In spite of various events, Nifty sketched a weekly candle by holding 10,000 marks. Indian bench mark index Nifty managed to sustain above 10K level. Nifty opened normally preceded a sluggish sideways movement. By noon market slowly changed momentum, turning bullish, covering Thursday’s losses. The nearest support level falls at 9900 level. Nifty can be considered bullish above the support level. New long position can be considered above the 10140 level still then the market is expected to trade sideways.
All major sectors in NSE recovered from the bearish sentiment as PSU BANKS and METALS pushed high, except PHARMA sectors. The stocks of the PHARMA sectors slipped due to global causes. Oil and Gas stocks edged high pushing Nifty.
Stocks to watch
Stocks of NSE and the psychology of the traders are digesting the 10,000 levels.
DRREDDY dipped by 3.63% and ended at Rs.2239.55. Meantime it registered a remarkable decline on the weekly basis. Trading volume rose by 102 percent on Friday. It gives an impression of a bearish trend. Derivative traders were aggressive in adding short positions. Open interest gained by 8.94 %. It is trading below its recent support zone. The Near term resistance is seen around 2520.
HINDPETRO surged by 9.02% and to close at Rs.432.6. Also, it recorded significant margin in last five sessions. Trading volume increased by 238 percent. The technical indicator RSI signals oversold scenario. It is oscillating nearer to its resistance zone of 447.
HEROMOTOCO stock’s volume raised by 136 percent at Friday’s session. Furthermore, 59% of the trades are gone for delivery. It is heading for a bullish breakout. It is continuously advancing for 4 days. This stock is currently settled above the recent resistance zone. We see short term support around 3646.
MRF plunged by 4.03% and settled at Rs.66361.15. Trading volume rose by 380 percent in last trading day. It suggests for a bearish trend. The momentum of the bears is evident from the today’s gap. It is trading below its recent support zone. The Near term resistance is seen around 70830.
TITAN surged by 9.52% and finished at Rs. 611.2. Also, it registered exceptional gains over recent days. Trading volume spiked by 1258 percent. There is an evidence of positive breakout. It is regularly heading higher levels for 5 days. This stock is currently settled above the recent resistance zone. We see short term support around 524.
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