RBI rate cuts added volatility in the market: Nifty ends in bearish sentiment. Nifty opened with a meager gap and was trading cautiously owing to the expectation of RBI rate cut. The pre market and mid market sessions were choppy as a result of caution and but the post market session gained bearish momentum which pulled the market down by 37 points. The daily charts trend seems to be bull driven and more over volume is noted in a number of bullish heavy weight in NSE so we consider today’s post market rally as a time taken to digest the new. The nearest support falls near 9900 level. Nifty can be considered bullish above the support level.
ENERGY is the only sector which showed itself in green by holding on to its gains, others sectors in NSE slipped down, bleeding in red. FMCG, PHARMA, IT sectors are among the top losers among the sectors.
Top 8 stock for trading
DRREDDY dropped by 2.18% and to close at Rs.2378.55. It is currently bearish flag with an unfilled gap on a daily chart. It gives an impression of Derivative traders were aggressive in adding short positions. Open interest surged by 5.56 %. Any weakness below 2365 could trigger panic selling in this counter.
JINDALSTEL advanced by 2.16% and to close at Rs.158.4. Meanwhile, it secured remarkable returns in last five sessions. Trading volume hiked by 71 percent on Wednesday. It is likely to extend its gains in the upcoming sessions.
MRF advanced by 2.04% and finished at Rs. 70810.4. It witnessed Bullish Engulfing pattern on daily chart. Trading volume rose by 96 percent in the last session. Derivative traders were aggressive in adding long positions. Open interest gained by 11.02 %.
CEATLTD Increase by 2.67% and finished at Rs. 1927.05. Trading volume rose by 206 percent on 2 August 2017. Yet most of the trades are intraday trades. It gives an impression of a positive breakout. The near term resistance seen around 1950 levels
SUNPHARMA is the most active stock. It Indicates Derivative traders were aggressive in adding short positions. Open interest increased by 3.21 %. It is trading below its recent support zone. The Near term resistance is seen around 587.
NTPC surged by 4.03% and settled at Rs.171.85. Trading volume increased by 337 percent on Wednesday. Moreover, 62% of the trades were taken for delivery. There could be a bullish breakout.
APOLLOTYRE surged by 4.05% and finished at Rs. 277.75. It witnessed Bullish breakout with high volume.
WOCKPHARMA declined by 2.79% and settled at Rs.585.9. Trading volume rose by 455 percent on Wednesday. But numerous trades were settled intraday. Hence the bulls can provide support around 570 levels.