Tuesday Market Update: Aarti Drugs, Kirloskar Industries Gain Even As Market Declines

After a good closing last week, the market opened on the red mark for the new trading week. Monday saw both NSE and BSE closing on red, with NSE Nifty down by 111.65 to close at 16,988.40 and the BSE Sensex down by 360.95 points to close at 57,628.95. As per the market experts, the global winds will make these fluctuations continue all through the week. 

Big Gainers

Let us have a look at some of the top gainers of the last trading session to understand the market better. 

After lying low for a year, Aarti Drugs finally jumped 19.99 per cent and traded at Rs 380.50. In the last five days, this share has shown a steady gain of 14.82 per cent. Geekay Wires gained by 9.99 per cent to trade at Rs 155.85. This is the 52-week high of this stock. 

Kirloskar Industries too saw a good gain of 6.78 per cent and is trading at Rs 2,433. In the last one month, it has jumped by 10.46 per cent and is nearing its 52 week high of Rs 2,444. 

Just Dial jumped by 4.40 per cent and is currently trading at Rs 604. It has gained by 2.45 per cent in the last 5 days. 

Bullish Signs In These Stocks

According to the momentum indicator MACD, there are some shares that are showing bullish trends. These include Yes Bank, Brightcom, IOCL and ITC. On Monday, Yes Bank gained 1.66 per to trade at Rs 15.30. It had declined 3.16 per cent in the last 5 days but is finally showing an upward trend. 

Brightcom Group gained 5.40 per cent on Monday, and is trading at Rs 18.55. Indian Oil Corporation or IOCL jumped by 1.70 per cent and is now trading at Rs 80.65. ITC gained by 0.85 per cent and is trading at Rs 378.75. Its 52 week high is Rs 394. 

Expert Speak 

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One 

Despite SGX indicating a sluggish start, our markets opened marginally in the red. However, without wasting much of a time, the selling resumed across the broader market. The Nifty kept on sinking to not only slide below 17000 but also went on to challenge the Thursday’s low of 16850. Fortunately, some buying emerged after posting a low of 16828 around the mid session. The recovery extended towards the fag end to reduce the damage to merely 0.65%, a tad below the 17000 mark.

Globally, the mounting concerns over a few banks have risen in the last few days and the market is clearly jolting with every piece of information with respect to this development. The tail end recovery today was quite crucial for our market, and any follow up in the coming session would certainly augur well for the bulls. As far as levels are concerned, 17150 is to be seen as a key hurdle, because any sustained move above this would provide some sigh of relief for optimist traders. This is possible only if we see strong relief moves in the global markets. 

On the flipside, 16900 followed by 16800 is to be seen as a sacrosanct support zone. Markets are extremely oversold, and we are placed around a cluster of supports; hence, we continue to remain hopeful and expect some respite in the coming days. As a caveat, one should avoid aggressive bets and keep a close tab on global developments, because such financial issues can be very lethal at times. In case of a relief, we may find ample opportunities in the beaten spaces. Traders can certainly focus on such potential candidates.