Stocks to watch for Monday 15 Apr
GNFC,GODREJCP,HAVELLS,IRCTC,M&MFIN,MARUTI,SYNGENE,SUNPHARMA,NTPC,TCS TECHM,VOLTAS ALKEM,APOLLOHOSP,ASIANPAINT,BATAINDIA,BPCL,BRITANNIA,CIPLA,COFORGE,
On Friday, Indian benchmark indices concluded on a downtrend, with the Nifty hovering around 22,500 amidst widespread selling across sectors. The Sensex closed down by 793 points at 74244, while the Nifty was down 234 points at 22519.
Market Analysis:
The Nifty started the day with a gap down and continued to slide throughout the session, closing approximately 234 points lower. Technical analysis indicates weakness as the index breached and closed below the lows of the previous three trading sessions. The market sentiment was negative from the outset, with pressure on heavyweights across sectors. Pharma, FMCG, and banking sectors were among the top losers, while broader indices displayed some resilience.
Resistance for Nifty persists around the 22,700-22,800 zone, with additional pressure stemming from the US market conditions. The reaction of IT majors to TCS numbers will influence the market tone on Monday. A crucial support zone is anticipated between 22,350-22,500, providing a potential cushion against further profit-taking.
Market Factors:
The recent spike in US inflation dampened hopes of three rate cuts by the US Fed this fiscal year, leading to a knee-jerk reaction in the Indian markets. Additionally, rising crude oil prices and a depreciating rupee contributed to the overall negative sentiment. Despite the robust Indian economy, negative global news occasionally halts the upward trajectory of Indian equities.
Technical Outlook:
Bulls may find relief above the 22,800 mark for Nifty. Strong support levels are identified at 22,339-22,101, with resistance at 22,810 to 23,100. Notably, a Shooting Star candlestick pattern on the weekly chart, along with a possible bearish divergence in RSI, suggests a temporary pause in the uptrend.
Sectoral Performance:
The metal sector continues to perform positively, while selling pressure persists in frontline pharma stocks. A Shooting Star candlestick pattern in the realty sector hints at a short-term reversal. Investors are advised to monitor chemical stocks for breakouts.
Market Outlook for Monday 15 april 2024:
The upcoming trading session on Monday, April 15, requires cautious monitoring, with attention to global cues, particularly US inflation data and ECB policy signals. Investors should remain adaptable to evolving market conditions and exercise caution amidst uncertainties.
Top Gainers and Losers:
Gainers: Divis Labs, Tata Consumer Products, Bajaj Auto, Tata Motors, TCS.
Losers: Sun Pharma, Maruti Suzuki( Predicted by us yesterday itself), Power Grid Corporation, Titan Company, ONGC.
Market Sentiment:
Of the total shares traded, 1305 advanced, 1988 declined, and 68 remained unchanged.
Conclusion:
The market outlook remains cautious for Monday's trading session, with a focus on global cues and technical indicators. Investors should maintain a balanced approach and stay vigilant in response to market dynamics.
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