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Wednesday Market Update: Zuari Agro, Kirloskar Gain, IOC, Aditya Birla Fashion Show Bullish Signs
Tuesday saw the stock markets up for the second consecutive day and both BSE and NSE saw gains to close on the green mark. The experts opine that midweek trading may continue with this positive streak in the market
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Tuesday saw the market up for the second consecutive day in this trading week. Both NSE and BSE saw significant gains to close on the green mark. The NSE Nifty was up by 33.60 points to close at 18,348, and the BSE Sensex closed at 61,981.79 after a gain of 18.11 points. Experts say that the midweek trading may continue with the positive trend.
The Big Gainers
Let us have a look at the big gainers on Monday. These included Indo Tech Transformers, Zuari Agro Chemicals, Technocraft Industries and Kirloskar Industries.
Indo Tech Transformers jumped by 20 per cent and is trading at Rs 285.90. In the last five days, it has gained 41.15 per cent. Zuari Agro Chemicals was up by 16.42 per cent and is available at Rs 159.90. In the last one month, it has jumped 23.52 per cent.
Technocraft Industries gained 10.89 per cent and is trading at Rs 1,734. In the last five days, it has jumped by 14.46 per cent. Kirloskar Industries jumped 7.96 per cent and is trading at Rs 2,720.70. The 52 week high of this stock is Rs 2,948.
Bullish Trend In These Stocks
The momentum indicator MACD has revealed some active stocks which are bullish at the moment. These include Suzlon Energy, Indian Oil Corporation, Vedanta, and Aditya Birla Fashion and Retail.
Suzlon Energy has gained 2.70 per cent and is available at Rs 9.50, while Indian Oil Corporation is up by 2.12 per cent and is trading at Rs 89.
Vedanta is trading at Rs 288.60 following a jump of 0.38 per cent. Aditya Birla Fashion and Retail gained 2.45 per cent and is trading at Rs 194.50.
Rajesh Bhosale, Technical Analyst at Angel One
Our markets started the session on a positive note, but after the initial gains, there was limited activity observed in key indices. Nifty hovered within a narrow range of 40-50 points for the most part of the day. However, a bout of profit booking towards the end erased a major chunk of morning gains to conclude slightly below 18350 with merely 0.18 per cent gains.
Key indices had a lackluster day as prices approached a critical point before the monthly expiry. The Bank Nifty remained hesitant around its all-time high levels, while the benchmark index Nifty also lacked confidence around the 18450 levels, where some profit booking had taken place last week. As a result, traders shifted their focus to the broader markets, which remained buoyant.
This consolidation phase is likely to continue till the time we do not get a convincing close above 18450-18500 and the Bank Nifty surpasses its all-time high levels of 44150. A breakthrough at these key levels would ignite a fresh wave of positive momentum in the market. Until then, traders are advised to buy on dips and book profits at higher levels. In terms of support levels, 18200 is the immediate support, while a stronger support zone exists between 18050-18100 levels.
Although the key indices struggled at higher levels, the Nifty Midcap 100 ended on a positive note, and traders should continue to focus on such midcap stocks that exhibit impressive movements for the future.
(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)