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Tuesday At Market: Force Motors, Venus Remedies Jump Big, GMR Airport, Marksans Pharma Bullish

Tuesday saw the market continuing with its positive streak. The BSE and NSE saw a good gain and the Nifty managed to cross the 18500 mark. Experts feel that fluctuations may continue, amidst the positivity in the market

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Tuesday too saw the stock market in a positive mode, as the Nifty crossed the 18500 mark. The BSE Sensex was up by 122.75 points and closed at 62,969.13, while the NSE Nifty was up by 35.20 points and closed at 18,633.85. The market experts say that there would be fluctuations in the market even as the positive trend continues. 

The Big Gainers 

Here is a look at the big gainers on Tuesday. These included Force Motors, Venus Remedies, Inox Wind Energy and Birla Corporation

Force Motors jumped by 20 per cent and is trading at Rs 1,718.70. In the last five days, it has gained a whopping 25 per cent. Venus Remedies was up by 19.99 per cent and is available at Rs 236.75. In the last one month, it has jumped 18.97 per cent.  

Inox Wind Energy gained 10.68 per cent and is trading at Rs 1,589. In the last five days, it has jumped by 18.23 per cent. Birla Corporation jumped 6.84 per cent and is trading at Rs 1,090. The 52 week high of this stock is Rs 1,143.45. 

Bullish Trend In These Stocks

According to the momentum indicator MACD, there are some stocks which are showing a bullish trend. These include Ujjivan Small Finance Bank, Jaiprakash Power Ventures, GMR Airports Infrastructure, and Marksans Pharma.

Ujjivan Small Finance Bank has gained 8.36 per cent and is available at Rs 36.95, while Jaiprakash Power Ventures is up by 3.57 per cent and is trading at Rs 5.80. 

GMR Airports Infrastructure is trading at Rs 40.90 following a jump of 0.86 per cent. Marksans Pharma gained 7.46 per cent and is trading at Rs 81.40.

Expert Speak 

Rajesh Bhosale, Technical Analyst at Angel One

In the absence of any major trigger, the benchmark index Nifty started the day on a flat note. This was then followed by a lackluster day of trade as prices gyrated within a range of 40 – 50 points for a major part of the day. Eventually, the winning streak continued as Nifty ended with gains of 0.19 per cent at 18634.

Technically not much has changed as quite similar to the previous session we witnessed a subdued intraday session. The undertone remained bullish, and the fact that prices defended the bullish gap from the previous day is an encouraging indication of a sustained breakout. We expect the northward journey to continue, however, we reiterate that the momentum might not be swift and it’s clearly visible with back-to-back small candles on the daily chart. 

The apt strategy would be to take advantage of intraday declines to go long and secure small profits at higher levels. In terms of levels, the bullish gap formed around 18550 – 18500 is expected to provide immediate support, while the previous resistance at 18400 is now anticipated to act as a strong support level. On the flip side, the range of 18780 – 18900 is considered an immediate resistance zone.

The sectoral front displayed a mixed performance, with no clear winners emerging. Nonetheless, we anticipate sector rotation to continue, and traders should concentrate on thematic moves that are likely to offer opportunities for outperformance.

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