Daily share market update.
Post expiry day rally; GST expected with caution. Nifty takes past month gains, bears dominating the market since the start of June. As a post expiry day today Indian benchmark index Nifty recovered after a gap down opening. GST expectation creates a caution in the market environment. Unless we see a significant gap up opening, we recommend bulls to the sideline in the market.
FMCG sector recorded a record a new historical high by soaring by 2.3% as ITC shares roused by 3.6%.
PHARMA sector perks the previous week losses by mounting 1.80% owing to US action on drugs and vaccine patterns.
PSU BANKS trying to cover yesterday’s losses in today’s session. It currently prevails near to one of the major support zone 3300 – 3225.
REALTY and INFRA sectors covering opening losses in the post session of the market.
ENERGY sector had a sagging movement near to its support zone.
BANKING sector is currently above its support level 23000. A decisive break below the level can witness a technical trend reversal.
Stocks waiting cautiously as traders eyes GST.
BANKBARODA, ITC, SUNPHARMA, CIPLA, AUROPHARMA are the top gainers of the day. US action on patterns on drugs and vaccines made PHARMA sectors gaining momentum.
TATAMTRDVR, TECHM, TATAPOWER, HDFC, IBULHSGFIN are the top losers of the day. Tata shares bleed owing to causes.
OIL dropped by 2.10% and finished at Rs. 259.6. Meanwhile, it registered a remarkable decline on the weekly basis. Trading volume rose by 165 percent on 30 June 2017. Interestingly 70% of the trades are deliverable volume. It gives an impression of a negative breakout. It is trading below its recent support zone. The near-term resistance is seen around 305.
OFSS witnessed Bullish Engulfing pattern on daily chart. OFSS volume spiked by 140 percent in the last session. Moreover, 85% of the trades gone for delivery. It is trading inside the trading range. The support is seen around 3480 and resistance is seen around 3780.
MOTHERSUMI witnessed Bullish Piercing pattern on daily chart. Its volume hiked by 60 percent in last trading day. Noticeably 60% of the trades are deliverable volume. Currently, it is trading around the lower range of its price band. The crucial support zone is around 420.
ITC gained 3.87% and closed at Rs.323.65. Trading volume hiked by 168 percent on 30 June 2017. Moreover, 64% of the trades were taken for delivery. There is an evidence of bullish breakout. Derivative traders were aggressive in adding long positions. Open interest increased by 10.45 %. This stock is currently settled above the recent resistance zone. We see short-term support around 300.
IDFC witnessed bear domination by breaking through its major support level. IDFC volume spiked by 253 percent. Surprisingly 65% of the trades are deliverable volume. Currently, it is trading around the lower range of its price band. The crucial support zone is around 50.
GRASIM volume inflated by 111 percent on Friday. It suggests a bullish breakout. This stock is currently settled above the recent resistance zone. We see short-term support around 1160.
BRITANNIA consolidating within its range bound. BRITANNIA volume spiked by 115 percent. Moreover, 72% of the trades are deliverable volume. It is oscillating nearer to its resistance zone of 3750.
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