The Indian benchmark indices are opened on a gap up note at 12021.10 but bears are highly active from higher levels and a correction is seen in the counter. Nifty is not able to sustain above the levels of 12000. On daily chart, it is sustaining above 50 days and 100 days simple moving averages. Indusindbk, Infratel and Vedl are top gainers while Tatamotors, Yesbank and Gail are the top losers. Out of 2144 stocks, 905 are advanced, 817 are declines and 422 are unchanged. Among sectors, except Auto and Pharma all the sectors like Bank, Financials, Fmcg, IT and realty are trading in green with metal index up by 0.91%. The index opened on a flat note at 2643.20 and made a high of 2676.55.It is trading in consolidation phase and trading in a range of 2550 to 2700. A bullish movement will be seen in the index when it breaks the higher levels of 2680. The index is trading above 50 days simple moving average. RSI is trading at 63.07 levels which is not indicating any sign of divergence.
Some stocks of this counter are also witnessing heavy volumes and momentum that are convincing the emerging trends.
JINDALSTEEL: It is among the top gainer in the sector trading at 147.80 up by 9.73%. Important resistance and support levels are placed at 155 and 128. It is sustaining above 50 days and 100 days moving average.
HINDZINC: It is among the top gainer in the sector trading at 213.65 up by 2.62%. In daily chart it is sustaining above 50 and 100 days moving average. The stock is trading above its strong support level of 205.
JSWSTEEL: In today’s trading session it is trading at 253.60 up by 2.16%. It is sustaining below 50 days and 100 days moving average.