Daily market update for 12 October

The short-term trend of Nifty is showing a top reversal from the highs of 10,067 levels and there is a possibility of some more weakness for near term. If the downside momentum slows down in the next couple of sessions, then there is a possibility of upside bounce in Nifty from near the support of 9980 levels.

  1. YESBANK witnessed Bearish Engulfing pattern on daily chart. YESBANK is the most active stock. Derivative traders were aggressive in unwinding long positions. Open interest reduced by 2.19 %. Currently, it is trading around the lower range of its price band. The crucial support zone is around 347.

  2. PETRONET surged by 4.97% and ended at Rs.257.9. Trading volume spiked by 169 percent on Wednesday. Noticeably 56% of the trades are taken for delivery. It suggests for a positive breakout. It is steadily rising for 6 days. This stock is currently settled above the recent resistance zone. We see short-term support around 223.

  3. IGL advanced by 2.23% and closed at Rs.1520.25. It witnessed Star pattern on daily chart. Trading volume spiked by 207 percent. There is an evidence of bullish breakout. It is regularly climbing for 3 days. This stock is currently settled above the recent resistance zone. We see short-term support around 1389.

  4. HDFCBANK witnessed Bearish Engulfing pattern on daily chart. HDFCBANK is the most active stock. Derivative traders were aggressive in unwinding long positions. Open interest reduced by 1.51 %. Currently, it is trading around the lower range of its price band. The crucial support zone is around 1780.

  5. SRF witnessed Star pattern on daily chart. SRF volume inflated by 449 percent at last trading day. However, most of the trades are settled intraday. There is an evidence of resistanceThis stock is currently settled above the recent resistance zone. We see short-term support around 1515.

  6. BHARTIARTL surged by 4.93% and finished at Rs. 403.55. Trading volume hiked by 98 percent at last trading day. Derivative traders were aggressive in adding long positions. Open interest increased by 7.27 %. It is oscillating nearer to its resistance zone of 406.

  7. COALINDIA volume hiked by 219 percent at last trading day. Moreover, 61% of the trades are taken for delivery. It Indicates bearish reversalThis stock is currently settled above the recent resistance zone. We see short-term support around 250.

  8. NIITTECH volume hiked by 142 percent on Wednesday. It signals resistance. It is steadily heading to higher levels for 5 days. This stock is currently settled above the recent resistance zone. We see short-term support around 494.

  9. SYNDIBANK plunged by 4.45% and to close at Rs.65.5. It witnessed Bearish Engulfing pattern on daily chart. It is trading inside the trading range. The Support is seen around 62 and resistance is seen around 71.

  10. UBL witnessed Bearish Engulfing pattern on daily chart. UBL volume rose by 272 percent at last trading day. But numerous trades were intraday in nature. It is oscillating nearer to its resistance zone of 865.