Stock market update 21 June
Nifty and Sensex directionless, market awaits fresh triggers. Nifty had a choppy day owning to global and domestic causes. Oil price slipped to seven months low leading to correction in most of the oil-based stocks. Nifty today opened flat with a domination of bears. The post-market covered all the day’s loss indicating bulls are still intact in the market. The nearest support zone lies near at 9500 to 9540. Above the support level, Nifty can be considered as bullish. Nifty is expected to consolidate until it gets a decisive trigger.
Sectors are under correction, behaving in a random manner. METALS leading the bear run by 1.88% followed by the IT sectors by 0.65%. Yesterday’s gains in IT sectors got paired by the today’s bear movement. PHARMA sector started continuing the bear trend after a pull back. BANK NIFTY opened with a negligible gap down in trending with a bullish bias. FMCG sector soaring high by 0.86%.MNC sector trying to break its resistance after a week of consolidation. REALITY sector holds its gains near to its resistance zone.PSU BANK trailing nearer to its support zone for a long period of time.
The stocks of NSE has pushed from both the sides and had a choppy day. Stocks are left clueless. Petroleum stocks bled, ONGC down by 2.66%, GAIL slipped by -1.92%. Although the market in sideways movement certain stocks have attracted traders. The top gainers are HINDUNILVER, RELIANCE, MARUTHI, and SUNPHARMA. Top losers are ONGC, HINDALCO, BOSHLTD, GAIL, TATAMOTORS. The stocks HINDUNILVR, L&T, HINDALCO are the stocks traded with unusual volume.
GMRINFRA surged by 6.75% and closed at Rs.21.35. Also, it recorded significant gains over recent days. Trading volume increased by 147 percent on 21 June 2017. However numerous trades were intraday trades. It is likely to witness bullish breakout. This stock sketched rounding bottom – cup pattern.
IBREALEST witnessed Star pattern on daily chart. IBREALEST volume inflated by 138 percent on 21 June 2017. But largely the volumes are settled intraday.
HDFCBANK is the most active stock. Derivative traders were aggressive in adding long positions. Open interest surged by 1.17 %. This stock is currently settled above the recent resistance zone. We see short-term support around 1592.
MOTHERSUMI volume increased by 32 percent in last trading day. Moreover 59% of the trades gone for delivery. The technical indicator RSI signals overbought scenario. It is oscillating nearer to its resistance zone of 487.
JSWENERGY strengthen by 3.35% and settled at Rs.64.7. It witnessed Bullish Engulfing pattern on daily chart. Trading volume spiked by 189 percent in last trading day. It is oscillating nearer to its resistance zone of 66.
RELIANCE is the most active stock. Furthermore, 65% of the trades were taken for delivery. This stock is currently settled above the recent resistance zone. We see short-term support around 1302.
ONGC declined by 2.54% and settled at Rs.164.8. It is trading below its recent support zone. The near-term resistance is seen around 179.
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