Daily stock market update for 8 August
Nifty managed to hold above 10050 levels; OIL & GAS stocks hold the market. Benchmark index Nifty had a choppy and sluggish day. Nifty opened normally and it was waving in a closer range though buying interest was witnessed through advance declined ratio. We reiterate the nearest support stays at 9900 level whereas the resistance seen at 10140 levels. The market is expected to consolidate further as some of the heavy weight stocks in NSE witnessed in an overbought region in RSI indicator. The bullish momentum is expected to resume if Nifty breaks above 10140 levels decisively. On the contrary, we noticed FII were aggressive in creating short positions in Index futures.
Sectors Round up
Nifty REALTY, PSU BANK, METALS sectors are the most bullish among the sectors. IT, PHARMA, MEDIA sectors are among the top losers in the sectors. Stocks of OIL & GAS, BANKING, and AUTOMOBILE sectors contributed a lot of support for the bullish sentiment to hold on to the levels. Nifty succumbed as stocks influenced it in both directions.
Top 4 Stocks for August 8, 2017
ARVIND surged by 6.69% and closed at Rs.389.1. Trading volume spiked by 542 percent on 7 August 2017. There is an evidence of bullish trend formation. Derivative traders were aggressive in adding long positions. Open interest increased by 22.5 %. This stock is currently settled above the recent resistance zone. We see short term support around 360.
TORNTPOWER surged by 7.66% and ended at Rs.201.6. Trading volume increased by 373 percent. There is an evidence of positive breakout. The firmness of the buyers is indicated by the opening gap. This stock is currently settled above the recent resistance zone. We see short term support around 177.
TATAMOTORS fell by 1.29% and to close at Rs.430. It witnessed Bearish Engulfing pattern on daily chart. It is listed in top traded counters. It signals it is trading below its recent support zone. The Near term resistance is seen around 466.
APOLLOTYRE surged by 8.87% and ended at Rs.285.5. It witnessed Bullish Piercing pattern on daily chart. Trading volume inflated by 440 percent in the last session. But largely the volumes are intraday in nature. It signals bullish trend formation. Derivative traders were aggressive in adding long positions. Open interest gained by 33.11 %. This stock is currently settled above the recent resistance zone. We see short term support around 247.
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