Daily market roundup

NIFTY toppled from a record high on profit booking amid negative global cues. The 50-share NSE index NIFTY fell 0.73% to settle at 11049.65 retreating from the record high on Tuesday. The wider NIFTY was in the hands of bears for the most part of the day as market breadth was tilted in favor of the sellers on the back profit booking. Now investors will switch on to wait-and-watch mode as they waiting to take cues from the Union Budget 2018-19, that to be presented by Finance Minister Arun Jaitley on Thursday.

Looking overseas, European markets trading lower tracking Asian markets which finished broadly lower on Tuesday. The global equity markets are under pressure after lead from Wall Street is negative as stocks faced the biggest loss in more than four months on Monday pausing the several days of record closing highs.

Almost all sector gauges compiled by NSE bled in Red led by NIFTY PVT BANK, NIFTY FIN SERVICE, NIFTY REALTY and NIFTY IT as top losers.

From the NIFTY 50 basket of shares, HINDPETRO, IOC, and BPCL excelled as top gainers while EICHERMOT, KOTAKBANK and INFRATEL are the top losers.

Best shares to trade on Tuesday 31 Jan

WOCKPHARMA: This stock plunged by 9.23% and settled at Rs.825.2 on Tuesday. Derivative traders were aggressive in adding short positions and Open interest gained by 23.2%. The firmness of the bears is acknowledged by the unfilled gap on the back of 1.5 times the inflated trading volume. This stock is trading below its recent support zone as it continuously breaking low for 3 days.

TECHM: This stock sketched Flag pattern on daily charts indicating for the positive breakout. This stock registered a significant margin in a weekly basis as it regularly advancing for past few days. This stock is currently settled above the recent resistance zone and the short term support is around Rs.509.

RCOM: This stock surged by 10.48% and closed at Rs.30.05. This stock did rise in the last trading session but fell by a significant margin on a weekly basis. This stock is currently it is trading around the lower range of its price band and the crucial support zone is around Rs.27.

PETRONET: This stock surged by 2.95% on the back of 2.5 times the increased trading volume on 30-01-2018. This stock indicates bullish trend formation as 60% of the trade is taken for delivery. This stock is currently settled above the recent resistance zone at Rs.257.90 and the short term support is around Rs.233.

KSCL: This stock slipped by 3.43% on the back 1.75 times the increased trading volume on 30 January 2018.  Though a majority of the trades are settled intraday this stock is likely to witness bearish breakout. This stock is trading below its recent support zone and the near term resistance is seen around Rs.549.

KPIT: This stock surged by 5.25% to 4.5 times the inflated trading volume. Though numerous trades were settled intraday this stock is heading for a positive breakout. This stock is currently settled above the recent resistance zone at Rs.219.35 and the short term support is around Rs.186.

HINDPETRO: This stock witnessed Bullish Engulfing pattern on the daily chart as it surged 4.76%. This stock did rise in the last trading session but fell by a significant margin on a weekly basis. This stock is currently trading around the lower range of its price band and the crucial support zone is around Rs.386.

EICHERMOT: This stock declined by 2.78% and settled at Rs.26689.4. This stock trading volume spiked by 100% on Tuesday in that 77% of the trades are taken for delivery. This stock is trading below its recent support zone and the near term resistance is seen around Rs.29669.

ASIANPAINT: This stock volume inflated by 57 percent at last trading day in that 70% of the trades gone for delivery. Derivative traders were aggressive in adding short positions and the Open interest increased by 5.75%.This stock is trading below its recent support zone and the near term resistance is seen around Rs.1202.