Indian stock markets traded on a cautious note in the mid-morning deals ahead of the derivative contract expiry for June series on Thursday with the benchmark NSE Nifty struggling below a level of 10,650. Shares of Tech Mahindra, GAIL, Titan, Bajaj Finserv, Indiabulls Housing Finance, Eicher Motors, Grasim, BPCL and HPCL were the top laggards today out of the 50 components of Nifty 50 index. In the morning trades, Nifty extended losses after opening marginally lower and touched a day’s bottom of 10,611.15.
Earlier yesterday, NSE Nifty settled down 97.75 points or 0.91% at 10,671.4 following a sharp rise in the crude oil prices. A bearish belt hold was seen as Nifty ended below 10,700 after almost three weeks of consolidation. “A close below short term 50-day moving average signalled bearishness in sentiments in short-term as its almost after a month it has closed below that average,” Mustafa Nadeem, CEO, Epic Research told FE Online.
“With a closing below 50 SMA, we expect a bearish momentum to continue. It will be crucial for Nifty to watch in first few hours of Expiry day as it may further be volatile and the pain may intensify to lower levels of 10,610 – 10,600, Mustafa Nadeem said.
Dabur: Shares of Dabur India have risen almost 20% to Rs 393.5 from a share price level of Rs 328.4 in FY19. Earlier yesterday, Dabur India share price surged 1.81% to Rs 393.5 on NSE. According to Mustafa Nadeem, the stock has given a breakout of 52-week highs with huge volumes on closing basis in a bearish market. “We recommend buying from current level for the target of Rs 400 per with the stop loss of Rs 390,” Mustafa Nadeem said.
