The whistleblower reported against the U.S. President Donald Trump that led to an impeachment enquiry from democrats has kept the investors on caution and a downtick was witnessed in tech savvy NASDAQ yesterday. The Indian markets are also trading on tenterhooks due to ongoing political worries. The index opened on a flat to negative note at 11,556.30 levels and continued to witness bearish momentum after negating the formation of ‘Bull Sash’ candle stick pattern in previous trading session and made an intraday low of 11,505.8 but bounced back after sensing buying interest at lower levels. ITC, Bajaj Finance and Cipla are top gainers while Vedanta, Tata Steel and ONGC are top losers. Out of 2122 stocks, 697 are advanced, 1050 are trading in red and 375 are unchanged. On indices upfront, all sectors are trading in red while realty stocks erased the most, currently trading at 263 levels, 1.79% below from its previous close. On daily scale, the index has witnessed a steep fall after sensing resistance from primary trend line placed. Potential supports are placed at 251.38 and 227.28 levels respectively. The index is trading below 89 days (High-Low) Moving Average. RSI is trading back and forth in a narrow range of 40-60 levels. DMI’s are hinting for a squeeze in volatility followed by a breakout. Although Directional Movement 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.
- Indiabulls Real Estate: Top loser in today’s session is trading at 53.10 levels, 5.77% below from its previous close. The company has announced its Annual General meeting on Sep 28, 2019. The stock is trading near its 52-weeks low levels.
- Godrej properties: Godrej-led Realty Company is trading at 1,058.40 levels, 3.49% below from its previous close. There has been a block deal of 77,000 shares on Sep 04, 2019. The stock is trading above 50 days Exponential Moving Average.
- Mahindra Life space Developers: Top gainer in today’s session is trading at 418 levels, 1.69% above from its previous close. The stock is trading above 200 days Exponential Moving Average.