Daily market update 20 June

Nifty seems awaiting for a cause; Holding above 9650 level. Nifty opened with a flat node having a sluggish day with a bearish bias, trying to sustain above yesterday’s 9650 level. FII were constantly rolling money out of cash market and were also adding long positions in index futures creating panic and uncertainty in the minds of the traders. Nifty was consolidating this month. The nearest support zone is (9500-9540) and the resistance lies near (9700-9720) level. Short position can be considered below the support level. Nifty is trading above average in a bullish trend still then.

Sectors

Sectors in NSE had negligible movement except IT and MEDIA sectors

IT sector pulled back today after a long bear run trying to chill out a while.

MEDIA sectors bouncing within a tight range bound today. MEDIA opened nearer to the resistance level and pulled down as a loser of the day.

REALITY sectors opened and continued its run in bearish node but the post market session covered the losses of the day pushing the stocks to gains.

NIFTY BANK was trading sidewise all day withstanding yesterday’s level.

Energy sector was trying to break the nearest resistance zone but the bullish interest was not that intense to sustain the pre market gains was paired by the mid and post market trend.

FMGC covered yesterday’s gains by today’s losses.

PHARMA sectors continues its bear run after the pullback.

PSU BANKS are prevailing near to the major support level 3420. Below the support there is a chance of bear domination.

Stocks

Tata groups stocks soared high as the top gainers today. TATA POWER (5.51%), TATAMOTORS (3.13), TATAMTRDVR (2.00), ONGC (1.84), INFY (1.55). The top losers where POWERGRID (-2.07), EICHERMOT (1.92) LUPIN (-1.74) BOSCHLTD (-1.62), GAIL (-1.43)

EICHERMOT weakened by 1.86% and ended at Rs.27917.4. Trading volume rose by 150 percent in last session. Noticeably 79% of the trades were taken delivery. Derivative traders were aggressive in adding short positions. Open interest increased by 11.97 %. Currently it is trading around the lower range of its price band. The crucial support zone is around 27473.

LUPIN weakened by 1.67% and settled at Rs.1112.85. It is one among the top traded stocks. Derivative traders were aggressive in adding short positions. Open interest surged by 4.83 %. Currently it is trading around the lower range of its price band. The crucial support zone is around 1100.

POWERGRID weakened by 1.93% and ended at Rs.208.3. Trading volume inflated by 63 percent on 20 June 2017. Noticeably 62% of the trades were taken for delivery. The technical indicator RSI indicates overbought scenario. It is oscillating nearer to its resistance zone of 213.

GODREJCP Increase by 2.98% and to close at Rs.1937.2. Trading volume rose by 65 percent in last session. Noticeably 60% of the trades were taken for delivery. It suggest for positive breakout. Derivative traders were aggressive in adding long positions. Open interest increased by 12.73 %. This stock is currently settled above the recent resistance zone. We see short term support around 1765.