Daily market update for Monday

Nifty bounced back to its consolidation range in spite of weak Global cause. Nifty opened with a bearish tone, the market was dominated by bears since the early trend but at the closing hours the bulls took control of the market pushing Nifty back to consolidation. The global cause made Nifty clue less for the day .Indian bench mark index Nifty is currently has currently settled near to the historical high. We expect the market to trend sideways. Market can provide an opportunity for   creating a long position if the price crosses above the 10138 level.

Sectors

IT, METALS, MEDIA, AUTO sectors are the gainers where as the rest all the sectors where dragged down by the bears sentiment. The sectors in NSE had a fable movement.

Stock of the day

ONGC surged by 4.64% and settled at Rs.166.75. Trading volume rose by 254 percent in last session. Interestingly 58% of the trades were taken for delivery. It is likely to witness bullish trend formation. Derivative traders were aggressive in exiting short positions. Open interest reduced by 9.62 %. This stock is currently settled above the recent resistance zone. We see short term support around 156.

BAJAJ-AUTO strengthens by 3.32% and closed at Rs.3025.6. It witnessed Bullish Engulfing pattern on daily chart. Trading volume inflated by 173 percent on 15 September 2017. It indicates bullish breakout. Derivative traders were aggressive in adding long positions. Open interest surged by 14.85 %. This stock is currently settled above the recent resistance zone. We see short term support around 2889.

TATACOMM volume spiked by 403 percent on Friday. But largely the volumes are intraday in nature. It gives an impression of selling pressure It is continuously heading higher levels for 5 days. This stock is currently settled above the recent resistance zone. We see short term support around 610.

ALBK strengthen by 3.5% and closed at Rs.72.5. Trading volume inflated by 151 percent. However numerous trades were intraday in nature. It is likely to witness bullish trend formation. It is regularly heading higher levels for 4 days. This stock is currently settled above the recent resistance zone. We see short term support around 66.75.

ADANIPORTS witnessed Star pattern on daily chart. ADANIPORTS volume rose by 158 percent in last session. Furthermore 63% of the trades gone for delivery. It Indicates selling pressure It is regularly climbing for 3 days. This stock is currently settled above the recent resistance zone. We see short term support around 380.

ICICIBANK witnessed Bearish Engulfing pattern on daily chart. ICICIBANK volume hiked by 139 percent in last trading day. Impressively 71% of the trades gone for delivery. Currently it is trading around the lower range of its price band. The crucial support zone is around 290.

RCOM plunged by 5.1% and closed at Rs.20.45. Meantime it registered a considerable fall on the weekly basis. There could be bearish breakout. It is continuously scaling down for 3 days. It is trading below its recent support zone. The Near term resistance is seen around 25.

INFRATEL witnessed Star pattern on daily chart. INFRATEL volume hiked by 430 percent in last trading day. Interestingly 75% of the trades were taken for delivery. Currently it is trading around the lower range of its price band. The crucial support zone is around 366.

FEDERALBNK volume inflated by 335 percent in last session. Furthermore 76% of the trades gone for delivery. There is an evidence of bullish trend formation. This stock is currently settled above the recent resistance zone. We see short term support around 105.