Market On Wednesday: Dull Shadows Keep The Market Low, Some Stocks May Witness Revival
These are tough times for the investors as the stock market continues to lie low. So what does Wednesday have in store? Read it here
The dull mood of the stock market continued even on Tuesday and both Nifty and Sensex saw a decline. The Nifty was down 140.20 points and closed at 22,302.50, while the Sensex was down 383.69 points and closed at 73,511.85. As per experts, there is a lot of volatility in the market currently and caution is advised.
Bullish Momentum In These Stocks
The momentum indicator MACD has been hinting bullish movement in some stocks. These include Marico, ITC, Dabur India and CG Power and Industrial Solutions.
Marico is trading at Rs 582.10, following a jump of 9.77 per cent. ITC saw a gain of 1.44 per cent, trading at Rs 441.
Dabur India has been showing a bullish momentum and gained 5.11 per cent, currently available at Rs 557.95. In the last one month, it has given 10.91 per cent returns.
CG Power and Industrial Solutions is up by 4.70 per cent and is trading at Rs 572.
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 InfoBeans Technologies, Jyothy Labs, Kothari Sugars and Chemicals and Godrej Consumer Products.
InfoBeans Technologies saw a gain of 14.95 per cent and is trading at Rs 439. In the last five days, it has given 12.12 per cent returns. Jyothy Labs was up by 10.53 per cent, available at Rs 458. In the last five days, it has gained 5.99 per cent.
Kothari Sugars and Chemicals gained 6.91 per cent, trading at Rs 61.90. In the last five days, it has given 1.64 per cent returns. Godrej Consumer Products jumped 5.59 per cent and is trading at Rs 1,320. The 52-week high for this stock is Rs 1,350.
Gold And Silver Prices For The Day
22k gold is priced at Rs 66,360 per 10 grams
24k gold is priced at Rs 72,390 per 10 grams
Silver is priced at Rs 85,100 per kilogram.
Market Experts' Insights
Prashanth Tapse, Senior VP (Research), Mehta Equities
In today's market scenario, the Dow celebrates its fifth consecutive day of gains, marking its longest winning streak of 2024. Meanwhile, optimism surrounds the Gift Nifty's performance this Wednesday morning, though concerns linger over Nifty's ability to break its recent losing streak amidst disappointing Q4 corporate earnings and election uncertainty. Despite challenges, factors such as a robust US economy, potential Federal Reserve rate cuts, and depressed WTI oil prices offer hope for market resilience. Nifty's pivotal support rests at the 22137 mark, with options data indicating a trading range of 21700-23000. Amidst ongoing corporate earnings scrutiny, strategic trades on Nifty and Bank Nifty are advised, while stocks like NESTLE and MARICO appear promising amidst any corrective declines. Jindal Steel & Power emerges as a sell candidate due to weakening momentum
(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)
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