Market On Tuesday: Bearish Mood Continues Even As Sensex Witnesses Rise
The bearish mood continues in the stock market, though the Sensex saw some revival. So will the Nifty follow the suit? Read what experts say
The stock market has been lying low for a while but on Monday, the Sensex saw some gains. Following a jump of 17.39 points, the BSE Sensex closed at 73,895.54. However, the Nifty continues to be bearish, and saw a decline of 33.15 points to close at 22,442.70. As per experts, the Nifty too may see a boost in this week so keep a close watch.
Bullish Momentum In These Stocks
The momentum indicator MACD has been hinting bullish movement in some stocks. These include RattanIndia Power, Tata Steel, Kotak Mahindra Bank and Hindustan Motors.
RattanIndia Power is trading at Rs 9.95, following a jump of 4.74 per cent. Tata Steel saw a gain of 0.60 per cent, trading at Rs 167.50.
Kotak Mahindra Bank has been showing a bullish momentum and gained 5.02 per cent, currently available at Rs 1,624.40. In the last 5 days, it has given 0.12 per cent returns.
Hindustan Motors is up by 5 per cent and is trading at Rs 42.
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 Mahalaxmi Rubtech, Godrej Properties, Ginni Filaments and Allcargo Gati.
Mahalaxmi Rubtech saw a gain of 19.99 per cent and is trading at Rs 242.20. In the last five days, it has given 16.44 per cent returns. Godrej Properties was up by 10.48 per cent, available at Rs 2,839. In the last five days, it has gained 8.48 per cent.
Ginni Filaments gained 8.40 per cent, trading at Rs 40. In the last five days, it has given 9.44 per cent returns. Allcargo Gati jumped 8.16 per cent and is trading at Rs 116. The 52-week high for this stock is Rs 177.65.
Gold And Silver Prices For The Day
22k gold is priced at Rs 66,060 per 10 grams
24k gold is priced at Rs 72,060 per 10 grams
Silver is priced at Rs 84,100 per kilogram.
Market Experts' Insights
Prashanth Tapse, Senior VP (Research), Mehta Equities
The Wall Street trading focus shifts with concerns over a potential U.S. interest-rate cut following a weak jobs report. John C. Williams' Fed remarks add to speculation. Nifty's bullish momentum faces hurdles due to lackluster Q4 Indian corporate earnings, as India VIX surges. Technical analysis suggests a risk-on approach if Nifty holds above 22137, with key levels at 22307 and 23000. Options data indicates a trading range of 21700-23000 for Nifty, with notable call and put writing at specific strike prices. Recommended trades for Nifty and Bank Nifty are provided, alongside bullish sentiments on select stocks and a specific buy call for DEEPAK NITRITE with outlined targets and rationale
