Daily Market roundup.

NIFTY manages to hold 10700 after retreating from a record high, thanks to the IT stocks. The 50-share NSE index NIFTY fell 0.38% to settle at 10700.45 snapping its winning streak on Tuesday. The wider NIFTY was dragged by Energy stocks which contributes the NIFTY50 most but the losses are capped by IT heavyweights which rallied after international brokerage Morgan Stanley report which said Indian IT is expected to turnaround in 2018. 

Looking overseas, European markets trading firmly higher on Tuesday following Asian market which closed broadly higher after some markets in the region rebounded from closing lower on Monday. Asia and Europe’s equity market kept world shares on a record-breaking run on Tuesday.

Ten out of eleven sector gauges compiled by the NSE ended lower led by NIFTY REALTY, NIFTY PSU BANK, and NIFTY METAL as top losers. On the flip side, NIFTY IT surged 3.65% as the only top gainer.

From the NIFTY 50 basket of shares, COALINDIA, HINDPETRO, and RELIANCE underperformed as top losers while WIPRO, HCLTECH, TCS, INFY, and TECHM outperformed as top gainers.

Top 8 Stocks to  watch tomorrow 17 Jan

PCJEWELLER: This stock trading volume increased by 2 times the average trading in today’s trade and this stock is steadily rising for past 4 days. The short-term selling pressure is expected as Technical indicator RSI indicates overbought scenario defended by the increased trading volume. This stock is currently settled above the recent resistance zone and the short-term support is seen around Rs.437.

JUSTDIAL: This stock is frequently advancing and registered considerable gains on the weekly basis. This stock surged by 5.2% to settle above the recent resistance zone at Rs.637.7 indicating for the positive breakout. The short-term support for this stock is around Rs.487.

INFY: This stock rallied 3.86% and the trading volume increased 2 times on Tuesday. Though numerous trades are intraday in nature this stock is heading for bullish trend formation as it maintained exceptional gains on the weekly basis. This stock is currently settled at Rs.1122.85 above the recent resistance zone and the short term support is around Rs.1002.

ICICIBANK: This stock is frequently advancing for 3 days and recorded a remarkable percent on the weekly basis. This stock surged by 1.46% to settle above the recent resistance zone at Rs.334.1 indicating for the positive breakout. The short-term support for this stock is around Rs.304.

HDFC: This stock trading volume increased by 1.5 times the average trading in today’s trade. The short-term selling pressure is expected as Technical indicator RSI indicates overbought scenario defended by the increased delivery volume. This stock is currently settled above the recent resistance zone and the short-term support is seen around Rs.1684.

HCLTECH: This stock surged by 4.4% to close at Rs.949.25 on Tuesday. Derivative traders were aggressive in adding long positions and Open interest gained by 7.89%. This stock is currently settled above the recent resistance zone and short-term support zone is seen around Rs.870.

DISHTV: This stock plunged by 7.42% to close at Rs.72.4 and it is frequently sliding on the weekly basis. Derivative traders were aggressive in unwinding long positions and Open interest reduced by 9.85%. This stock is trading below its recent support zone and near-term resistance is seen around Rs.87.

BANKBARODA: This stock is one of the top traded stock on Tuesday. Derivative traders were aggressive in adding short positions and Open interest gained by 5.74%. This stock is trading below its recent support zone and Near-term resistance is seen around Rs.171.