The further escalation in tariff war led by unfair demands from US President Donald Trump was expected to keep the Indian benchmark on side lines but it has witnessed a strong up move after sensing support from potential demands on that is placed in a range of 11130-11170 levels. The 50-stock bundle is opened on a flat note and slipped down to 11117.85 but recovers from the lower levels and in afternoon session traded with the positive sentiments up by 19.60 points at 11194.35.On hourly chart , Yesbank, Zeel, Britannia are the top gainers while Bpcl, Ultracemco, Ongc are top losers. Out of 2140 stocks, 663 are advances, 1087 are declines and 390 are unchanged. Among sectors , banking and financials are traded in green while pharma stocks are under pressure. On daily scale, the index has witnessed a steep fall after slipping below of its previous demand zone that was placed near 7550.55 levels. The counter is trading below 89 days(high-low) bands. RSI is trading at 24.76 point showing no signs of divergence and oversold. Elder’s force index that compiles the deviation in closing prices and volumes is trading below 1. Although Moving Average, RSI and Elder’s force 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.
- Auropharma: Promoters of Aurobindo Pharma is set to fund Drreddy amid battle above Continental Hospitals. Stock made a 52 week low of 462.10. It is trading at 472.
- Glenmark: USFDA issues warning letter to Glenmark Pharma for its Baddi facility, which leads it as 52 week low of 270.
- Piramal Enterprise: In todays trading session stock made a 52 week low of 1492 and it is trading at the level of 1515.