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Tuesday Market Update: Adani Group Shares Rally, NTPC, BEL Also Bullish
The new trading week started on a positive note as both NSE and BSE saw gains to close on the green mark. The day two of this trading week is also expected to continue with the positive trend
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Monday saw the new trading week opening on a positive side, with both NSE and BSE witnessing significant gains and closing on the green mark. The NSE Nifty was up by 111 points and closed at 18,314.40, while the BSE Sensex was up by 234 points and closed at 61,963.68. Tuesday being the second day of the week, experts say that the upward trend may continue.
The Big Gainers
Let us have a look at the big gainers on Monday. These included Adani Enterprises, Nilkamal, Refex Industries and Muthoot Finance.
Adani Enterprises jumped by 19.55 per cent and is trading at Rs 2,338.55. In the last five days, it has gained 21.67 per cent. Nilkamal was up by 12.84 per cent and is available at Rs 2,409. In the last one month, it has jumped 27.38 per cent.
Refex Industries gained 8.99 per cent and is trading at Rs 465. In the last five days, it has jumped by 26.36 per cent. Muthoot Finance jumped 8.46 per cent and is trading at Rs 1,122.45. The 52 week high of this stock is Rs 1,213.95.
Bullish Trend In These Stocks
The momentum indicator MACD has revealed some active stocks which are bullish at the moment. These include Adani Ports and Special Economic Zone, Bharat Electronics, Ambuja Cements, and NTPC.
Adani Ports and Special Economic Zone has gained 6.41 per cent and is available at Rs 732.20, while Bharat Electronics is up by 3.22 per cent and is trading at Rs 110.45.
Ambuja Cements is trading at Rs 426.20 following a jump of 5.72 per cent. NTPC gained 0.52 per cent and is trading at Rs 174.20.
Expert Speak
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Limited
The benchmark indices made a sharp recovery, with the Nifty closing up 101 points while the Sensex was up 234 points. Among sectors, the metal and IT index outperformed, with the metal index rising over 3 per cent, while the IT index gained 2.35 per cent. Technically, after last Friday's reversal, the market continued its positive momentum and it also formed a bullish candle on the daily chart. We are of the view that the index completed one more leg of a pullback rally and it could be a major resistance between 18375 and 18400 levels. For traders, as long as the Nifty is trading above 18200/61700, the positive sentiment is likely to continue. On the other hand, fresh selling is possible only after 18200/61700 is dismissed. Below that the market may again retest 18100-18050/61400-61200 levels. For the Nifty Bank, 44150 and 43400 is the trading zone and only on the dismissal of the given levels we could see a sharp rally. The Nifty IT index is forming a broadening pattern that would lift the index to 30000 or 30500 levels. Support for the Nifty IT index exists at 28600-28500 levels. Nifty Support - 18200 Resis - 18375
(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)