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Tuesday At Market: Nifty Rallies In New Trading Week, Greenlam, ICICI Lombard Gain Big
The new trading week opened on green on Monday. NSE and BSE saw significant gains and today experts say that the second day of the trading week is likely to witness some drama
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The new trading week opened on a positive note on Monday. Both NSE and BSE saw a good gain to close on the green mark. The Nifty was up by 99.30 points and closed at 18,598.65, while the Sensex was up by 344.69 points and closed at 62,846.38. Tuesday being the second day of the week, the experts are expecting some fluctuations.
The Big Gainers
Here is a look at the big gainers on Monday. These included Centum Electronics, Simbhaoli Sugars, Greenlam Industries and ICICI Lombard General Insurance.
Centum Electronics jumped by 20 per cent and is trading at Rs 973.25. In the last five days, it has gained 16.45 per cent. Simbhaoli Sugars was up by 19.82 per cent and is available at Rs 26.30. In the last one month, it has jumped 4.37 per cent.
Greenlam Industries gained 13.76 per cent and is trading at Rs 356.70. In the last five days, it has jumped by 13.82 per cent. ICICI Lombard General Insurance jumped 8.21 per cent and is trading at Rs 1,190.30. The 52 week high of this stock is Rs 1,369.
Bullish Trend In These Stocks
According to the momentum indicator MACD, there are some stocks which are showing a bullish trend. These include Yes Bank, Bharat Heavy Electricals, Indian Railway Finance Corp, and State Bank of India.
Yes Bank has gained 1.92 per cent and is available at Rs 15.90, while Bharat Heavy Electricals is up by 5.07 per cent and is trading at Rs 82.95.
Indian Railway Finance Corp is trading at Rs 32.55 following a jump of 2.04 per cent. SBI gained 1.47 per cent and is trading at Rs 594.60.
Shrikant Chouhan, Head of Equity Research (retail), Kotak Securities
On Monday, benchmark indices Nifty rallied 99 points while Sensex gained 345 points on the backdrop of positive global cues. Across sectors, buying was seen in metal, realty and financial stocks, while intraday profit booking was seen at higher levels in IT stocks. Technically, the market remained in the range of 18585/62800 to 18640/63025 after opening a gap-up throughout the day. The index has formed a small candle after the gap-up opening which indicates indecision between the bulls and bears. We are of the view that the market structure is still bullish, but buying on intraday corrections and selling on rallies would be the ideal strategy for day traders. For the bulls now, 18550/62650 and 18500/62500 will be the major support areas while 18650-18700/63000-63200 could be important resistance areas. The strategy should be to buy Nifty between 18550 and 18500 and place a stop loss at 18400. For the Nifty Bank, the strategy should be to buy between 44150 and 44050. Keep a stop loss at 43900. It would face resistance at 44400 and at 44550. Nifty IT was reluctant to move higher even though the broader market was doing much better. It might come down a little more, however, between 28800 and 29000, it has excellent support and on the reversal formation, we should be a buyer with a stop loss at 28600.
(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)