May 18, 2024

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The stock market is jumping up

The stock market is jumping up

With the banking sector once again given a strong push, the Athens Stock Exchange continued its strong bullish steps today, so that the volume of trading indicates that the market is attracting liquidity, which is guaranteed daily by the moderate corrective movements in the selected securities.

In particular, the general index closed with an increase of 1.86% at 1123.23 points, while today it moved between 1123.23 points (+1.86%) and 1105.52 points (+0.25%). The trading volume amounted to 121.04 million euros, and the volume amounted to 46.47 million pieces, while 195.25 thousand pieces were traded through pre-agreed deals.

The high capitalization index closed by 2.27% at 2,734.82 points, while the medium capitalization index ended trading at +1.35% at 1,655.38 points. The banking index closed up 5.34% to 911.32 points.

New banking escalation

With the banking sector pushing for summary measures and the 900-point target, the sector starred in the rise of the ASE today, providing a strong impetus to continue the streak. Much of the market is probably anticipating a correction, as several sub-indices are moving into overvalued areas, but rejections are holding.

Technically, according to Fast Finance, 1,030-1,040 points have become an important support, while the next key level is 1,195 points. In such a situation, we should follow our Take Profit which can give great returns even on the intraday chart.

In the FTSE 25, 2,614 points is near offensive support, with a maturity leading to 2,545 points. The next important target and resistance is 2,750 points, both daily and weekly. The bank has strong support at 825 units, while the next level is at 900 units.

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Trade what you see, not what you think.

If someone told us on September 30 that in 4 1/2 months DG would be 39% profitable … we would have laughed, admits Ilias Zacharakis of Fast Finance. But this is where the market surprised even the most optimistic, with such impressive performance in a very short period of time. The banking champion has since managed to generate a 72% profit in the corresponding period.

The most important fact is that the market is not exaggerating, because every day it is steadily gaining ground with intra-session corrections, which mainly characterize a bull market. And according to Mr. Zacharakis, what we’re seeing in the Greek market is basically a façade run by funds that see the investment phase coming and can buy ahead of it.

The funds will immediately follow after that, and they will have to wait for the degree to be allowed under their laws. A major correction outside could also affect our market as some will rush to book profits. However, this will be an opportunity for some to take a stand on the upcoming rally. Trade what you see, not what you think, recommends Mr. Zacharakis.

on the dashboard

On the board now, Alpha Bank, Eurobank and Ethniki led the market with gains of over 5%, with Piraeus closing in behind at +4.20%. The increase was above 2% for Autohellas and Hellenic Petroleum, and more than 1% for Titan, Mytileneos, PPA, Jumbo, Aegean and Coca Cola.

EYDAP, Biohalco, Terna Energy, OTE, OPAP, Quest, Lambda, PPC, and GEK Terna closed slightly higher, with Ellaktor and Motor Oil closing flat. ELHA lost 0.64% and Sarantes lost 1.47%.

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