Daily market stock market update for 20 July
Nifty rebounded from support zone (9820- 9845), Sectors bloomed in green. Indian bench mark index Nifty spiked in post market session covering yesterday’s losses. Nifty opened with a gap up of 30 points had a choppy day till post market session. The market gained momentum at 2 Pm soaring high to 9900 level. 9930 is the nearest resistance level, a long position can be considered above the level.
Today all the sectors in NSE edged high in green though few of the stocks tried to drag them in bearish bias. PHARMA, METALS, MEDIA sectors soared high among the sectors as some of its heavy weight pushed them high.
PIDILITIND dropped by 2.07% and closed at Rs.797.9. It witnessed Bearish Engulfing pattern on daily chart. Trading volume spiked by 120 percent on 19 July 2017. Impressively 73% of the trades were taken for delivery. Currently, it is trading around the lower range of its price band. The crucial support zone is around 780.
TATASTEEL is listed in top traded counters. Derivative traders were aggressive in adding long positions. Open interest surged by 5.21 %. This stock is currently settled above the recent resistance zone. We see short term support around 540.
M&M volume increased by 90 percent in the last session. Noticeably 83% of the trades were taken for delivery. It is trading inside the trading range. The Support is seen around 1343 and resistance is seen around 1459.
GODREJCP volume increased by 97 percent on Wednesday. Noticeably 91% of the trades were taken for delivery. Currently, it is trading around the lower range of its price band. The crucial support zone is around 930.
CADILAHC gained by 3.91% and finished at Rs. 544.95. It is likely to witness bullish breakout. This stock is currently settled above the recent resistance zone. We see short term support around 508.It signals Derivative traders were aggressive in adding short positions. Open interest gained by 15.35%. It is trading below its recent support zone. The Near term resistance is seen around 558.
Which stocks are you watching for tomorrow? Please comment below.