What happened at the Indian stock market today?
NIFTY takes no time to breather, breaking records day by day. The 50-share NSE index NIFTY rose 1.07% to end at record closing high of 11083.50 on Tuesday. The wider NIFTY breached 11000 mark extending gains from the previous session and taking their winning streak to a fifth straight day. Nifty took nearly six months to rise from 10,000 to 11,000 points, marking the fourth shortest period for the index to cover a thousand point milestone. Investor’s sentiment boosted after an International Monetary Fund (IMF) report showed India was set to regain the title as the world’s fastest growing major economy in 2018-19.
Looking overseas, European markets trading higher taking cues from the Asian markets which closed sharply higher on Tuesday. The investors’ sentiment lifted by an upbeat forecast for global economic growth and the end of the U.S. government shutdown.
Ten out of eleven sector gauges compiled by the NSE ended higher led by NIFTY META, NIFTY IT, NIFTY BANK and NIFTY PHARMA as top gainers. On the other side, NIFTY MEDIA is the only loser.
From the NIFTY 50 basket of shares, VEDL, GAIL, SBIN, HINDALCO, TATASTEEL, and CIPLA outclassed as top gainers while EICHERMOT, AMBUJACEM, ZEEL, and WIPRO are the top losers.
Top stocks to watch on Wednesday 24 Jan
BIOCON: This stock reported an exceptional margin on weekly basis and it is regularly advancing for past 4 days. This stock surged 6.6% to 5.5 times the increased trading volume. Though a majority of them are settled intraday, this stock gives an impression of bullish trend formation. This stock is currently settled above the recent resistance zone at Rs.643.7.
EICHERMOT: This stock is regularly breaking low for 3 days and dropped by 2.09% on Tuesday. Derivative traders were aggressive in adding short positions and the Open interest gained by 11.3%. There could be bearish breakout as 75% of the total trades are taken for delivery. This stock is trading inside the trading range at Rs.27071.25.
JUBLFOOD: This stock is continuously heading higher levels for 5 days and currently settled above the recent resistance zone. This stock volume increased by 120% indicating for the bullish trend formation. This stock short-term support zone is around Rs.1727.
ICICIBANK: This stock is listed in top traded counters simultaneously 58% of the trades are taken for delivery. This stock surged 3.07% and currently settled at Rs.362.30 above the recent resistance zone. This stock short-term support is around Rs.309.
RELIANCE: This stock is the most active stock in the recent day as it is frequently heading higher levels for 4 days. There could be positive breakout as the aggressive nature of buyers is indicated by the opening gap witnessed in the daily chart. This stock is currently settled above the recent resistance zone.
JINDALSTEL: This stock surged by 10.24% and closed at Rs.290.75 at last trading session. This stock is heading for a positive breakout as it trading volume rose by 140%.This stock is currently settled above the recent resistance zone and the short term support is around Rs.194.
GODREJCP: These stock volumes spiked by 138% on 23 January 2018 with 74% of the trades are deliverable volume. There is an evidence for resistance as technical indicator RSI indicates the oversold scenario. This stock is currently settled above the recent resistance zone.
SBIN: This stock volume inflated by 115% at last trading session. There is an evidence of bullish trend formation as it surged 3.78% to settle at Rs.318.10. This stock is currently settled above the recent resistance zone and the short term support is around Rs.297.
BANKBARODA: This stock surged 5.07% and closed at Rs.173.15. This stock is among the most traded stocks and it is likely to witness the bullish trend formation. This stock is currently settled above the recent resistance zone and the short term support is around Rs.156.
JSWSTEEL: This stock is surged by 5.53% and to close at Rs.294.50. Trading volume increased by 159% on Tuesday suggesting for a bullish breakout. This stock is currently settled above the recent resistance zone and the short term support is around Rs.263.