Daily stock market update for 25 July

Nifty gaining momentum on Monday; Traders eyes are at 10K level. Indian bench mark index Nifty managed to sustain above 9930 after a week of sideways movement. Nifty was under bullish domination since today’s opening, In spite of weakness is witnessed in the European market. The nearest support zone falls at (9790- 9840) range. Today’s rally might have provided buying opportunity for traders. Nifty is expected to head higher in further.

Sectors

PSU BANKS, IT sectors soared as top gainers among the sectors. FMCG, ENERGY, BANKING sectors had a reasonable bull movement. PHARM, METALS, MEDIA are the contrarians of the border market.

Stocks

DRREDDY dropped by 2.39% and to close at Rs.2696.45. It witnessed Bearish Engulfing pattern on daily chart. Trading volume spiked by 142 percent. Derivative traders were aggressive in adding short positions. Open interest increased by 7.8 %. It is trading inside the trading range. The Support is seen around 2610 and resistance is seen around 2785.

CUMMINSIND stock volume inflated by 108 percent. Impressively 63% of the trades were taken for delivery. It suggests for bullish trend formation. It is regularly advancing for 5 days. This stock is currently settled above the recent resistance zone. We see short term support around 884.

ADANIPOWER strengthen by 3.12% and finished at Rs. 33.05. At the same time, it secured an exceptional percent over recent days. Trading volume spiked by 199 percent in last trading day. It signals bullish breakout. This stock is currently settled above the recent resistance zone. We see short term support around 28.

BEML gained by 3.86% and to close at Rs.1649.95. Trading volume rose by 246 percent on 24 July 2017. Yet most of the trades are intraday in nature. It indicates bullish trend formation. This stock is currently settled above the recent resistance zone. We see short term support around 1414.

M&MFIN advanced by 2.45% and settled at Rs.363.35. It did rise in the last trading session but fell by a significant margin on a weekly basis. Trading volume inflated by 166 percent in last trading day. However, largely the volumes are intraday trades. The technical indicator RSI indicates oversold scenario.It is oscillating nearer to its resistance zone of 372.

JPASSOCIAT surged by 4.14% and closed at Rs.27.7. At the same time, it registered an exceptional percent in last five sessions. It witnessed Star pattern on daily chart. Trading volume hiked by 180 percent on Monday. Yet most of the trades are intraday trades. It suggests for a positive breakout. This stock is currently settled above the recent resistance zone. We see short term support around 18.

DRREDDY dropped by 2.39% and to close at Rs.2696.45. It witnessed Bearish Engulfing pattern on daily chart. Trading volume spiked by 142 percent. Derivative traders were aggressive in adding short positions. Open interest increased by 7.8 %. It is trading inside the trading range. The Support is seen around 2620 and resistance is seen around 2767.

DIVISLAB plunged by 4.62% and closed at Rs.687.9. It witnessed Star pattern on daily chart. Trading volume rose by 161 percent on 24 July 2017. The momentum of the sellers is recognized by the unfilled gap.The technical indicator RSI signals overbought scenario.It is trading inside the trading range. The Support is seen around 636 and resistance is seen around 755.

CUMMINSIND volume inflated by 108 percent. Impressively 63% of the trades were taken for delivery. It suggests for bullish trend formation. It is regularly advancing for 5 days. This stock is currently settled above the recent resistance zone. We see short term support around 893.

BHARTIARTL witnessed Bullish Engulfing pattern on daily chart. BHARTIARTL is one among the top traded stocks. Impressively 56% of the trades were taken for delivery. Derivative traders were aggressive in adding long positions. Open interest surged by 9.05 %. It is oscillating nearer to its resistance zone of 421.

ALBK surged by 4.56% and to close at Rs.75.65. Trading volume spiked by 224 percent in the last session. However, largely the volumes are intraday in nature. It suggests for a positive breakout. This stock is currently settled above the recent resistance zone. We see short term support around 66.

ADANIPOWER strengthen by 3.12% and finished at Rs. 33.05. At the same time, it secured an exceptional percent over recent days. Trading volume spiked by 199 percent in last trading day. It signals bullish breakout. This stock is currently settled above the recent resistance zone. We see short term support around 27.