Market On Wednesday: Upward Trend To Continue, Tata Steel, Sail On A High
The week is in a bullish mood so far. So will this mood continue? Here is what the experts say
The week so far has been a positive one, with the NSE and BSE gaining momentum for the second consecutive day. On Tuesday, the Nifty closed at 22,217.85 after a gain of 113.80 points, while the Sensex closed at 73,104.61 after a jump of 328.48 points. As per the market experts, the mood currently is bullish and may remain so till June.
Bullish Momentum In These Stocks
The momentum indicator MACD has been hinting bullish movement in some stocks. These include Indian Railway Finance Corp, Tata Steel, Steel Authority of India and National Aluminium Company.
Indian Railway Finance Corp is trading at Rs 157.75, following a jump of 8.12 per cent. Tata Steel saw a gain of 0.61 per cent, trading at Rs 164.85.
Steel Authority of India has been showing a bullish momentum and gained 4.65 per cent, currently available at Rs 164.35. In the last one year, it has given 95.07 per cent returns.
National Aluminium Company is up by 6.78 per cent and is trading at Rs 188.95.
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 Texmaco Infrastructure & Holdings, Cochin Shipyard, Greenlam Industries and Railtel Corporation of India.
Texmaco Infrastructure & Holdings saw a gain of 18.41 per cent and is trading at Rs 105.50. In the last five days, it has given 14.30 per cent returns. Cochin Shipyard was up by 11.70 per cent, available at Rs 1,335. In the last five days, it has gained 6.80 per cent.
Greenlam Industries gained 11.17 per cent, trading at Rs 597. In the last one month, it has jumped 8.57 per cent. Railtel Corporation of India jumped 9.38 per cent and is trading at Rs 390. The 52-week high for this stock is Rs 491.45.
Gold And Silver Prices For The Day
22k gold is priced at Rs 66,740 per 10 grams
24k gold is priced at Rs 72,810 per 10 grams
Silver is priced at Rs 87,300 per kilogram.
Market Experts' Insights
Prashanth Tapse, Senior VP (Research), Mehta Equities
In yesterday’s trading session, Nifty continued its upward trend for the third consecutive day, with a notable advance-decline ratio favoring bulls. Despite Chairman Powell's remarks offering little new insight, optimism prevailed as major Wall Street indices approached record highs. However, looming uncertainty surrounds a potential September US rate cut, contingent upon inflation data due for release soon. Amidst this backdrop, Nifty's options data hints at a trading range of 22000-23000, with strategic support and resistance levels identified. Notably, FIIs sold shares worth Rs. 4066 crores, while Corporate India awaited Q4 results from prominent names. Recommended trades include buying Nifty and Bank Nifty at current market prices, with AUROBINDO PHARMA singled out as a stock to watch, anticipating any corrective declines with bullish sentiment.
(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)
