Nifty regained its 10,000 Mark to register a weekly close. PHARMA sectors sagged by 2.8%. Indian bench mark index Nifty opened with a negligible gap down opening. Nifty becalmed as post expiry day, it was trading choppy with a bearish bias till the mid-session. The market gained momentum pairing loses and managed to sustain above 10,000 levels at the closing bell even in weak global market conditions. We expect the market to consolidate in upcoming few sessions, 9900 can be considered as the near support.

Sectors

PHARMA sector bleed by 2.8% dragging overall market to bear sentiment, in the post market session the markets managed to recover its gains. METALS sectors edged down by 1.33%. BANKING sectors cont hold on to its gains though most of its stocks soared high. The other sectors have choppy clue less movement.

Top 10 stock to watch for 31 July 2017

  1. JSWENERGY surged by 7.3% and to close at Rs.72.05. Trading volume rose by 331 percent on Friday. It signals bullish trend formation. Derivative traders were aggressive in adding long positions. Open interest increased by 20.06 %.

  2. DRREDDY plunged by 5.93% and closed at Rs.2464.95. Meantime it registered a remarkable weakness over recent days. Trading volume spiked by 352 percent. There is an evidence of a bearish trend. The strength of the sellers is evident from the opening gap.

  3. RELCAPITAL surged by 8.97% and closed at Rs.718.65 which is the highest close in last three years. Trading volume spiked by 638 percent on Friday. However, a majority of them are settled intraday. It signals bullish trend formation.

  4. ICICIBANK dipped by 3.6% and to close at Rs.296.15. Trading volume inflated by 158 percent. Surprisingly 63% of the trades are deliverable volume. The bearish momentum is recognized by the today’s gap. It is trading inside the trading range. The Support is seen around 288 and resistance is seen around 309.

  5. GODREJCP volume increased by 284 percent. Impressively 86% of the trades were taken for delivery. It is likely to witness bearish reversal. The technical indicator RSI signals overbought scenario.

  6. L&TFH surged by 5.71% and settled at Rs.170.4. Trading volume increased by 258 percent on Friday. The bullish trend remains intact.

  7. SUNPHARMA dipped by 3.72% and ended at Rs.550.8. It is one among the top traded stocks. Derivative traders were aggressive in adding short positions. Open interest increased by 8.28 %. It faced stiff resistance at its Fibonacci 61.8% retracement level.

  8. IRB gained 3.7% and settled at Rs.225.75. Trading volume hiked by 121 percent. It indicates bullish trend formation. This stock is currently settled above the recent resistance zone. We see short term support around 210.

  9. YESBANK volume spiked by 260 percent. But the majority of them are intraday trades. It gives an impression of runaway phase. It is consistently rising for the 7th straight day. We expect the short covering rally to continue for few more trading sessions.

  10. HDFC volume rose by 230 percent in last trading day. Interestingly 63% of the trades were taken for delivery. It is heading in a bullish phase. This stock is currently settled above the recent resistance zone. We see short term support around 1612.

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