The new trading week opened on a positive note for the market. Both NSE and BSE saw gains and closed on the green mark. The NSE Nifty was up by 84.05 points and closed at 18,398.85, while the BSE Sensex was up by 317.81 points and closed at 62,345.71. The positive trend is expected to continue even on Tuesday.
The Big Gainers
Let us have a look at the big gainers on Monday. These included Neuland Laboratories, Zensar Technologies, Coffee Day Enterprises and Entertainment Network (India).
Neuland Laboratories jumped by 15.39 per cent and is trading at Rs 2,978.95. In the last five days, it has gained 37.71 per cent. Zensar Technologies was up by 13.40 per cent and is available at Rs 385. In the last one month, it has jumped 43.60 per cent.
Coffee Day Enterprises gained 10.22 per cent and is trading at Rs 37.75. In the last five days, it has jumped by 12.02 per cent. Entertainment Network (India) jumped 8.54 per cent and is trading at Rs 126.50. The 52 week high of this stock is Rs 207.85.
Bullish Trend In These Stocks
The momentum indicator MACD has revealed some active stocks which are bullish at the moment. These include Vodafone Idea, DLF, Dish TV India, and Irb Infrastructure Developers.
Vodafone Idea has gained 1.43 per cent and is available at Rs 7.10, while DLF is up by 7.36 per cent and is trading at Rs 468.05.
Dish TV India is trading at Rs 16.60 following a jump of 3.11 per cent. Irb Infrastructure Developers gained 1.79 per cent and is trading at Rs 28.40.
Expert Speak
Sameet Chavan, Head Research, Technical and Derivatives, Angel One
Despite not so favourable global cues, our markets started the week marginally in the green. After the initial seesaw, the bulls earned the dominant position and then continued its northward move to even surpass the 18450 mark on an intraday basis. However, with a modest profit booking towards the fag end, Nifty concluded the session around the 18400 mark by pocketing nearly half a percent gains.
Today’s up move is a sheer display of our inherent strength. Over the weekend, the developments on the global as well as domestic front indicated a bit shaky start; but our markets stabilised in the initial trades to continue its northward journey. Towards the end, although some profit booking was witnessed, the structure remains strong, and we expect the benchmark index to challenge the next resistance of 18500 quite soon. On the flipside, 18350 – 18290 are to be considered as immediate supports. Any intraday decline towards this sacrosanct zone should ideally be considered as a buying opportunity. In addition, the banking index is on the verge of surpassing its previous record highs, we expect the rally to gather some momentum going ahead. Traders are advised to be with the trend and should focus on a stock centric approach.
(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)
