Ceigall India Gains on Strong Earnings, Medi Assist Jumps on Acquisition, Tata Elxsi Surges Amid Heavy Trading

Written by - Fisdom Research

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August 27, 2024 3 minutes

Indian markets overview:

Benchmark indices Nifty and Sensex ended the session mostly unchanged, closing slightly in the red due to weakness in FMCG and metal stocks.
The trading session was volatile, with the indices fluctuating between positive and negative territory.
Among sectors, Nifty FMCG underperformed as shares of ITC, Hindustan Unilever, United Spirits, and Tata Consumer Products declined, impacting sector momentum.
Nifty Metal also faced profit-taking after recent gains, with stocks like JSW Steel, Hindalco, and Tata Steel falling. Additionally, Nifty Energy dropped nearly 1 percent.

The Indian market traded positively, driven by rate cut cues, global buying, a decline in the Dollar index, and FII purchases.
On August 27, follow-up buying kept the index above its polarity levels. The index is in a higher high, higher low formation, having bounced back from a low near the broadening triangle’s lower band.
It is above its 9 and 21 EMA, with the RSI (14) rising from 40 to above 60, indicating a bullish crossover. A breakout from the triangle pattern suggests promising momentum, with the MACD signaling a potential reversal.
The short to medium-term outlook is positive, with support at 24,850 and 24,700, and resistance at 25,200 and 25,300.

The daily chart indicates a breakout from a triangle pattern, signaling promising momentum for the index. The MACD is above the polarity, suggesting a potential reversal.
The index is above its 9 and 21 EMA, with the RSI (14) rising from 35 to above 50, indicating a bullish crossover. Follow-up buying in the banking index confirms the bullish breakout.
After a month of decline, the index closed above the 10, 20, and 50-day moving averages.
The short to medium-term outlook is positive, with support at 50,900 and 50,600, and resistance at 51,600 and 51,900.

Ceigall India saw its stock rise as much as 7 percent intraday as investors reacted positively to the company’s strong earnings for the April-June quarter. However, it later cooled off and closed with a 2.5 percent gain.

Shares of Medi Assist Healthcare jumped 7.55 percent after the company announced that its wholly-owned subsidiary, Medi Assist Insurance TPA, will acquire a 100% stake in Paramount Health Services & Insurance TPA for Rs 311.8 crore.

Shares of Tata Elxsi surged 16.5 percent amid heavy trading volumes. This marks the fourth consecutive session of gains for the stock, which has increased over 22 percent in just two days.