It says that ‘After going through all doldrums and whipsaws, things got back on the track and start behaving the same way it was behaving earlier’. The 50-stock bundle was dancing on the tunes of tariff war between Sino-U.S. as both were trying to get an edge for dominant position by imposing new tariff on goods of each other, which had affected the domestic benchmark and it lose 600 points before the volatility of the election season even kick-off. But the surge that has been witnessed in previous trading session and gap up opening in today’s session has lifted the confidence of the Indian investors to route again the nuts and bolts of Indian equity markets. The 50-stock bundle is holding at higher levels and expected to continue its upward journey after sensing support from 11,100 levels. On domestic upfront, Nifty Media lost the most, currently trading at 2,111.95, 1.73% below from its previous close. The index has witnessed a steep reversal after sensing resistance from 2595.5 levels on daily scale. The index is trading below 30 days Exponential Moving Average. Awesome oscillator is hinting for more downside while RSI is trading at 29.36 levels. Although Average True Range and RSI are not the only indicators to dictate the future prices, one can make use of other tools like Fibonacci, Andrew Pitchfork, Chart and Candlesticks Patterns.
Some stocks of this counter are also witnessing heavy volumes and momentum that are convincing the emerging trend.
- Zee Media: Top loser in media stocks is trading at 12.96, 10.87% below from its previous close. The stock is trading below 30 days Exponential moving Average.
- Dish TV: Major DTH connection service provider is trading at 28.4, 7.94% below from its previous close. There has been a block deal of 687,283 and 604,598 shares on May 15 and May 14, 2019 respectively.
- Zee Entertainment enterprise: Stock with highest market capitalization in media stock is trading at 330.9, 4.35% below from its previous close. There has been a block deal of 303,903 shares on May 15, 2019.