The Indian equity markets kicked off this week on a negative note. The Nifty 50 opened with a gap down of 370 points on Monday at 17,188.65 and touched a low of 17,166.20. The Nifty50 closed the day at 17,312.90, down 246 points, or 1.40 percent. Similarly, the Sensex fell 861.25 points (1.46%) to 57,792.62.
However, in Tuesday's trading session, Indian markets quickly rebounded and surged by close to 3 percent, as a result of the drop in oil prices and the dollar index.
The Sensex opened with a gap up of 287 points at 58,259.85 and touched an intraday high of 59,599.78 and a low of 58,245.49 It then closed nearly 2.69% higher at 59,537.07 points. All 30 stocks in the index ended in positive territory.
Similarly, the Nifty50 opened at 17,414.95 against the previous close of 17,312.90 and touched an intraday high and low of 17,777.65 and 17,401.50 respectively. It finally closed 446 points, or 2.58% higher, at 17,759.30, with all 50 stocks ending in the green.
The Nifty100 Index rose 460.50 points and ended at 18,126.95. 15 stocks in the Nifty100 listed below are trading above their 200-day moving averages.
Shares of Jubilant FoodWorks ended green in Tuesday's trade with a ₹13.10 gain at ₹616.30. During the intraday, the stock fluctuated between ₹605 and ₹618.70.
From October 2021 to this year's ending May, the stock was corrected by almost 50% from 905.14 levels to ₹464.45. However, the stock has seen buying momentum since June and has risen 32% in three months. Nonetheless, it is down 33% from its 52-week high of Rs. 918.
On the technical charts, Jubilant FoodWorks is trading higher than its 5, 20, 50, 100, and 200-day moving averages. At current levels, the stock is trading above the signal line of the MACD (Moving average convergence divergence).
On July 28, the company announced its June quarter numbers, which were in line with analyst expectations.
The company posted a 62.30% jump in its standalone net profit to ₹112.8 crore for the June-ending quarter as against ₹69.5 crore in the corresponding quarter of the preceding fiscal.
Tata Motors is the other stock that is trading above its 200-day moving average. The stock began its upward trend in October 2021, and within a month it surged by 57%. It continued this trend till February of this year before falling to ₹391.75 in May 2022. The stock increased by 23% from June 17 to so far in August. The large-cap stock ended 3.12 percent higher at ₹471.10 on BSE on Tuesday.
The stock is trading 3.6 percent higher than its 200-day moving average of ₹454.8, with a 50-day moving average of ₹443.1. The stock, on the other hand, has a Relative Strength Index (RSI) of 45.9. The stock is currently trading around 63.05 percent higher than its 52-week low of ₹286.1.
Shares of the Punjab National Bank started 2022 on a higher note. The stock price increased by 11% in January, rising from ₹37.30 to ₹41.55. But since then, the stock has fallen 24% in four months. However, on June 20, the stock began to rise slowly and has since gained 25.10 percent.
Punjab National Bank reported a 70% drop in stand-alone net profit to ₹308.44 crore in the June quarter, compared to ₹1,023.46 crore in the previous year. The bank's operating profit in the June quarter fell to ₹5,379.21 crore. The bank's net profit was harmed by the MTM loss. It posted an Rs. 1,409 crore MTM loss in the June quarter.
Despite a fall in net profit, the stock is performing well. The stock has climbed from ₹32.80 to ₹35.70, generating a return of over 8.84% in the last week. Further on the technical side, the stock is trading 0.9 percent above its 200-DMA of ₹35.3, while the 50-DMA was at ₹31.7.
The other stock on the radar was another Tata group stock, Tata Power. The stock gained 1.09 percent to end at ₹237.0 in Tuesday's trading session. The scrip hit a high of ₹238.65 and a low of ₹234 during the session. The stock gained 84.75% in a year to ₹235.10 from ₹129. Over the last three years, the stock has delivered a multi-bagger return of 300.94% to its shareholders.
The stock's 52-week high and low levels were Rs. 128 apiece and Rs. 298 apiece, respectively. Taking Tuesday's closing price into account, it has risen 83.57 percent from its 52-week low.
The stock is trading 1.5 percent higher than its 200-day moving average of ₹231.6, as well as higher than its 50-day moving average of ₹222.0. The Relative Strength Index (RSI) for the stock stands at 53.98.
The share price of UPL gained 2.5 percent in Tuesday's trading session. During the trade, the share price opened with a gap up of ₹4.25 and touched a high of ₹770.65 and a low of Rs. 751.65.
In the last month, the share price of UPL has risen marginally from ₹741 to ₹750 levels, representing an increase of about 1.21 percent.
On August 01, the company reported a 29.54% jump in net profit at ₹877 crore in the June-ending quarter as against a net profit of ₹677 crore. Revenue from operations increased by more than 27% to ₹10,894 crore in the June 2022 quarter, compared to ₹8,563 crore the previous year.
On the technical charts, the stock is trading 1.4 percent higher than its 200-day moving average of Rs. 749.3 and 7.4 percent higher than its 50-day moving average.
Other stocks include HDFC, Ultratech cement, JSW steel, Apollo hospitals, Bajaj Finserv, Interglobe Aviation, Avenue Supermarts, Bajaj Finance, and DLF, which are trading 1-9% above their 200- DMA.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of MintGenie.
