It was not expected that a gap up opening in the Indian benchmark could bring a roller coaster ride and put the market participants on verge. The index had a gap up opening in today's session but bulls failed to sustain with those gains and started fall like a house of cards. All indices are trading mix today while Nifty Auto lost the most, currently trading at 7,760.35, 1.26% below from its previous close. Auto stocks are bleeding the most from recent trading sessions after weak GDP numbers were reported that has raised questions over the consumption story the economy. On daily scale, the index has witnessed a steep fall after giving a breakout of its previous support that was placed at 7,818.23 levels. The index is trading below 200 days Exponential Moving Averge. RSI is hinting for more downside showing no signs of divergence and oversold situation while MACD has given a bearish crossover. Although MACD 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 Harmonic Patterns.
Some stocks of this counter are also witnessing heavy volumes and momentum that are convincing the emerging trend.
- Tata Motors: Top loser in today’s session is trading at 153.2, 3.22% below from its previous close. There has been a block deal of 286,329 shares on May 21, 2019. The company has reported a fall of 49% in net profits this quarter.
- TVS Motors: Major two-wheeler producer is trading at 439, 3.27% below from its previous close. There has been a block deal of 107,773 shares on June 07, 2019. The stock is trading below 30 days Exponential Moving Average.
- Heromoto Corp: The stock is trading at 2582, 3.21% below from its previous close. There has been a block deal of 90,033 shares on June 17, 2019.