Nifty Extends Gains; IDBI Bank Shares Hit Upper Circuit After Q4 Results

June 01 2020
Today’s Action

Nifty, +2.6%; Sensex, +2.7%; Nifty Midcap, +3.1%; Nifty Smallcap, +3.2%; Model Portfolio, +2.4%

Market Pulse: Confirmed Uptrend

Nifty extends gains by opening around 150 points higher taking cues from global markets. This is the fourth consecutive day of gains for Nifty; it reclaimed its 50-DMA last Wednesday. Volume was lower compared with the previous session. Today’s rally was broad based, as Nifty Midcap (+3.1%) and Smallcap (+3.2%) gains were more than the Nifty.

All the sectoral indices closed in the green. Nifty PSU Bank (+7.6%) led the rally followed by Nifty Metal, Financial Services, Media, Bank, Auto, Pvt Bank, and Realty which gained around 3-4%. The advance-decline ratio was inclined toward advancers. Of 2,143 stocks traded, 1,488 advanced, 324 declined, and the remaining traded flat.

The beauty of our CAN SLIM method is that we need not "expect," "hope," or "wish for" with respect to market action. We will take what the market gives us and continue to monitor unfolding conditions. We always look for stocks with strong relative strength. But investors should understand that it is not prudent to blindly buy stocks that have a high relative strength simply because they have been performing well. This is the essence of momentum investing, and it can get you into trouble. Rather, one should base buying decisions on sound fundamental and technical analysis. Only invest in stocks that have strong fundamentals (i.e., good sales, earnings, margins, etc.) and that are breaking out of sound base structures on heavy volume.

Symbol Name Price % Chg Vol % Chg
KET.IN Kabra Extrusion 15.3 341.6
MD1.IN Minda Industries 8.2 322.2
PYW.IN Pokarna Ltd. 3.1 314.7
QIB.IN Expleo Solutions 3.4 261.4
AB.IN Abb India 3.5 256.4
UDY.IN Anupam Rasayan India 2.9 246.2
TX2.IN Tci Express 8.3 175.9
GRV.IN Gravita India Ltd. 12 157.1
HGL.IN Hinduja Global Solut 1.3 155.4
PGE.IN Pg Electroplast Ltd. 11.3 112.9
SF.IN Srf Ltd. 6.2 56.5
DAA.IN The Andhra Sugars 4 27.3
EXS.IN Eclerx Services 1.7 21.9
MD4.IN Macrotech Developers 6.3 18.9
HVE.IN Shivalik Bimetal 2.8 18.4
GCF.IN Gufic Biosciences Lt 7.1 17.6
JKC.IN Jk Cement 1.3 14.1
LAS.IN Lakshmi Machines 1.5 13.9
Daily Flag Name Price % Chg Vol % Chg
R Systems Internat. 0.2 -72
Filatex India -1.2 -52.6
Sheela Foam 1.6 -52.9
Niit Ltd. 2.1 -80.1
Tv Today Network Ltd 3.8 -62.8
Mindtree Ltd. 2.1 -62.9
Tube Investments 2.1 -16.8
Irctc 3.3 -81
Man Infraconstructio 5.6 -45.2
Tci Ltd. 2.7 -78.9
United Spirits 1.9 -67.5
Mtar Technologies 7.5 -15.7
Kpit Technologies 4.4 -24.7
Sarda Energy & Miner 1.4 -58.5
Globus Spirits Ltd. 2.4 -51.6
Greenpanel Industrie 5.4 7.1
Share India Securiti 20 375.4
Radico Khaitan 5.4 104.8
Page Industries Ltd. 0.8 -59.9
G M Breweries Ltd. 5.9 158.3

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