The Indian benchmark is dancing on the tunes of Sino-US negotiation meet as its further progress is keeping the 50 stocks bundle on tenterhooks. The index had a gap up opening at 11515.40 levels but continued to witness bearish momentum after negating the formation of 'Hammer' candle stick pattern after slipping below its 50DMA and 200DMA and made an intra-low of 11406.50. The overall breadth of the market is looking indecisive. BPCL, IOC and HDFC are top gainers while Yesbank, Indusindbank and Grasim are top losers. Out of 2119 stocks, 466 are advanced, 1265 are declines and 388 are unchanged. On indices upfront, all sectors are trading in red while realty stocks lost the most. On daily scale, the index is formed a classic “Three Falling Peaks” pattern which indicates the further bearish movement as investors are not interested in buying side. Potential supportS are 251.50 and 245 levels respectively. The index is trading below 89 days (high-low) Moving Average. RSI is trading at lower points 22.79 levels. Although, RSI is not the only indicator to dictate the future prices, one can make use of other tools like Fibonacci and Harmonic Patterns.
Some stocks of this counter are also witnessing heavy volumes and momentum that are convincing the emerging trend.
- DLF: Top loser in today’s session is trading at 144.60 level, 7.07% down. The stock is trading bellow 50and 200 days Exponential Moving Average.
- Godrej Properties: Godrej-led Realty Company is trading at 977.55 levels, 5.89% below from its previous close. The stock is trading below 200 days Exponential Moving Average.
- Indiabulls Real Estate: In today’s session stock is trading at 43.65 levels, 4.90% below from its previous close. The stock is trading near its 52-weeks low levels.