Friday Market Opening : Zomato Continues To Ring In Good Mood, Jio Financial, DCM Shriram Enjoy A Bull Ride

Thursday finally turned terrific for the stock market. The NSE Nifty broke its three day slump and gained 141. 25 points, closing at 21,658.

60. The BSE Sensex too jumped 490. 97 points and closed at 71,847.

57. Experts opine that the positive sentiment is supported by robust economic activity and decreasing inflation in the US, so investors can look for some good moments ahead. Bullish Momentum In These Stocks The momentum indicator MACD has given indications about some stocks that have been showing bullish signs for the market.

These include GMR Airports Infrastructure, Indiabulls Real Estate, Zomato and Jio Financial Services. GMR Airports Infrastructure is trading at Rs 84. 60 following a jump of 3.

42 per cent. Indiabulls Real Estate gained 6. 62 per cent, trading at Rs 94.

25. Zomato continues to enjoy a good opening for 2024 and gained 2. 39 per cent, available at Rs 130.

60. In the last one year it has given a whopping 132. 38 per cent returns.

Jio Financial Services is up by 3. 07 per cent and is trading at Rs 241. 70.

Top Gainers Of The Day That Closed On A High Note Here are some of the top gainers during Thursday’s trading session that closed on a high note. These included Steel Exchange India, Century Textiles and Industries, DCM Shriram and MMTC. Steel Exchange India saw a gain of 19.

82 per cent and is trading at Rs 13. 30. In the last five days, it has gained steadily at 28.

50 per cent. Century Textiles and Industries was up by 12. 27 per cent and is available at Rs 1,399.

In the last one month it has jumped 5. 14 per cent. DCM Shriram gained 9.

89 per cent, trading at Rs 1,141. In the last five days, it has gained 9. 13 per cent.

MMTC jumped 8. 72 per cent and is trading at Rs 64. 80.

The 52-week high for this stock is Rs 89. 20. Gold And Silver Prices For The Day 22k gold is priced at Rs 58,100 per 10 grams 24k gold is priced at Rs 63,380 per 10 grams Silver is priced at Rs 76,600 per kilogram.

Market Experts’ Insights Prashanth Tapse, Senior VP (Research), Mehta Equities : The market saw a positive shift as Nifty recorded its first gain of 2024, breaking a three-day slump and highlighting the resilience of the bull market at Dalal Street. Nifty bulls are eyeing the all-time high at 21,834. 35, with aggressive inter-month targets at 22,000, driven by expectations of a 75 basis points interest rate cut by the Federal Reserve in 2024.

The positive sentiment is supported by robust economic activity and decreasing inflation in the US. Technical analysis points to Nifty’s immediate upside hurdles at 21,835 and crucial support at 21,307. Meanwhile, Bank Nifty, at CMP 48,196, finds significant intraday support at 47,343.

Overall, the outlook is optimistic for Nifty bulls, with a promising macroeconomic backdrop for equities in 2024. Recommended stocks for a bullish stance include ZOMATO, ADANI PORTS, COAL INDIA, ZEE ENTERTAINMENT, and SBI, especially during intraday dips, with an inter-week perspective. Notably, ZEE ENTERTAINMENT emerges as the top stock to buy at CMP 290, setting a stop at 269 and targets at 301/317, with aggressive targets at 347, based on a breakout play strategy.

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