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Wednesday At Market: Jindal Photo, Mazagaon Dock, Taj GVK On A Rise
Tuesday turned out to be a twist, as both BSE and NSE saw a downfall. Experts hope that there will be some positivity in the market in midweek on Wednesday
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The second day of the trading week did not turn out to be a good one for the Indian markets, as both BSE and NSE closed on the red mark. The NSE Nifty was down by 112.35 points and closed at 18,286.50, whereas the BSE Sensex was down by 413.24 points and closed at 61,932.47. Experts are hoping for some positivity in the market on Wednesday.
The Big Gainers
Let us have a look at the big gainers on Monday. These included Mps, Jindal Photo, Mazagon Dock Shipbuilders and Taj GVK Hotels & Resorts.
Mps jumped by 20 per cent and is trading at Rs 1,082.25. In the last five days, it has gained 27.84 per cent. Jindal Photo was up by 10.34 per cent and is available at Rs 375. In the last one month, it has jumped 12.26 per cent.
Mazagon Dock Shipbuilders gained 7.90 per cent and is trading at Rs 813.10. In the last five days, it has jumped by 5.76 per cent. Taj GVK Hotels & Resorts jumped 7.64 per cent and is trading at Rs 240.85. The 52 week high of this stock is Rs 241.50.
Bullish Trend In These Stocks
The momentum indicator MACD has revealed some active stocks which are bullish at the moment. These include Housing And Urban Development Corp, Indian Oil Corporation, Lemon Tree Hotels, and DLF.
Housing And Urban Development Corp has gained 7 per cent and is available at Rs 58.85, while Indian Oil Corporation is up by 3.38 per cent and is trading at Rs 87.05.
Lemon Tree Hotels is trading at Rs 94.45 following a jump of 4.89 per cent. DLF gained 0.72 per cent and is trading at Rs 471.50.
Rajesh Bhosale, Technical Analyst at Angel One
Our markets started the day on a promising note, but soon experienced profit booking as prices declined throughout the session, erasing yesterday's gains. Unlike recent sessions, there was no significant rebound during the day as Nifty eventually ended with a loss of 0.61% tad below 18300.
In the past few weeks, the bulls had been enjoying a remarkable period, with intraday dips being quickly bought and prices consistently rising. However, today, traders chose to secure their profits as key indices approached critical levels. As a result, a "Bearish Engulfing" pattern has emerged on the daily chart, which does not augur well for the bulls. The hourly chart also reveals a "Rising Channel," with prices ending just around the breakdown levels; making the initial hours of the upcoming session crucial. If weakness persists in the morning session, then further profit booking may push prices towards 18200 and then 18100 in the near term. Nevertheless, the overall sentiment remains strongly bullish, and any consolidation or short-term price correction should be viewed as a healthy part of the upward trend. On the other hand, the levels of 18400 to 18500 can now be considered an immediate hurdle.
Despite the pressure on key indices today, the Nifty Midcap 100 reached a new high, and the market breadth remained positive. Going forward, traders should focus on individual stocks, as they may present opportunities for outperformance.
(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)