Stock Market On Friday: Sensex Gains Strength, Suzlon Energy, Jio Financial Get Bullish
The market mood is bullish again. Will this mood continue? Here is what the experts say
Thursday saw the market coming back in action. The NSE Nifty was up 369.85 points and closed at 22,967.65, while the BSE Sensex was up 1,196.98 points and closed at 75,418.04. With the Sensex jumping over 1000 points, experts say that the mood is still volatile and the strategy is to stay nimble.
Bullish Momentum In These Stocks
The momentum indicator MACD has been hinting bullish movement in some stocks. These include Suzlon Energy, Tata Steel, Jio Financial Services and Shipping Corporation of India.
Suzlon Energy is trading at Rs 48.30, following a jump of 5 per cent. Tata Steel saw a gain of 1.07 per cent, trading at Rs 175.15.
Jio Financial Services has been showing a bullish momentum and gained 2.87 per cent, currently available at Rs 367.90. In the last one year, it has given 47.81 per cent returns.
Shipping Corporation of India is up by 9.55 per cent and is trading at Rs 262.15.
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 Saregama India, Rail Vikas Nigam, Mazagon Dock Shipbuilders and Bharat Dynamics.
Saregama India saw a gain of 14.37 per cent and is trading at Rs 469.90. In the last five days, it has given 11.62 per cent returns. Rail Vikas Nigam was up by 9.11 per cent, available at Rs 372.50. In the last five days, it has gained 34.55 per cent.
Mazagon Dock Shipbuilders gained 8.53 per cent, trading at Rs 3,123.95. In the last one month, it has jumped 35.26 per cent. Bharat Dynamics jumped 7.13 per cent and is trading at Rs 2,827.00. The 52-week high for this stock is Rs 2,958.
Gold And Silver Prices For The Day
22k gold is priced at Rs 67,290 per 10 grams
24k gold is priced at Rs 73,410 per 10 grams
Silver is priced at Rs 92,400 per kilogram.
Market Experts' Insights
Prashanth Tapse, Senior VP (Research), Mehta Equities
GIFT Nifty is facing bearish pressure this Friday morning, opening at 22960, down by 55 points. Yesterday, Nifty neared the 23,000 mark, driven by investor optimism about the current regime's continuation in the upcoming general elections. However, Wall Street's decline due to a hotter-than-expected manufacturing survey and concerns over the Federal Reserve's interest rate decisions have dampened market sentiments. With the India VIX rising above 21, indicating increased volatility, the strategy is to stay nimble. Nifty's key support is at 22507. Recommended trades are to sell Nifty at 22968 with a target of 22507 and Bank Nifty at 48769 with a target of 48300. Consider buying PATEL ENGINEERING at CMP 65 for targets of 79 and 89, as a momentum play.
(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)
