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Tuesday Market Opening: As Market Declines, PNB Housing Finance, Dodla Dairy, SJVN Stay Strong

It was a dull start for the trading week on Monday as both Sensex and Nifty declined. Experts say that the market will remain volatile for a while so watch out before investing

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Monday was a dull opening for the new trading week and both Sensex and Nifty closed on the red mark. The BSE Sensex declined 299.48 points and closed at 66,384.78, while the NSE Nifty was down 72.65 and closed at 19,672.35. The market is expected to witness ups and downs for a while so be careful. 

The Top Gainers 

Here are some of the top gainers on Monday that gave good returns. These included Thanga Mayil Jewellery, Swelect Energy Systems, PNB Housing Finance, and Dodla Dairy.  

Thanga Mayil Jewellery was up 16 per cent and is trading at Rs 1,000. In the last five days, it has gained 13.91 per cent. Swelect Energy Systems was up by 11.31 per cent and is available at Rs 496. In the last one month, it has jumped a good 55.32 per cent.  

PNB Housing Finance gained 6.12 per cent and is trading at Rs 690. In the last five days, it has jumped 8.45 per cent. Dodla Dairy jumped 8.09 per cent and is trading at Rs 830.10. It is nearing its 52-week high of Rs 898.90. 

Stocks Showing Bullish Signs 

According to the momentum indicator MACD, there are some stocks which are showing bullish signs. These include SJVN, Orient Green Power Company, Texmaco Rail & Engineering, and GMR Airports Infrastructure.

SJVN has gained 14.06 per cent and is available at Rs 57.20, and Orient Green Power Company is up by 8.89 per cent and is trading at Rs 12.25.

Texmaco Rail & Engineering is trading at Rs 95.70 following a jump of 12.26 per cent. GMR Airports Infrastructure gained 5.32 per cent and is trading at Rs 46.55.

Expert Speak 

Rajesh Bhosale, Technical Analyst at Angel One

The week began with the Indian equity markets opening flat due to a lack of significant triggers in the morning. As the day progressed, Nifty experienced choppy moves within a 100-point range. Eventually, during the second half the inclination was on the lower side, as Nifty ended with a loss of 0.37 per cent, just above 19650.

It's important to avoid undue risk in such scenario and consider booking profits in case of any immediate bounce. The next crucial support levels for Nifty are around 19550 - 19500, representing the 61.8 per cent retracement levels of the recent rally, followed by strong support at the 20EMA around 19450 levels. Re-entering long positions in the range of 19450 - 19550 would be ideal, and a significant sell-off would only be triggered if this range is broken. On the upside, immediate resistance is seen at 19800 - 19880, with 20000 posing a significant challenge for the bulls to overcome in the current monthly expiry.

The past two days have seen profit booking, particularly in heavyweight stocks that were driving the market higher, such as Reliance and IT space, and today, ITC. The broader market remains bullish, but caution is advised as profit booking in these stocks can be severe, especially for late entrants.




(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)