Due to the expanding arguments between the United States and China’s over trade and foreign policy, the Asian stocks are looking weak. Indian benchmark is opened on a flat note but during the initial trading session sellers are active from the higher levels and index reaches to the major support level of 11090.15 and at afternoon trading period , after a good consolidation at 11200 to 11225 levels, index has witnessed a classic bounced back from its lower level. Bhartiartl, Indusindbk and Ultracemco are top gainers while Yesbank, Titan and Hcltech are top losers. Out of 2127 counters, 903 are advances, 837 are declines and 387 are unchanged. The Indian rupee opened on positive note 71.23 per dollar versus previous close 71.02. Among sectors, except IT all the other sectors are trading in green. On hourly scale, the formation of “Three Falling Peaks” has indicating a bearish momentum to the levels of 14940.The index has witnessed a steep fall after sensing a resistance level of 15529. It is moving below 50 DMA and 200DMA. The RSI is trading at the level of 39.25 , which is not showing any sign of divergence. 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.
- Tataelxsi: The stock is trading at 634.30 down by 46.75 points or 6.87%. The counter is trading below 50DMA and 200 DMA.
- Hcltech: The stock is trading at 1050.30. On daily chart, the counter is sustaining above 50DMA and 200 DMA. It may bounce back from major support level of 1023.
- Hexaware: In today’s session, stock opened at 365.90 and trading at 356.20.It is sustaining below 50DMA and 200DMA. The major support and resistance levels are 347 and 370.