Daily stock market update for 14 August

Nifty on taken back monthly gains; settled at 61.8% in Fibonacci retracement level. Nifty keeps on extending its losses since August 4 of this month owing to panic regarding the global conflict. Indian bench mark index Nifty today opened with a considerable gap down the opening of 50 points approximately. The market consolidated all day within day’s range. Currently Nifty settled very near to the Fibonacci retracement level 61.8% at 9710, indicating a chance of retracement level.

On controversy higher volume is witnessed in the stocks which are under bearish dominance more over technically Nifty is trailing under bearish dominance there is no sign of retracement in the chart so we insist traders to have a bearish view on the market. 

Sectors

All the sectors in NSE were taken down by bear’s dominance. PSU BANK sector is the top losers among the sector due to its stock SBIN which slipped by 5.58%. METALS and MNC sectors dragged the broader market as HINDALCO and VEDL stocks taken back its gains.

Stocks to watch on Monday

DRREDDY strengthen by 3.43% and closed at Rs.2011.15.  It did rise in the last trading session but fell by a significant margin on a weekly basis. Trading volume hiked by 99 percent. Derivative traders were aggressive in existing short positions. Open interest reduced by 7.66 %. The technical indicator RSI indicates oversold scenario. It is frequently scaling down for 7 days. It is trading below its recent support zone. The Near term resistance is seen around 2775.

CADILAHC gained by 3.51% and finished at Rs. 482.5. It did rise in the last trading session but fell by a significant margin on a weekly basis. It witnessed Bullish Engulfing pattern on daily chart. Trading volume increased by 328 percent in the last session. The technical indicator RSI signals oversold scenario. It is regularly grinding lower levels for 4 days. It is trading below its recent support zone. The Near term resistance is seen around 553.

JINDALSTEL gained 3.53% and ended at Rs.127.65.  It did rise in the last trading session but fell by a significant margin on a weekly basis. Derivative traders were aggressive in exiting short positions. Open interest reduced by 7.75 %. It is frequently scaling down for 3 days. It is trading below its recent support zone. The Near term resistance is seen around 158.

TVSMOTOR plunged by 7.57% and ended at Rs.536.8. Trading volume hiked by 359 percent in the last session. It indicates bearish breakout. It is steadily sliding for 3 days. It is trading below its recent support zone. The Near term resistance is seen around 610.

SBIN plunged by 5.58% and settled at Rs.280.15. Trading volume spiked by 343 percent in last trading day. It gives an impression of a bearish breakout. It is trading below its recent support zone. The Near term resistance is seen around 313.