The global markets went clueless so as Nifty.

US actions made Indian IT and PHARMA sectors bleed

Nifty was kicked on both the sides today. Nifty opened flat and had a choppy clueless day. Indian benchmark Nifty is trailing above the support formed by Fibonacci retracement 38.2% on Tuesday’s post market session. FII sold out 1000 cores approximately in past 4 trading sessions is adding a bearish view to the market. Volume is seen in both advancing and declining stocks. The short term range for the market is seen between 9500 and 9720. Currently Nifty placed nearer to its support zone. Any Break below the aforesaid level would trigger further selloff into the system.

Sectors

PHARMA index taking resistance near the Fibonacci retracement 61.8% had a long dark day today. PHARMA sector is down by1.76% followed by IT sectors 0.86% then by MNC with negligible bear movement. The rest of the sectors had a listless movement with a bullish bias.

Stocks

In the majority of the stocks, bulls are intact holding the market. TATAMTRDVR (3.20%), KOTAK BANK, ACC and ULTRACEMCO are the top gainers with unusual volume. LUPIN, SUNPHARMA, CIPLA, WIPRO and IBULHSGFIN are the losers of the day.

LUPIN, IOC, BHARTIARTL, EICHERMOTORS are among to stocks with unusual volume for the day. Stock level correction is witnessed based on global cause.

Technical observations

L&TFH surged by 4% and ended at Rs.146.85. At the same time, it maintained an exceptional gain over recent days. Trading volume inflated by 249 percent on 16 June 2017. It is likely to witness bullish breakout. Derivative traders were aggressive in adding long positions. Open interest soared by 12.09 %. This stock is currently settled above the recent resistance zone. We see short-term support around 123.

BEL had a volume hiked by 91 percent on Friday. Furthermore, 61% of the trades have gone for delivery. Derivative traders were aggressive in adding long positions. Open interest increased by 4.1 %. It is frequently heading higher levels for 3 days. It is trading inside the trading range. The Support is seen around 165 and resistance is seen around 178.

TATAMTRDVR strengthen by 3.39% and settled at Rs.282.35.  It did rise in the last trading session but fell by a significant margin on a weekly basis. Trading volume increased by 74 percent in the last session. Surprisingly 60% of the trades are deliverable volume. It is oscillating nearer to its resistance zone of 292.

KOTAKBANK advanced by 2.08% and finished at Rs. 982.65. Trading volume rose by 238 percent in the last session. Interestingly 84% of the trades were taken for delivery. It gives an impression of a positive breakout.

LUPIN plunged by 4.34% and settled at Rs.1131.05. It is listed in top traded counters. Currently, it is trading around the lower range of its price band. The crucial support zone is around 1106.

SUNPHARMA declined by 2.73% and to close at Rs.529.15. It witnessed Bearish Engulfing pattern on daily chart. It is the most active stock. Currently, it is trading around the lower range of its price band. The crucial support zone is around 499.

BEML urged by 7.6% and settled at Rs.1455. Also, it recorded significant gains over recent days. Trading volume spiked by 505 percent on Friday. Yet largely the volumes are settled intraday. It is likely to witness positive breakout. It is continuously rising for 3 days. This stock is currently settled above the recent resistance zone. We see short-term support around 1147.

Comment your views below to understand the markets better.

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Stock market update 16 june
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Stock market update 16 june
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How was the stock market today? Which stocks to watch or buy on Monday? What will be the Nifty movement on Monday? Read this blog for answers.
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EQSIS
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