The Indian benchmark had a flat opening in today’s session as market participants are awaiting for India’s first female Finance Minister Nirmala Sitharaman will came up fiscal budget 2019-20 in first week of July and index is continuously trading lackluster till few hours before the closing of the market. All indices are following the benchmark index and trading lackluster while metal stocks are bleeding, currently trading at 2,895.90, 1.13% below from its previous close. On daily scale, the index had a flat to positive opening but started falling after sensing resistance from 2,952.60 levels and activated more sellers after slipping below 2,919 levels as ‘Doji Star’ candle stick pattern formed in previous trading session got triggered. The index is trading below 200 days Exponential Moving Average. Potential supports are placed at 2,767.4 and 2,641.25 levels respectively. Stochastic oscillator is not displaying any reversal but a consolidation in coming sessions. RSI is trading at 46.05 levels. Although RSI and Stochastic oscillator 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.
- JSW Steel: Top loser in today’s session is trading at 257.65, 3.56% below from its previous close. The company has reported 49% plunge in results this quarter. The company is considering a bid for British Steel.
- Tata Steel: India’s largest steel producer is trading at 483.25, 2.91% below from its previous close. There has been a block deal of 137,057 shares on June 19, 2019. The stock is trading below 30 days Exponential Moving Average.
- Vedanta: Major iron-ore and zinc producer is trading at 168.05, 2.49% below from its previous close. The stock is trading near 50 days Exponential Moving Average.