Stock Market On Wednesday: Drama Continues In The Market, Investors Advised Caution
The week so far has been dramatic once again. So what does mid week trading have in store for the stock market? Read it here
Drama continues to rule in the stock market as on Tuesday, the NSE and BSE saw a decline in numbers. The NSE Nifty was down 44.30 points and closed at 22,888.15, while the BSE Sensex was down 220.05 points and closed at 75,170.45. As per experts, this Wednesday morning, two positive catalysts are notable: the Nasdaq Composite hit a record high due to gains in tech stocks like Nvidia and Apple, and both FIIs and DIIs were net buyers in the last session. But caution is still advised.
Bullish Momentum In These Stocks
The momentum indicator MACD has been hinting bullish movement in some stocks. These include RattanIndia Power, Exide Industries, Ashok Leyland and Aditya Birla Fashion and Retail.
RattanIndia Power is trading at Rs 16.60, following a jump of 4.73 per cent. Exide Industries saw a gain of 2.79 per cent, trading at Rs 508.15.
Ashok Leyland has been showing a bullish momentum and gained 0.044 per cent, currently available at Rs 226.80. In the last one year, it has given 55.24 per cent returns.
Aditya Birla Fashion and Retail is up by 1 per cent and is trading at Rs 288.95.
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 Gokul Agro Resources, 3M India, Garware Technical Fibres and Jubilant Industries.
Gokul Agro Resources saw a gain of 12.64 per cent and is trading at Rs 158.15. In the last five days, it has given 10.87 per cent returns. 3M India was up by 9.92 per cent, available at Rs 34,010.10. In the last five days, it has gained 8.53 per cent.
Garware Technical Fibres gained 8.65 per cent, trading at Rs 3,485.25. In the last one month, it has jumped 7.31 per cent. Jubilant Industries jumped 5 per cent and is trading at Rs 1,105.95. The 52-week high for this stock is Rs 1,460.
Gold And Silver Prices For The Day
22k gold is priced at Rs 66,860 per 10 grams
24k gold is priced at Rs 72,940 per 10 grams
Silver is priced at Rs 96,600 per kilogram.
Market Experts' Insights
Prashanth Tapse, Senior VP (Research), Mehta Equities
Nifty is down by 80 points to 22,837, with Nifty drifting lower for the past three days. This Wednesday morning, two positive catalysts are notable: the Nasdaq Composite hit a record high due to gains in tech stocks like Nvidia and Apple, and both FIIs and DIIs were net buyers in the last session. However, caution is advised as India VIX is at a two-year high of 24.20, ahead of significant events such as exit polls and GDP data. Preferred trades are buying Nifty on dips between 22,700-22,750 with a target of 23,050-23,351, and Bank Nifty between 48,500-48,600 with a target of 49,300-50,000. Bullish on Bajaj Auto and HDFC AMC, with HDFC AMC recommended to buy at the current price of 4,012.
(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)
