Nifty retreat from record highs on profit taking
How well the EQSIS recommendations performed today 21 May?
1. EQSIS Intra: Long BRITANNIA above 2830 Target 2858.8 Stop below 2807 CMP 2828
2. EQSIS Intra: Short EICHERMOT below 20830 Target 20602.5 Stop above 21012 CMP 20870
3. EQSIS Intra: Long ITC above 310.10 Target 313.8 Stop below 307 CMP 308
Status: Not Initiated
Top Stocks To Watch On Wednesday 22 May 2019
ADANIENT climbed by 1.78% and settled at Rs.154.65. Also it maintained a remarkable margin over a recent days. It witnessed Star pattern on daily chart. Trading volume rose by 532 percent. Yet largely the volumes are intraday trades. It gives an impression of selling pressureIt is frequently advancing for 3 days. This stock is currently settled above the recent resistance zone. We see short term support around 115.
JUSTDIAL surged by 6.9% and settled at Rs.714.75. Additionally it maintained significant margin on the weekly basis. Trading volume spiked by 489 percent. However majority of them are intraday in nature. It suggest for bullish trend formation. It is frequently climbing for 5 days. This stock is currently settled above the recent resistance zone. We see short term support around 548.
HDFC is one among the top traded stocks. Moreover 64% of the trades are deliverable volume. It Indicates aggressive sellingDerivative traders were aggressive in unwinding long positions. Open interest reduced by 2.77 %. It is frequently advancing for 3 days. This stock is currently settled above the recent resistance zone. We see short term support around 1915.
DRREDDY Increase by 3% and settled at Rs.2667. . It did rise in the last trading session, but fell by a significant margin on a weekly basis. Trading volume hiked by 150 percent. The technical indicator RSI indicates oversold scenario.It is trading below its recent support zone. The Near term resistance is seen around 2954.
ADANIPOWER volume increased by 112 percent at last session. Yet majority of them are intraday in nature. The technical indicator RSI signals overbought scenario.It is steadily rising for 3 days. It is trading inside the trading range. The Support is seen around 38 and resistance is seen around 54.
UBL gained by 3.78% and closed at Rs.1426.2. Trading volume increased by 858 percent at last session. Yet largely the volumes are settled intraday. The strength of the sellers is recognized by the unfilled gap.It is oscillating nearer to its resistance zone of 1447.
BALKRISIND volume rose by 164 percent at last session. Surprisingly 57% of the trades are deliverable volume. There could be negative breakout. It is trading below its recent support zone. The Near term resistance is seen around 970.
IBULHSGFIN is one among the top traded stocks. Yet majority of them are settled intraday. There could be bullish breakout. This stock is currently settled above the recent resistance zone. We see short term support around 661.
Closing Bell: Nifty retreat from record highs on profit taking
The NSE Nifty50 lost 119 points to end at 11,709 level. The benchmark index nifty ended lower after hitting fresh record highs on Tuesday, dragged by auto, banking, IT and metal stocks as investors booked profits following a three-session rally. All sectoral indices ended the day in the red. Nifty Auto was the worst performing sectoral index and closed 2.52 per cent lower followed by Nifty Media, Nifty Metal.
Nifty Top Gainers/Losers
Morning Update: Nifty hit all-time high in morning session
The NSE Nifty were trading 26 points higher at 11,855. Nifty scaled fresh record highs on Tuesday, extending yesterday’s rally amid optimism of PM Modi victory in the 2019 Lok Sabha election results on May 23, 2019.
Top gainers on the 50-scrip index at the time were Dr Reddy’s, Infratel, HDFC, India Bull Housing Finance, Bajaj Finance, Sun Pharma and Reliance were trading between 1.5 per cent and 4 per cent higher.
On the other hand, top laggards on the Nifty 50 were Tata Motors, BPCL, Yes Bank, Tata Steel, Hindalco, Grasim Industries and IOC down between 1.4 per cent and 5 per cent lower.
FII & DII data
Foreign Institutional Investors (FIIs) sold shares worth Rs 1127.35 crore while Domestic Institutional Investors (DIIs) sold Rs 542.71 crore worth of shares in the Indian equity market on 20th May.
Nifty Earnings To Watch
- Tech Mahindra
- Jindal Steel
Earnings Reaction To Watch
Tata Motors Ltd
- Total revenue grew to Rs 87285 crores in Q4 FY19, a decrease from Rs 91643 crores in Q4 FY18.
- Net profit after tax to Rs 1108 crores in Q4 FY19, a decrease from Rs 2175 crores in Q4 FY18.
- Earnings per share to Rs 3.2 in Q4 FY19, a decrease from Rs 6.4 in Q4 FY18.
- Total revenue grew to Rs 73627 crores in Q4 FY19, an increase from Rs 66983 crores in Q4 FY18.
- Net profit after tax to Rs 2969 crores in Q4 FY19, an increase from Rs 1747 crores in Q4 FY18.
- Earnings per share to Rs 19.4 in Q4 FY19, an increase from Rs 11.4 in Q4 FY18.
Top News Of The Day
ArcelorMittal To Pay Rs 42000 Crores
- Global steel major ArcelorMittal told the National Company Law Appellate Tribunal that it would pay Rs 42,000 crore, including a minimum of guarantee of Rs 2,500 crore as working capital, for acquiring Essar Steel under the insolvency process.
TRAI Looking To Reducing TV Bills
- India’s telecom and broadcasting regulator is considering issuing a consultation paper aimed at reducing monthly cable and DTH bills of consumers.
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