Daily Market Update

NIFTY ends flat amid subdued global cues. The 50-share NSE index NIFTY ended flat at 10426.85 on Tuesday. The Indian benchmark index NIFTY was trading higher for the most part of the day extending strong gains from the previous session but a fresh spell of selling triggered in the afternoon trade despite both industrial output data for January and inflation figures for February topped market expectations. Shares of TCS dropped over 5% on the NSE today as Parent Tata Sons raised around Rs.8,200 crore by selling 2.84 crore shares in six block deals.

Looking overseas, European markets trading mixed in line with Asian markets which finished mixed on Tuesday. The Global equity markets are subdued today as investors turn their focus to the release of crucial US inflation data & retail sales data, which is likely to give some idea about whether the Federal Reserve will accelerate its pace of rate increases.

Nine out of eleven sector gauges compiled by the NSE ended higher led by NIFTY PSU BANK, NIFTY REALTY, NIFTY PHARMA, NIFTY MEDIA and NIFTY METAL as top gainers. On the flip side, NIFTY IT and NIFTY FMCG are top losers.

From the NIFTY 50 basket of shares, HINDPETRO, BPCL, INFRATEL, GAIL, SUNPHARMA, AXISBANK, and EICHERMOT outperformed as top gainers while TCS, KOTAKBANK, NTPC, and HINDALCO are top losers.

Intraday trading ideas for 14 March

UNIONBANK: This stock surged by 6.97% and settled at Rs.97.5 on Tuesday. This stock trading volume hiked 1.5 times with the majority of intraday trades. This stock is currently trading around the lower range of its price band and the crucial support zone is seen around Rs.92.

TCS: This stock plunged by 5.42% and settled at Rs.2886.8 on Tuesday. The momentum of the bulls is visible through the unfilled gap appeared in the daily chart on the back of 72% of delivery trades. This stock is trading below its recent support zone and the near term resistance is seen around Rs.3102.

SYNDIBANK: This stock surged by 6.26% and closed at Rs.57.75 on Tuesday. This stock trading volume hiked 1.2 times with the majority of intraday trades. This stock is currently trading inside the trading range and the support is seen around Rs.53 and resistance is seen around Rs.65.

PCJEWELLER: This stock surged by 7.86% and ended at Rs.365.1 on Tuesday. This stock is the most active stock with a majority of intraday trades. This stock is continuously heading higher levels for 3 days and it is oscillating nearer to its resistance zone of Rs.389.

IOC: This stock trading volume spiked 3 times with 72% of the trades is taken for delivery on last trading session. The momentum of the bulls is visible through the unfilled gap appeared in the daily chart. This stock is currently settled above the recent resistance zone and the short term support around Rs.363.

CANBK: This stock surged by 5.62% and closed at Rs.252 with 2.3 times the increased trading volume on Tuesday. This stock did rise in the last trading session but fell by a significant margin on a weekly basis. The technical indicator RSI indicates oversold scenario signaling for a bullish breakout. This stock is currently trading around the lower range of its price band and the crucial support zone is around Rs.241.

BANKINDIA: This stock surged by 7.41% and to close at Rs.102.15 with 5 times the increased trading volume on Tuesday. This stock did rise in the last trading session but fell by a significant margin on a weekly basis. This stock is currently trading around the lower range of its price band and the crucial support zone is around Rs.97.

ANDHRABANK: This stock surged by 9.87% and finished at Rs. 39.5 with 5 times the increased trading volume on Tuesday. Derivative traders were aggressive in exiting short positions and the open interest reduced by 21%. This stock is currently trading around the lower range of its price band and the crucial support zone is around Rs.37.

ALBK: This stock surged by 5.62% and closed at Rs.47.95 on Tuesday. This stock trading volume hiked by 74% times with the majority of intraday trades. This stock is currently trading around the lower range of its price band and the crucial support zone is around Rs.45.

ADANIENT: This stock weakened by 1.54% and closed at Rs.159.75 on Tuesday. This stock listed in top traded counter with a majority of intraday trades. This stock is currently trading below its recent support zone as it registered a considerable fall in last five sessions and the near term resistance is seen around Rs.220.