Share Market Roundup Yesterday
NIFTY continued to be in the hands of bears amid Global sell-off. The 50-share NSE index NIFTY fell 0.87% to settle at 10666.55 in the first trading session of the week. The wider NIFTY continued their poor run failing to touch the 10,700-mark however recovered slightly from the sharp tumble in the early trade. Investors sentiment continued to be subdued post the introduction of long-term capital gains (LTCG) tax in the Union budget and the concerns over the Reserve Bank of India’s decision to increase the interest rate in the coming fiscal year on 7 February.
Looking overseas, European markets trading broadly lower following Asian markets which finished lower on Monday. The Global equities faced a sharp sell-off over concerns of rising bond yields on Monday, pushing the worldwide markets firmly into negative territory for the year.
Among sector gauges compiled by NSE, NIFTY FIN SERVICE, NIFTY PVT BANK and NIFTY BANK are the top sectoral losers while NIFTY AUTO and NIFTY PSU BANK are the top sectoral gainers.
From the NIFTY 50 basket of shares, HDFC, LT, INDUSINDBK, ADANIPORTS, IBULHSGFIN, and KOTAKBANK underperformed as top losers while BHARTIARTL, TATAMOTORS, BOSCHLTD, and HINDPETRO are the top gainers.
Best shares to trade today 6 Feb
STAR: This stock slipped by 3.49% and finished at Rs. 686.4. The intensity of the bears is indicated by the unfilled gap appeared in the daily chart on Friday. This stock is trading below its recent support zone as it is regularly sliding for 5 days and the near term resistance is seen around Rs.836.
SUNPHARMA: This stock is listed in top traded counters at last trading session. Derivative traders were aggressive in exiting short positions and Open interest reduced by 1.79%. This stock is trading below its recent support zone as it regularly scaling down for 3 days.
BHARATFORG: This stock witnessed Bullish Piercing pattern on the daily chart at last trading session. Derivative traders were aggressive in adding long positions and increased by 10.48%. This stock is trading around the lower range of its price band and the crucial support zone is around Rs.700.
JISLJALEQS: This stock surged by 6.13% and to close at Rs.19.05 on Monday. This stock did rise in the last trading session but fell by a significant margin on a weekly basis. The technical indicator RSI indicates oversold scenario as it trading around the lower range of its price band and the crucial support zone is around Rs.18.
HDFC: This stock plunged by 4.23% and finished at Rs. 1823.35 with 73% of the trades are deliverable volume. The firmness of the bears is visible through the today’s gap appeared in the daily chart. This stock is trading inside the trading range and support & resistance zone is around Rs.1721 & Rs.19689 respectively.
AXISBANK: This stock is listed in top traded counters as 59% of the trades are taken for delivery. Derivative traders were aggressive in adding long positions and the Open interest surged by 3.23%. This stock is trading around the lower range of its price band and crucial support zone is around Rs.554.