Daily market update for 16 August

Nifty retracted and closed at 9790 level; REALTY sector soared high by 5.79%. Nifty today opened with a gap up of 45 points from its Fibonacci retracement level. The market rallied up slopping all day from opening but the price movement took back some of its profit near closing session. This the early stage of bullish momentum but we are waiting for a decisive evidence of trend as we suspect today’s movement might be sentiment driven.

Sectors

Bulls pushed almost all the sectors in NSE high. REALTY sector leads the bull run by edged up 5.79%. MIDCAP and METALS sector soared high by 3% followed by the MEDIA, PHARMA which were high by 2%. Mostly all the sectors are taken by bulls except IT sector and PSU BANKS which ended in a comparatively negligible loss. PHARMA stocks are among the top gainers in Nifty as some of the companies earned drug approval from USFDA. CIPLA, SUNPHARMA, TATASTEEL, TATA POWER, HINDALCO are among the top gainers. IT stocks are among the top losers in NSE.

Stocks to watch tomorrow

BOSCHLTD dropped by 2.14% and ended at Rs.22138.1. Trading volume spiked by 90 percent. Moreover, 68% of the trades are gone for delivery. There is an evidence of a bearish trend. It is continuously grinding lowered levels for 5 days. It is trading below its recent support zone. The Near term resistance is seen around 24998.

PCJEWELLER surged by 11.21% and settled at Rs.330.4. Meanwhile, it registered an exceptional percent on the weekly basis. Trading volume inflated by 141 percent in the last session. There is an evidence of positive breakout. This stock is currently settled above the recent resistance zone. We see short term support around 246.

KOTAKBANK fell by 0.97% and finished at Rs. 982.6. It witnessed Bearish Engulfing pattern on daily chart. Derivative traders were aggressive in adding short positions. Open interest increased by 4.35 %. Currently, it is trading around the lower range of its price band. The crucial support zone is around 950.

APOLLOHOSP dropped by 2.14% and finished at Rs. 1191.25. It witnessed Bearish Engulfing pattern on daily chart. Trading volume inflated by 99 percent on 14 August 2017. It gives an impression of a negative breakout. It is trading below its recent support zone. The Near term resistance is seen around 1320.

TATACOMM surged by 6.88% and ended at Rs.628.4. Trading volume spiked by 72 percent on Monday. Derivative traders were aggressive in exiting short positions. Open interest reduced by 2.89 %. It is trading inside the trading range. The Support is seen around 598 and resistance is seen around 682.

TATAGLOBAL surged by 8.86% and ended at Rs.178.75. Trading volume increased by 236 percent. It signals bullish breakout. The aggressive nature of buyers is acknowledged by the unfilled gap. This stock is currently settled above the recent resistance zone. We see short term support around 158.