Daily Market Report

NIFTY posted first gain in March to snap six-day long losing streak. The 50-share NSE index NIFTY rose 0.87% to settle at 1010242.65 on Friday. The Indian benchmark index NIFTY halted a six-session losing streak and also the longest losing streak in a month by posting gains for the first time in last seven sessions on BANK NIFTY expiry day. The investor’s sentiment boosted by a steep fall in oil prices overnight and reports of Air India disinvestment backed by short covering in banking and financial stocks.

Looking overseas, European markets trading higher in line with Asian markets which finished broadly higher on Thursday.  The Asian and European markets managed to shrug off looming trade war concerns after White House spokesperson Sarah Sanders said Canada, Mexico, and other countries could possibly be exempt from last week’s import-tariffs proposals.

Eight out of eleven sector gauges compiled by the NSE ended higher led by NIFTY PSU BANK, NIFTY FIN SERVICE, NIFTY REALTY, NIFTY BANK and NIFTY PVT BANK as top gainers. On the other side, NIFTY METAL, NIFTY FMCG, and NIFTY PHARMA are top losers.

From the NIFTY 50 basket of shares, SBIN, ICICIBANK, ADANIPORTS, RELIANCE, M&M, ASIANPAINT and HDFC outperformed as top gainers while SUNPHARMA, TATASTEEL, HINDALCO, and YESBANK are the top losers.

Top 9 stocks in focus today 9 March

RELINFRA: This stock surged by 4.21% and settled at Rs.427 on Thursday. Derivative traders were aggressive in exiting short positions and the Open interest reduced by 10.04%. This stock is currently trading around the lower range of its price band and the crucial support zone is around Rs.419.

ADANIPOWER: This stock plunged by 4.74% and ended at Rs.26.1 on Thursday. This stock secured a considerable weakness on the weekly basis as it is steadily grinding lower levels for 7 days. This stock is trading below its recent support zone and the near term resistance is seen around Rs.35.

PFC: This stock dipped by 3.57% and finished at Rs. 91.9 on Thursday. The momentum of the sellers is visible through the unfilled gap appeared in the daily chart on the back of 95% increased trading volume. This stock is trading below its recent support zone and the near term resistance is seen around Rs.113.

JETAIRWAYS: This stock dropped by 2.03% and to close at Rs.693.65 on Thursday. This stock listed in top traded counters with a majority of intraday trades. This stock is currently trading below its recent support zone as it is regularly sliding for3 days and the near term resistance is seen around Rs.809.

IDFC: This stock trading volume hiked by 69% with 64% of the trades is deliverable volume at last trading session. This stock is currently trading below its recent support zone as it is regularly breaking low for 4 days and the near term resistance is seen around Rs.55.

BEML: This stock plunged by 4.89% and settled at Rs.1137.3 on Thursday. This stock trading volume hiked 1.5 times with the majority of intraday trades. This stock is currently is trading below its recent support zone and the near term resistance is around Rs.1370.

CANBK: This stock trading volume hiked by 99% with numerous intraday trades at last trading session. This stock is currently trading below its recent support zone as it is regularly breaking low for 4 days and the near term resistance is seen around Rs.329.

DCBBANK: This stock increased by 2.66% and closed at Rs.161.85 on Thursday. This stock trading volume hiked by 68% with a majority of intraday trades. This stock is currently around the lower range of its price band and the crucial support zone is around Rs.158.

KTKBANK: This stock trading volume hiked 2 times with numerous intraday trades at last trading session. This stock is currently trading below its recent support zone as it is regularly breaking low for 4 days and the near term resistance is seen around Rs.140.