The global market in bear sentiment; Nifty below support zone (9540-9500). Indian benchmark Nifty was trailing in the bullish zone since January 2017.This month Nifty had a sideways movement than directional but for the past few trading session, Nifty witnessed a loss of momentum and an initial stage of weakness. Today Nifty opened normally with a bullish bias in the early trades; later in mid-session of the market, bears took control dragging the price below the major support zone 9540-9500. Technical indicators confirm the trend reversal in the price movement. Since it is the early stage of trend reversal traders are recommended to be with stop loss and trend specific.
The sectors of the NSE rallied today with the mixed sentiment.
METAL sector is the top gainers among the sectors although moved by 1.68% but still consolidating within its range.
REALTY sector after a consistent bear run for tree trading sessions had gained support today from the nearer support zone.
IT and INFRA sector trying to pair yesterday sessions loss today but they (IT and INFRA) are trailing in the bear zone.
ENERGY sector is down by 1.14% trailing sideways in its range.
FMCG sector was one among the sector showing weakness.
PSU Banks had a gap down opening after breaking through the one of its major support zone (3430- 3450).Today PSU banks had a sagging consolidation movement.
TECHM, YES BANK, AMBUJACEM, TATASTEEL, VEDL are the gainers of the day whereas RELIANCE, ASIANPAINTS, HDFC, ZEEL ONGC are the losers of the day. Among these stocks VEDL, ASIANPAINT, YESBANK, TATASTEEL showed up with unusual volumes.
AXISBANK trading near its major support zone (480-490). Its volume spiked by 158 percent on Wednesday. Moreover, 79% of the trades are deliverable volume. The near term resistance is seen around 520.
ABIRLANUVO volume rose by 101 percent on 28 June 2017. Interestingly 61% of the trades are deliverable volume. There is an evidence of consolidation post breakout. This stock is currently settled above the recent resistance zone. We see short-term support around 1620.
HINDZINC stock volume hiked by 88 percent in last trading day. It gives an impression of a positive breakout. This stock is currently settled above the recent resistance zone. We see short-term support around 232.
RELIANCE declined by 2.69% and ended at Rs.1398.5. It is listed in top traded counters. It is oscillating nearer to its resistance zone of 1437.
ASIANPAINT dropped by 2.2% and ended at Rs.1109.15. It gives an impression of It is trading below its recent support zone. The near-term resistance is seen around 1175.
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