Due to mixed global cues, the Indian benchmark indices are opened on a negative note and turned positive. It made a high of 11714.35 and looking positive for upcoming trading period. But during afternoon session, the index falls and breaches its nearest support level of 11630 and made a low of 11589.45. Nifty is sustaining above 50 days and 200 days simple moving averages. Yesbank, Icici bank and Grasim are top gainers while Infy, Hcltech and Tatamotors are the top losers. Out of 2144 stocks, 1049 are advanced, 678 are declines and 417 are unchanged. On indices upfront, all the sectors led by pharma, realty, banking, financial and auto are trading in green except metal and IT is dropped by 4.43%. After the complaints against Infosys top management the stock tank almost 16% in intraday session. In hourly chart, the index opened gap down at 15041.95 and made a low of 14707.35. It breaches its major support level of 14735.55and trading below. The index is trading below 50 days and 200 days Simple Moving Average. RSI is trading at 34.09 levels which is not indicating any sign of divergence. Although Moving Averages and RSI are not the only indicators to dictate the future prices, one can make use of other tools like Fibonacci, Andrew Pitchfork, Chart and Harmonic Patterns.
Some stocks of this counter are also witnessing heavy volumes and momentum that are convincing the emerging trend.
Infy: It is the biggest fall in last 6 years. The stock is tanked 14.3% at 657.90. A complaint is escalate against the company CEO AND CFO followed the unethical practices to boost the revenues and profit.
Hcltech: In today’s trading session the stock is trading at 1053.30 down by 3.85%. On daily chart, the stock is trading above 200 days moving average which provides a strong support to the counter.
Hexaware: The stock is trading at 368.75 level slipped by 2.82%. The stock is trading around 50 days Simple moving average and above 200 days Simple moving average.