Daily stock market update for 10 August
BACK to back losses in stock market dampen bullish sentiment; Nifty managed to sustain the crucial support level 9900. Global and Domestic cause triggered a panic profit booking in the market. Indian bench mark index Nifty lost 170 points approximately in this three days consecutive fall. Nifty settled very near to the major support level 9900 a decisive cut below can indicate trend reversal; more over Nifty witnessing a weakness in trend by trading below 20 days SMA. The clues from the derivative market are slightly getting better as we could see FII are net buyers in index futures. Meanwhile, they are accumulating 9800 put options to protect their down side risk.
In NSE all the sectors were taken down by bear dominance. The stocks of PHARMA sector dipped below 52 weeks low pulling PHARMA sector as the top losers among the sector. AUTO and MIDCAP are the next losers followed to PHARMA sector. The other sectors also were taken control by bears for the day.
Mostly unusual volume is witnessed in bearish stocks, PHARMA stocks sagged the most.
SUNPHARMA plunged by 5.2% and ended at Rs.474.35. Trading volume increased by 206 percent on Wednesday. It gives an impression of a bearish breakout. The firmness of the bears is evident from the unfilled gap. It is trading below its recent support zone. The stock can be considered bearish as long as the gap remained unfilled.
AUROPHARMA plunged by 5.88% and ended at Rs.683.6. It is listed in top traded counters. It is heading for a negative breakout. It is trading below its recent support zone. The Near term resistance is seen around 770.
CADILAHC plunged by 8.41% and ended at Rs.485.45. Trading volume spiked by 118 percent in the last session. There is an evidence of a bearish trend. It is trading below its recent support zone. The Near term resistance is seen around 553.
TITAN sketches typical flag pattern and ended at Rs.619.15. At the same time, it registered exceptional gains on the weekly basis. Trading volume rose by 133 percent on 9 August 2017. There is an evidence of bullish breakout. This stock is currently settled above the recent resistance zone. We see the stock is bullish as long as above 600.
TATACHEM volume increases by 293 percent in last trading day. It gives an impression of a bearish trend. The momentum of the bears is indicated by the today’s gap. It is trading below its recent support zone. The Near term resistance is seen around 643.
KSCL plunged by 7.56% and settled at Rs.609.15. Trading volume increased by 78 percent on Wednesday. It gives an impression of a negative breakout. It is trading below its recent support zone. The Near term resistance is seen around 705.