Wednesday Market Opening: Adani Group Shares Jump, SAIL, GAIL Go Bullish

Tuesday brought some respite for the NSE Nifty, as it climbed 8.25 points and closed at 19,680.60, while BSE Sensex declined 29.07 points and closed at 66,355.71. Experts say that markets are likely to stay range-bound with a mixed bias Wednesday, mirroring the sluggish overnight US markets trend and it is better to keep a watch. 

The Top Gainers 

Here are some of the top gainers on Tuesday that brought a smile for the investors. These included Jyothy Labs, Adani Green Energy, Bajaj Healthcare, and TVS Motor Company.  

Jyothy Labs was up 19.98 per cent and is trading at Rs 290.90. In the last five days, it has gained 22.87 per cent. Adani Green Energy was up by 10 per cent and is available at Rs 1,088.05. In the last one month, it has jumped 12.35 per cent.  

Bajaj Healthcare gained 9.77 per cent and is trading at Rs 349. In the last five days, it has jumped 12.80 per cent. TVS Motor Company jumped 5.86 per cent and is trading at Rs 1,383.70. It is nearing its 52-week high of Rs 1,388.45. 

Stocks Showing Bullish Signs 

According to the momentum indicator MACD, there are some stocks which are showing bullish signs. These include Steel Authority of India, Gail (India), Adani Power, and Hindustan Copper.

Steel Authority of India has gained 2.50 per cent and is available at Rs 92.15, and Gail (India) is up by 4.33 per cent and is trading at Rs 116.90.

Adani Power is trading at Rs 261.70 following a jump of 9.96 per cent. Hindustan Copper gained 5.29 per cent and is trading at Rs 124.40.

Expert Speak 

Shrikant Chouhan, head of Equity Research Retail, Kotak Securities 

The benchmark indices witnessed sluggish activity on Tuesday. Nifty closed up 8 points while Sensex closed down 29 points. Among sectors, the metal index was on the sharp rise, rising nearly 3 per cent, while the PSU Bank index saw profit-booking, resulting in the PSU Bank index falling over 1 per cent. Technically, after two days of correction, the market saw a range-bound activity near the 10-day SMA (Simple Moving Average) on the daily chart, it has formed a small bearish candle and the index is witnessing selling pressure from sustained higher levels on the intraday chart. Now, 19600/66150 will be the key support level for day traders, if the index manages to trade above it, we can expect a quick pullback rally till 19730-19750/66600-66700. On the other hand, rejection of 19600/66150 may increase the selling pressure and the index may slip further to 19570-19550/66000-65800.  The bank nifty remained in a narrow trading range between 45600 and 46150. For the day, it could fall to 45500 or 45400 if it breaks 45600 levels. Nifty IT index is stabilizing around 29600 and it could rebound upward if it fails to break the level of 29600 and crosses the level of 30000.

Prashanth Tapse, Senior VP (Research), Mehta Equities

Markets are likely to stay range-bound with a mixed bias Wednesday, mirroring the sluggish overnight US markets trend as investors await the US Fed's FOMC meeting outcome to be held late night today. The street will be eager to know if the Fed chairman has the confidence that inflation will be tamed and no more tightening is needed. Powell will emphasize that data dependency (especially July & August CPI numbers + jobs report) will remain a key theme for future rate prospects. Technically speaking, Nifty’s recovery faces resistance at 19887 while the downside remains well supported at 19561 mark.

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