Weekly stock market update

NIFTY rallied for second straight day amid impressive global cues. The 50-share NSE index NIFTY rose 0.87% to finish at 10605.15 on Friday. The Indian benchmark NIFTY rallied for second straight day led by wide spread gains across all sectors in the last trading session of the week. on the weekly basis, the wider NIFTY settled just above 10,600 mark and registered the weekly gain. The investors sentiment supported by recovering rupee, softening crude prices, across-the-board buying and mixed global.

Looking overseas, European markets trading higher tracking Asian markets which finished mixed to higher on Friday. The Global equity market investors remained calm following the North Korea’s response to President Donald Trump’s decision to cancel a landmark summit.

Ten out of eleven sector gauges compiled by the NSE ended higher led by NIFTY METAL, NIFTY AUTO, NIFTY MEDIA, NIFTY REALTY, NIFTY PVT BANK and NIFTY PHARMA as top gainers. On the flip side, NIFTY IT is the only losers.

From the NIFTY 50 basket of shares, IOC, IBULHSGFIN, HINDALCO, HINDPETRO, BAJAJFINSV and ONGC outperformed as top gainers while INFRATEL, TECHM, COALINDIA, ASIANPAINT, SBIN and ICICIBANK are top losers.

Top stocks to watch on Monday 28 May

JUSTDIAL surged by 9.03% and to close at Rs.507.65. Trading volume rose by 189 percent at last session. Yet majority of them are intraday trades. It signals bullish breakout. It is regularly advancing for 4 days. This stock is currently settled above the recent resistance zone. We see short term support around 385.

CASTROLIND surged by 7.71% and to close at Rs.175.3. Trading volume spiked by 110 percent at last session. Derivative traders were aggressive in exiting short positions. Open interest reduced by 8.37 %. Currently it is trading around the lower range of its price band. The crucial support zone is around 166.

ADANIPOWER surged by 6.08% and finished at Rs. 20.05. . It did rise in the last trading session, but fell by a significant margin on a weekly basis. Trading volume spiked by 102 percent on 25 May 2018. Currently it is trading around the lower range of its price band. The crucial support zone is around 19.

GRANULES plunged by 4.33% and ended at Rs.79.5. At the same time it recorded significant loss in last five session. Trading volume spiked by 143 percent on Friday. It is likely to witness bearish breakout. It is trading below its recent support zone. The Near term resistance is seen around 111.

CADILAHC surged by 6.98% and settled at Rs.382.2. Trading volume increased by 527 percent at last session. However largely the volumes are settled intraday. It is trading inside the trading range. The Support is seen around 348 and resistance is seen around 413.

INDIACEM witnessed Bullish Engulfing pattern on daily chart. INDIACEM volume hiked by 504 percent. However most of the trades are intraday trades. Currently it is trading around the lower range of its price band. The crucial support zone is around 126.

BHARATFIN volume spiked by 118 percent on Friday. Moreover 66% of the trades are deliverable volume. Derivative traders were aggressive in adding long positions. Open interest surged by 2.74 %. It is oscillating nearer to its resistance zone of 1180.

PFC witnessed Star pattern on daily chart. PFC volume rose by 304 percent on Friday. However majority of them are intraday in nature. Currently it is trading around the lower range of its price band. The crucial support zone is around 72.

KSCL witnessed Star pattern on daily chart. KSCL volume rose by 249 percent on Friday. But majority of them are intraday in nature. It is trading inside the trading range. The Support is seen around 479 and resistance is seen around 534.

PIDILITIND surged by 5.46% and settled at Rs.1139.55. Trading volume increased by 308 percent. It is heading for positive breakout. This stock is currently settled above the recent resistance zone. We see short term support around 1063.