Series of news headlines hit the market sentiments i.e. Assembly Election result, derivative market expiry and Sino- US trade deal and Brexit deal which shakes the 50-bundle stocks. In afternoon session, nifty breaks the strong support level of 11554.40 and made a low of 11534.65. As seller are hovering in the market and still market sentiments are indecisive. On technical chart nifty is looking bearish for today’s trading session as it is maintaining to trade in the range of 11500 to 11700. Eichermotor, Hcltech and Adaniports are the top gainers while Bpcl, Gail and Infratel are the top losers of the day. Out of 2133 stocks, 851 are advances, 862 are declines and 420 are unchanged. Among sectors, IT, metal, auto and pharma are trading in red while realty, financial and banking are trading in green with Realty up by 1.01%. On Technical chart, Nifty is sustaining below the trend line which act as a strong resistance at 269 levels. On daily scale,it is trading above 50 days and 200 days simple moving averages. The potential resistance and support levels are 270 and 235.95. RSI is trading at the level of 56.01 which shows no 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 and Harmonic Patterns.
Some stocks of this counter are also witnessing heavy volumes and momentum that are convincing the emerging trend.
- Godrejprop: The counter is top gainer in the realty sector in today’s trading session. It is trading at 984.50 up by 3.28%. It is sustaining above 50 days and 100 days moving average.
- Mahlife: In today’s trading session it is trading at 411 up by 1.90% up. It is sustaining above 50 days and 100 days moving average.
- Oberoirlty: It is among the top three top gainer in the sector trading at 500 up by 1.16% up. In daily chart it is sustaining above 50 and 100 days moving average.