Stock Market On Thursday: Bearish Movement Expected, BEL, IRB Infra, GMR Airports Bullish
Wednesday saw the market gaining good. So will the mood continue? Or will the bear strike again? Read what the experts say
After a mixed opening, the trading week saw Wednesday being a saviour. The NSE NIfty was up 68.75 points and closed at 22,597.80, while the BSE Sensex was up 267.75 points and closed at 74,221.06. As per the market experts, the Nifty may face modest bearish pressure due to hawkish signals from the Fed's May FOMC meeting minutes.
Bullish Momentum In These Stocks
The momentum indicator MACD has been hinting bullish movement in some stocks. These include IRB Infrastructure Developers, Bharat Electronics, GMR Airports Infrastructure and Coal India.
IRB Infrastructure Developers is trading at Rs 73.50, following a jump of 6.06 per cent. Bharat Electronics saw a gain of 3.74 per cent, trading at Rs 284.40.
GMR Airports Infrastructure has been showing a bullish momentum and gained 2.51 per cent, currently available at Rs 87.70. In the last one year, it has given 93.60 per cent returns.
Coal India is up by 2.28 per cent and is trading at Rs 501.85.
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 GeeCee Ventures, Gulf Oil Lubricants India, Finolex Cables and Welspun Enterprises.
GeeCee Ventures saw a gain of 19.99 per cent and is trading at Rs 365.85. In the last five days, it has given 19.91 per cent returns. Gulf Oil Lubricants India was up by 11.18 per cent, available at Rs 1,045. In the last five days, it has gained 9.07 per cent.
Finolex Cables gained 10.75 per cent, trading at Rs 1,172. In the last one month, it has jumped 16.25 per cent. Welspun Enterprises jumped 7.47 per cent and is trading at Rs 398.45. The 52-week high for this stock is Rs 407.45.
Gold And Silver Prices For The Day
22k gold is priced at Rs 68,290 per 10 grams
24k gold is priced at Rs 74,500 per 10 grams
Silver is priced at Rs 95,900 per kilogram.
Market Experts' Insights
Prashanth Tapse, Senior VP (Research), Mehta Equities
This Thursday morning, Nifty may face modest bearish pressure due to hawkish signals from the Fed's May FOMC meeting minutes, where policymakers expressed concerns about inflation and indicated potential further tightening of monetary policy. This has diminished hopes for a September rate cut, contributing to market anxiety amid record FPI outflows and a spike in India VIX above 21, signaling heightened volatility. With major supports at 22153 and a trading range expected between 22000-23000, the strategy is to stay nimble. Preferred trades include selling Nifty and Bank Nifty at CMP with specific stop and target levels. Bullish opportunities exist in PI Industries, Lupin, and Reliance Industries, while Patel Engineering is recommended as a buy at CMP 65 for an intermonth momentum play
(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)
