Stock Market Insights

Insights from Yesterdays Markets (21 January 2015)

Indian Benchmark Index CNX Nifty closed higher, The stronger hands added long position on yesterdays market; Technical Nifty managed to closed above its recent resistance levels; Short covering rally expected ahead of January contract expiry.

Up by 0.40% on January 21, 2015
Share Market Today

List of Evidences

Significant long position added in Index Futures positions by institution for second day in row.
Among Index Options, 8900 Call witnessed long positions and 8600 put option witnessed short positions
Banking Stock managed to outperform the broader markets
Global cues and market performance are favorable to Indian markets
HCL Tech witnessed significant recovery for its day’s low along with good volume; Gained Open interest with premium gain. Any rally beyond 1700 level would invite fresh buyers into the system.
ACC rallied for 8 days in a row, currently placed nearer to its resistance zone.
BHARTI AIRTEL, price pattern indicating short term bottom formation, currently trading at 370 levels and expected to test 400 in next few weeks.
ZEEL, Technically tested its resistance zone and failed to sustain higher levels, sketched double top pattern and formed bearish engulfing candle on yesterdays session. Significant trading volume acknowledging the supply pressure.
BANKBARODA, Witnessed breakout, settled above its previous resistance, rallied along with high delivery volume. Expected to gain 100 points to test 1200 levels in next few weeks.