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Tuesday At Share Market: Watch Out For Tata Steel, Aditya Birla Capital, SVJN Today
Monday saw the week opening with a boom as both NSE and BSE closed on green. However experts say that volatility in the Indian market may continue
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Monday opened on a good note for the Indian stock market. The National Stock Exchange Nifty jumped by 40.65 points and closed on the green mark at 16,985.70, while the Bombay Stock Exchange Sensex jumped by 126.76 points and closed at 57,653.86. Market experts hint at indecisiveness but since there is firmness in the US markets, the volatility in the Indian market may continue.
The Big Gainers
Here is a look at some of the big gainers on Monday. Navkar Corporation was the top gainer of the day, trading at Rs 53.80 after a jump of 19.96 per cent. In the last five days, this stock has gained by 12.08 per cent.
Centum Electronics was another top gainer of the day. Trading at Rs 694, it took a jump of 12.06 per cent and in the last five days this share has shown a growth of 23.48 per cent. Morepen Laboratories jumped by 7.80 per cent and is available at Rs 26.25. In the last one month, this has jumped by 3.75 per cent.
Biocon saw a gain of 3.42 per cent and traded at Rs 205.50. It has gained by 5.47 per cent in the last five days and its 52 week high is Rs 388.
Bullish Signs For These Shares
According to the momentum indicator MACD, there are some stocks that are showing bullish signals. These include Aditya Birla Capital, SJVN, Bank of Baroda, Tata Steel and HDFC Bank. Aditya Birla Capital announced selling its stake in Aditya Birla Insurance Brokers and its shares jumped by 2.05 per cent and are available at Rs 147.
SJVN saw a gain of 1.15 per cent on Monday after lying low for a while, while Bank Of Baroda saw a gain of 0.50 per cent and is trading at Rs 160.60.
Tata Steel jumped by 0.20 per cent and is trading at Rs 102.30, while HDFC Bank saw a gain of 0.0032 per cent and is available at Rs 1,560.70
Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One
The relief in the US markets over the weekend has led to a positive start for our markets, wherein the benchmark index Nifty surged from the lows and kept the momentum going throughout the day. The favorable global conditions certainly augured well for the bulls, and all dips were convincingly bought into. However, a sell-off triggered by the fag end suggests tentativeness at the higher grounds as traders preferred to take money off the table by the end. Amidst the tug of war, Nifty concluded the first day of the truncated week on a muted note, procuring 0.24 percent and settled a tad below the 17000 mark.
The buying emergence in the broader market space levitated the sentiments and the participation from the beaten-down heavyweights could be seen as a constructive development for our market. But from the technical perspective, Nifty is still hovering in a slender range and awaits some trigger to come out from the same. As far as levels are concerned, the 16900 zone is likely to cushion any blips, followed by the sacrosanct support of 16800. While on the higher end, the immediate resistance is placed around 17100-17200, and an authoritative breach beyond the same could only trigger some more respite in the market.
As we advance, many stock-specific adjustments are likely to continue and provide substantial trading opportunities. And even though the indices are stuck in a range, the broader markets are not at all short of action. Hence one should continue to identify such potential movers and trade accordingly. Simultaneously, one should stay abreast with global developments as they are likely to act as catalysts for our market in the short term.