The Indian benchmark indices opened on a gap down note below 12000 levels at 11987.50 while Sensex is opened at 40630.56. All Asian markets are opened with negative sentiments followed by Indian bourses. Correction phase is continue in the index, may reach around the strong support levels of 11900. In daily chart, the closing of previous day candle was “Dragonfly Doji” indicates the reversal movement for the counter. It is sustaining above 50 days and 200 days moving averages. The strong support and resistance are placed at 11900 and 12000. The RSI is trading at 69.62 which indicates no sign of divergence. Indian rupee opened lower at 34 paise at 71.30 per dollar against previous close of 70.96.
Niftybank: Niftybank is opened on a flat note at 30571.30 and made a high of 30755.80. It is sustaining above 50 days and 200 days simple moving average. If it breaks the levels of 30850 than it may reaches to the further levels of 31380.
Stocks in Limelight:
Mindtree: Mr. Pradip Kumar Menon resigns as CFO of the company.
Wockhart: Q2 Result: Revenue down 28.7% at Rs 802.2 crore versus Rs 1,125.7 crore, YoY , Consolidated net loss at Rs 94.2 crore versus loss of Rs 31 crore.
BPCL: Q2 Result: Net profit up 58.9% at Rs 1,708 crore versus Rs 1,075 crore, revenue down 15.7% at Rs 64,340.8 crore QoQ.
M&M, Ashok Leyland, Bank Of Baroda, Eicher Motors, Allahabad Bank, Bharat Forge, CRISIL, Equitas Holdings, Gail, IDFC, IDBI Bank, KEC International, MRF, Religare Enterprises, Sobha, Tata Communications, Tata Power, Triveni Engineering.