The Indian benchmark had a flat opening in morning today but failed to sustain at those levels and continued to fall after slipping below its psychological support that was placed at 11,900 levels. Indian market participants have eyes on India’s first full time women Finance minister Nirmala Sitharaman will present full year budget for FY19-20 next month. On stock specific Yes Bank and Indusind Bank bounced a little after erasing 12% and 8% respectively. All indices are performing lackluster in today’s session while pharma stocks continued to bleed, currently trading near 8,035, 1.35% below from its previous close. Nifty Pharma had a negative opening in today’s session but failed to sustain and continued to fall after the index slipped below 8,062 levels and Doji Star formed in previous session got activated. On daily scale, the index is trading near the kissing distance of its strong support that is placed at 7,910.74 levels. A slippage below its potential support could bring more weakness in the counter. RSI is hinting for more downside showing no signs of divergence and oversold situation. Although Relative Strength Index is not the only indicators to dictate the future prices, one can make use of other tools like Fibonacci, Andrew Pitchfork, Chart and Harmonic Patterns.
Some stocks of this counter are also witnessing heavy volumes and momentum that are convincing the emerging trend.
- Biocon: Top loser in today’s session is trading at 249.85, 2.55% below from its previous close. There has been a block deal of 501,251 shares on June 14, 2019. The company has gone for Bonus Issue of 1:1 on June 11, 2019.
- Aurobindo pharma: India’s leading drug manufacturer is trading at 619.6, 2.66% below from its previous close. There has been a block deal of 158,023 shares on May 29, 2019. The stock is trading below 200 days Exponential moving Average.
- Divi’s Lab: Leading midcap pharma manufacturer is trading at 1510.23, 2.30% below from its previous close. There has been a block deal of 79,695 shares on June 12, 2019. The stock is trading below 200 days Exponential moving Average