After the announcement of Reserve Bank of India credit policy , the Repo rate has cut by 25 bases points at 5.15 percent to support the economic growth and boost the flow of credit. The 50-stock bundle opened on gap up note at 11388.45 and after a good consolidation in the range of 11375 to 11340, a steep fall seen in the index. The overall sentiments of the market is bearish as seller are more active at the resistance level of 11400. Cipla, M&M and TechM are the top gainers while Ultracemco, Grasim and Kotakbank are the top losers of the day. Out of 2125 stocks , 693 are advances , 1030 are declines and 402 are unchanged. Among sectors FMCG, banking, financials, metal and realty are traded in pressure and down by almost 1.50% while IT, auto and pharma are traded in green. On daily scale, Nifty bank is trading below 200 DMA . The potential support levels are 27800 and 27550. RSI is trading at the level of 44.55. 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.
- FEDERAL BANK: Among all the banking encounters it is top loser trading at 85.55 level, 3.60% down. It is trading below 50DMA and 200 DMA.
- KOTAK BANK: The stock is trading at 1560.80 down by it previous close of 1615. It is trading below 8DMA and 24DMA in intraday session.
- HDFC BANK: In today’s trading session stock is trading at 1189. It is traded below 50 days exponential moving average.