No country works in isolation and a country like India that have tie-ups with major economies affect swiftly. The escalation of tariff war between US and china has spooked the global and other Asian markets after China imposed tariffs on Apple. The Indian benchmark opened on negative note at 11322.25 but recovered from lower levels after witnessing some short coverings to a high of 11370.40. While the second session of the market resulted in a roller coaster move and index started witnessing its bearish momentum. The overall sentiments of the market is mixed . BPCL , Yes bank and Tata motors are top gainers while VEDL, Hindalco and Coal India are top losers. Out of 2128 stocks, 621 are advanced, 1117 are declines and 390 are unchanged. On indices upfront, auto, bank, IT, metal, pharma are under pressure while buying is seen in IT, media and realty stocks . The formation of “Falling Wedge” indicates the further bullish momentum . On daily scale, the potential support level is 2310.The index is trading below 89 days (high-low) Moving Average. RSI is trading at lower points 30.36 levels. Although Moving Average and RSI are not the only indicators 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.
- VEDL: Among all the metal stocks it is top loser in today’s session is trading at 143.95 level, 4.86% down. The stock is trading below 50 and 200 days Simple Moving Average.
- Hindalco: It is trading at 182.50 down by 3.82% below from its previous close. The stock is trading near its 52 weak low.
- Coalindia: In today’s session stock is trading at 186.10 levels, 4.12% below from its previous close. The stock is trading near its major support level of 183.80.