Daily share market update for 23 August

Markets remain range-bound; BPCL, IOC are among top gainers. Nifty opened with the gap up of approximately 60 points, but it was dragged down to trading within the (9750- 9800) range as days sentiment was weak. We see major support at 9685 range. The market currently is trading sideways but interestingly volume is witnessed in bullish stocks indicating bulls are entering the market but there is no indication of a trend reversal. Fresh long position is recommended only above 9950 level. The market is expected to consolidate further.

Sectors

Today’s market was choppy so the sectors where sluggish. REALTY, AUTO, MIDCAP sectors are among the top losers in the sectors where as the PHARMA, MEDIA, ENERGY the top gainers among the sectors. The other sectors had an inconsiderable movement.

Stocks

PHARMA and ENERGY sectors stocks are among the top gainers whereas AUTO is among the top losers. BPCL, IOC, SUNPHARMA, DRREEDY HINDALCO are the top gainers. NTPC, HEROMOTCO, BANKBARODA, IBULHSGFIN, EICHERMOT are the top losers among the sectors.

6 top stocks to watch tomorrow

MOTHERSUMI slipped by 3.04% and ended at Rs.310.65. Trading volume inflated by 49 percent on 22 August 2017. Impressively 56% of the trades are gone for delivery. It is likely to witness It is trading below its recent support zone. The Near term resistance is seen around 342.

TATAGLOBAL witnessed a trend reversal pattern on 21 Aug 2017 as a continuation it slipped by 3.21% and ended at Rs.189.85 in today’s session. Trading volume increased by 36 percent indicating a cautious node for bulls

PCJEWELLER dipped by 3.63% and ended at Rs.369.95. It witnessed Bearish Engulfing pattern on daily chart. Trading volume rose by 191 percent in the last session. However, largely the volumes are intraday trades. It indicates resistance. The technical indicator RSI signals near overbought scenario. This stock is currently settled above the recent resistance zone. We see short term support around 285.

ICIL plunged by 8.31% and closed at Rs.99.85. Meanwhile, it maintained a remarkable loss over recent days. Trading volume rose by 458 percent on 22 August 2017. It is heading for a bearish breakout. It is steadily breaking low for 3 days. It is trading below its recent support zone. The Near term resistance is seen around 120.

CENTURYTEX dipped by 3.59% and settled at Rs.1179.7. It witnessed Bearish Engulfing pattern on daily chart. Trading volume inflated by 34 percent on 22 August 2017. However, largely the volumes are intraday trades. Currently, it is trading around the lower range of its price band. The crucial support zone is around 1122.

BEML volume rose by 59 percent in the last session. However, most of the trades are intraday trades. The technical indicator RSI signals overbought scenario. It is oscillating nearer to its resistance zone of 1920.