The S&P BSE Midcap index slipped 0.57 percent for the week
ended May 17 while the S&P BSE Smallcap index was down 1.5 percent in the
same period.
It was a roller coaster ride for the Indian markets as Nifty
made an intra-week low of 11108 before closing above 11400 levels for the week
that ended May 17. The index rose 1.14 percent in just 5 trading sessions while
the S&P BSE Sensex gained 1.25 percent in the same period.
The broader market, on the
other hand, underperformed benchmark indices ahead of the crucial exit polls
which are scheduled to be out on Sunday, May 19.
The S&P BSE Midcap index
slipped 0.57 percent for the week that ended May 17 while the S&P BSE
Smallcap index was down 1.5 percent in the same period.
Even though benchmark indices struggled to gain momentum, as
many as 9 stocks in the S&P BSE 500 index bucked the trend to hit fresh
52-week high which includes names like Procter & Gamble Health, SRF, DCM
Shriram, Atul, Titan Company, PI Industries, DCB
Bank, UPL, and Varun Beverages.
In the S&P BSE Smallcap index, which
fell by over 1 percent, as many as 13 stocks rose 10-30 percent which include
names like Tanla Solutions, JustDial, Indiabulls Ventures, Asian
Granito, Rolta India, etc, among others.
All eyes are on exit polls
results which will chart the direction of markets in the coming week ahead of
election results which will be out on May 23, Thursday. Investors should brace
for volatility as we could see wild gyrations in the market.
But, the way markets bounced back on Friday with huge gains
suggest that D-Street is factoring in a positive outcome or at least a stable
government at the center.
"The last phase of the
election will be over on Sunday and exit polls from different surveys will be
out from Sunday night. The market is expecting the current regimen to continue
for next term and will not be surprised if exit polls share this view,"
Romesh Tiwari, Head of Research, CapitalAim told Moneycontrol.
"But, in case of exit
polls predicts a hung assembly or significant decline in NDA seats then NIFTY and
Sensex may become highly volatile before actual result to be declared on 23rd
May," he said.
Technical View:
The Nifty formed a bullish
candle on the daily charts and a Hammer kind of candle on the weekly charts
which suggest that bulls might make a comeback. The Nifty50 reclaimed crucial
resistance levels in Friday's session which is a positive sign for the bulls.
The Nifty witnessed a gradual
rise throughout the day on Friday. On the way up, the index crossed the swing
high of 11,294, as well as 11400 levels.
"In the coming week, we
believe the trend may continue in favour of bulls if Nifty is able to close
above 11550. Above that (11550), we may see a sharp move and short covering
that can thrust and take Nifty to 11750 - 11800 in a furious way," Mustafa
Nadeem, CEO, Epic Research told Moneycontrol.
Source: https://www .moneycontrol.com/news/business/stocks/small-midcaps-slip-ahead-of-exit-polls-9-stocks-hit-fresh-52-week-high-in-bse500-3989121.html
Financial
Advisory Company in Indore, Stock
Advisory Company in Indore, Equity Tips, FreeTrading Tips , MCX Tips, sebi registered advisory company, Intraday
stock tips, Free
commodity tips
0 comments:
Post a Comment