Market update for tomorrow 15 September
Nifty managed to settle above 10080 level; PHARMA sector soaring high for three consecutive days. Nifty trended sideways for the second day. Indian bench mark index Nifty opened near to the historical resistance level (10138). The early trade was bullish but the market glided down from its opening range turning market choppy. Nifty tried to sustain near to its historically high level. We expect the market to consolidate shortly. The market can provide an opportunity to create a long position above 10140 level.
PHARMA sector is the top performer among the sectors. It gained 2.63% for the day. MIDCAP, PSU BANK, BANKING sectors also had a bullish momentum for the day where as the METALS, MNC, MEDIA, ENERGY sectors are the losers.
Stock for the day
SUNPHARMA surged by 4.23% and to close at Rs.524.65. Meanwhile, it maintained considerable returns on the weekly basis. Trading volume inflated by 143 percent in last trading day. It signals positive breakout. The aggressive nature of buyers is recognized by the opening gap. It is steadily heading higher levels for 3 days. This stock is currently settled above the recent resistance zone. We see short term support around 464.
DIVISLAB surged by 5.05% and ended at Rs.870.05. Meantime it maintained significant returns in last five sessions. Trading volume spiked by 399 percent on 14 September 2017. It gives an impression of a bullish breakout. It is frequently climbing for 5 days. This stock is currently settled above the recent resistance zone. We see short term support around 692.5.
RPOWER surged by 5.59% and ended at Rs.42.5. Trading volume increased by 222 percent in last trading day. It is heading for a positive breakout. It is regularly rising for 3 days. This stock is currently settled above the recent resistance zone. We see short term support around 39.1.
AXISBANK surged by 4.1% and to close at Rs.519.75. Trading volume spiked by 214 percent in the last session. It suggests for a bullish breakout. It is steadily advancing for 3 days. This stock is currently settled above the recent resistance zone. We see short term support around 490.
APOLLOHOSP volume rose by 176 percent in last trading day. Surprisingly 66% of the trades are deliverable volume. Currently, it is trading around the lower range of its price band. The crucial support zone is around 1050.
ASIANPAINTS witnessing a flag pattern with adequate volume at its poles Moreover the stock is currently settled above its major resistance level .we expect the stock to head higher. Long position can be created above the 1262 level.