Market On Monday: Dull Days Continue, Experts Say Stay Cautious
The market mood seems to be dull at the moment. So will the new trading week bring in some good news? Here is what the experts say
The market continues to be lying low for a while and even on Friday, the trading week closed in negative. The Sensex was down 732.96 points and closed at 73,878.15, while the Nifty was down 172.35 points and closed at 22,475.85. Experts say that the current mood is quite volatile, although the trading week may open a bullish note.
Bullish Momentum In These Stocks
The momentum indicator MACD has been hinting bullish movement in some stocks. These include Bharat Heavy Electricals, Steel Authority of India, Coal India and Zomato.
Bharat Heavy Electricals is trading at Rs 304.95, following a jump of 4.19 per cent. Steel Authority of India saw a gain of 1.12 per cent, trading at Rs 167.30.
Coal India has been showing a bullish momentum and gained 4.76 per cent, currently available at Rs 475.50. In the last one year, it has given 104.21 per cent returns.
Zomato is up by 0.87 per cent and is trading at Rs 197.15.
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 Hindustan Zinc, Blue Dart Express, Kirloskar Industries and Ajanta Pharma.
Hindustan Zinc saw a gain of 9.51 per cent and is trading at Rs 473.20. In the last five days, it has given 13.40 per cent returns. Blue Dart Express was up by 7.67 per cent, available at Rs 6,720. In the last five days, it has gained 6.05 per cent.
Kirloskar Industries gained 7.04 per cent, trading at Rs 5,423.70. In the last five days, it has given 13.95 per cent returns. Ajanta Pharma jumped 6.18 per cent and is trading at Rs 2,372. The 52-week high for this stock is Rs 2,540.
Gold And Silver Prices For The Day
22k gold is priced at Rs 65,840 per 10 grams
24k gold is priced at Rs 71,820 per 10 grams
Silver is priced at Rs 82,900 per kilogram.
Market Experts' Insights
Prashanth Tapse, Senior VP (Research), Mehta Equities
Nifty is poised for a bullish start this Monday, buoyed by weaker-than-expected US jobs data, a dip in WTI oil prices, and a surge in Wall Street fueled by Apple's stock repurchase plan. Market sentiment remains optimistic, supported by hopes of political continuity amidst ongoing general elections. However, concerns loom over inconsistent Q4 corporate earnings. Volatility is expected post-market open, with a focus on key earnings reports. Kotak Mahindra Bank's robust performance stands out, while preferred trades include Nifty and Bank Nifty with specified targets and stop-loss levels. The stocks like COAL INDIA, TATA MOTORS, and NTPC are viewed favourably on corrective declines, while IRCTC emerges as a top pick for its momentum potential.
(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)
