Market On Monday: Finally Some Good Days, Oil Stocks Get Stable
The last trading week ended on a happy note on Friday. So will the mood continue on Monday too? Read what the new trading week holds in store
After much drama and volatile movements, the last trading week closed on a positive note. The NSE Nifty was up 97.70 points and closed at 22,055.20, while the BSE Sensex was also up by 260.30 points and closed at 72,664.47. However, experts say that the volatility will continue so be cautious before taking any investment related decisions.
Bullish Momentum In These Stocks
The momentum indicator MACD has been hinting bullish movement in some stocks. These include Zomato, IDFC First Bank, Indian Oil Corporation and Bharat Petroleum Corporation.
Zomato certainly has survived the market turmoil and is trading at Rs 203.80, following a jump of 4.38 per cent. IDFC First Bank saw a gain of 1.19 per cent, trading at Rs 76.75.
Indian Oil Corporation has been showing a bullish momentum and gained 1.69 per cent, currently available at Rs 159.25. In the last one year, it has given 89.13 per cent returns.
Bharat Petroleum Corporation is up by 4.50 per cent and is trading at Rs 618.80.
Top Gainers That Closed On A High Note
Here are some of the top gainers of the last trading session that closed on a high note. These included Hindustan Zinc, Jupiter Wagons, Honeywell Automation India and Polycab India.
Hindustan Zinc saw a gain of 15.97 per cent and is trading at Rs 529. In the last five days, it has given 16.98 per cent returns. Jupiter Wagons was up by 15.19 per cent, available at Rs 484.10. In the last five days, it has gained 20.38 per cent.
Honeywell Automation India gained 8.54 per cent, trading at Rs 46,949. In the last one month, it has jumped 5.83 per cent. Polycab India jumped 6.49 per cent and is trading at Rs 6,180.25. The 52-week high for this stock is Rs 6,362.95.
Gold And Silver Prices For The Day
22k gold is priced at Rs 67,240 per 10 grams
24k gold is priced at Rs 73,350 per 10 grams
Silver is priced at Rs 86,900 per kilogram.
Market Experts' Insights
Prashanth Tapse, Senior VP (Research), Mehta Equities
Following Friday’s trade, the Dow Jones Industrial Average continued its winning streak, while the Nifty faces technical uncertainty, residing below key moving averages with a potential double top pattern. Caution prevails amid pre-election jitters, exacerbated by a surge in the India VIX. Options data suggests Nifty’s trading range at 21700-22500, with notable resistance at 22500 and support at 21800. Key catalysts this week include Jerome Powell's speech, US CPI data, and Q4 results from prominent Indian companies. A recommended strategy involves buying Nifty on dips within 21700-21750, targeting 22300/22601, with Bank Nifty advice for buying within 46900-47100, targeting 47951/48301.
(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)
