Daily share market update for July 14

Nifty jumped a historical high at 9897 level heading towards 10,000 levels. US FED stance on rate hike kicked up Dow Jones and Nifty to record high. Nifty today opened with a gap up of approximately 39 points pushed further high by bulls towards 10,000 psychological levels today. Traders are recommended to hold their long position as long as today’s gap remains open.

SHARE MARKET UPDATE

Sectors

All the sectors in the NSE were dragged to bullish sentiment for the day. FMCG soared high as one of its heavyweight ITC outperformed by 3.16%. MEDIA sectors are high by 1% followed by other sectors. BANKING sectors had a bullish day as its stocks rallied with considerable volume and momentum.  IT sector was dragged high by covering yesterday’s losses.

Stock specific analysis

  1. BAJFINANCE increases by 2.92% and ended at Rs.1485.9. Trading volume increased by 67 percent in last trading day. There is an evidence of bullish breakout. Derivative traders were aggressive in exiting short positions. Open interest reduced by 6.06%.

  2. HINDPETRO surged by 4.41% and to close at Rs.375.1. Trading volume rose by 241 percent in the last session. The technical indicator RSI signals oversold scenario. Currently placed nearer to its resistance zone of Rs. 380 – 390

  3. ONGC dropped by 2.43% and finished at Rs. 158.9. It is underperforming the broader market. Derivative traders were aggressive in adding short positions. Open interest increased by 6.39 %. Currently, it is trading around the lower range of its price band. The crucial support zone is around 155.

  4. EICHERMOT witnessed Bearish Engulfing pattern on daily chart. Derivative traders were aggressive in adding short positions. Open interest gained by 3.16 %. It is continuously climbing for 4 days. It is trading inside the trading range.

  5. YESBANK surged by 4.39% and closed at Rs.1582. Trading volume spiked by 111 percent. There is an evidence of bullish trend formation. This stock is currently settled above the recent resistance zone.

  6. AXISBANK volume increased by 322 percent in the last session. Interestingly 86% of the trades gone for delivery. It is trading inside the trading range. It witnessed triangle pattern.

Comment your view or stocks to watch for July 14.

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Daily share market update for July 14
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Daily share market update for July 14
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