Infrastructure Gains Big As The Market Declines, Watch Out For Zomato, Mahindra CIE

Finally the happy days of the market were over on Wednesday and the midweek crisis hit hard, as the market fell and closed on red. Experts say that Thursday too might see a volatile market so be careful before investing

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Wednesday saw the Indian markets being hit by the midweek crisis and the market fell to close on a red mark after two days of gain. The BSE Sensex was down by 208.01 points and closed at 61,773.78, while the NSE Nifty was down by 62.60 points and closed at 18,285.40. The experts say that Thursday will also be a volatile day for the market.  

The Big Gainers 

Let us have a look at the big gainers on Wednesday. These included Schneider Electric Infrastructure, Andhra Cements, Maithan Alloys and Chennai Petroleum Corporation. 

Schneider Electric Infrastructure jumped by 14.01 per cent and is trading at Rs 14.01. In the last five days, it has gained 13.11 per cent. Andhra Cements was up by 9.99 per cent and is available at Rs 97.95. In the last one month, it has jumped 70.05 per cent.  

Maithan Alloys gained 8.82 per cent and is trading at Rs 1,008.90. In the last five days, it has jumped by 7.63 per cent. Chennai Petroleum Corporation jumped 8.21 per cent and is trading at Rs 387. The 52 week high of this stock is Rs 417.85. 

Bullish Trend In These Stocks

The momentum indicator MACD has revealed some active stocks which are bullish at the moment. These include Zomato, Engineers India, Indiabulls Real Estate, and Mahindra CIE Automotive.

Zomato has gained 1.90 per cent and is available at Rs 64.40, while Engineers India is up by 7.70 per cent and is trading at Rs 108.45. 

Indiabulls Real Estate is trading at Rs 62.95 following a jump of 8.82 per cent. Mahindra CIE Automotive gained 4.55 per cent and is trading at Rs 473.45.

Expert Speak 

Rajesh Bhosale, Technical Analyst at Angel One

The US stock exchanges experienced significant downward pressure overnight, which influenced our markets to begin trading with a substantial gap down opening. However, the bulls seized this opportunity, resulting in a sharp rebound and recovery of the morning's losses. 

Similar to recent sessions, trading activity during the mid-session remained lackluster, with prices trading within a range. As European markets commenced their trading activity, we once again slipped lower, eventually ending the day with a loss of 0.34% a tad below 18300.

Following a strong performance on Friday, the key indices have displayed a lack of significant movement in the past two sessions, indicating a dull trading atmosphere. Despite the overall bullish sentiment, buying interest wanes as prices approach critical resistance levels. It appears that the market is awaiting a catalyst, and once it arrives, we might witness a surge in momentum, potentially during the monthly expiry session. 

Looking ahead, the range of 18200 – 18400 is considered crucial, and if the lower end is breached, prices could retreat toward key support levels at 18100 – 18050. On the upside, a breakthrough beyond 18400 may lead to further gains, potentially reaching and surpassing 18500 in future sessions. Traders are advised to monitor these levels closely and adjust their trades accordingly.

While the frontline index continues to lack excitement, the Nifty Midcap 100 index continues to reach new highs for the year. We emphasize that the real action lies within the midcap segment, and traders should focus on such opportunities.

(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)