Daily stock market update

NIFTY halt three day winning run on Bank NIFTY expiry day. The 50-share NSE index NIFTY fell 0.23% to finish at 10716.55 on Thursday. The Indian benchmark index NIFTY halted their three-day gains dragged by wide spread losses across all sectors on BANK NIFTY expiry day.  The sentiment was subdued all over the day as investors was cautious ahead of assembly elections in Karnataka on Saturday amid firm oil prices and a weakening rupee.

Looking overseas, European markets trading mixed to higher tracking Asian markets which finished mixed to higher on Thursday. The Global equity stocks markets are mostly higher today tracking solid oil prices which touched fresh multi-year highs on the back of easing geopolitical tensions.

All sector gauges compiled by the NSE ended lower led by NIFTY REALTY, NIFTY PHARMA, NIFTY MEDIA, NIFTY PSU BANK and NIFTY METAL as top losers.

From the NIFTY 50 basket of shares, DRREDDY, IBULHSGFIN, TATAMOTORS, CIPLA, POWERGRID and SUNPHARMA underperformed as top losers while ONGC, BHARTIARTL, EICHERMOT, TECHM, BPCL and HINDALCO are top gainers.

Top list of shares to trade on Friday 11 May

HEXAWARE: This stock Increase by 2.69% and ended at Rs.416.8. This stock did rise in the last trading session but fell by a significant margin on a weekly basis. This stock is trading inside the trading range and the support is seen around Rs.391 and resistance is seen around Rs. b451.

NMDC: This stock volume rose by 62 percent on 10 May 2018. Derivative traders were aggressive in adding short positions and Open interest increased by 7.17%. This stock is trading below its recent support zone and the near-term resistance is seen around Rs.126.

EICHERMOT: This stock rose by 1.09% and ended at Rs.30647.5. This stock trading volume spiked by 121 percent with numerous intraday trades. This stock is trading inside the trading range and the support is seen around Rs.29460 and resistance is seen around Rs.31562.

CIPLA: This stock volume increased by 64 percent on Thursday. Derivative traders were aggressive in adding short positions and Open interest surged by 4.67%. The intensity of the bears is visible through the unfilled gap. This stock is trading inside the trading range and the support is seen around Rs.555 and resistance is seen around Rs.613.

FEDERALBNK: This stock plunged by 11.62% and finished at Rs. 89.4. This stock trading volume hiked by 925 percent with numerous intraday trades. The aggressive nature of sellers is recognized by the opening gap appeared in the daily chart. This stock is trading below its recent support zone and the near-term resistance is seen around Rs.103.

AMBUJACEM: This stock volume increased by 56 percent with 69% of the trades are taken for delivery. This stock is regularly scaling down for 7 days and trading below its recent support zone and the near-term resistance is seen around Rs.251.

ONGC: This stock increase by 2.95% and ended at Rs.188.25. This stock trading volume spiked by 145 percent with numerous trades were intraday in nature. This stock is currently settled above the recent resistance zone and the short-term support is around Rs.178.

BHEL: This stock trading volume rose by 128 percent with numerous trades were intraday in nature on Thursday. Derivative traders were aggressive in adding short positions and Open interest gained by 8.89%. This stock is trading below its recent support zone and the near-term resistance is seen around Rs.91.

TATAMOTORS: This stock is listed in top traded counters with numerous trades were intraday in nature on Thursday. Derivative traders were aggressive in adding short positions and Open interest increased by 2.35%. This stock is currently trading around the lower range of its price band and the crucial support zone is around Rs.328.

DRREDDY: This stock is the most active stock with numerous trades were intraday in nature on Thursday. Derivative traders were aggressive in adding short positions and Open interest increased by 8.68%. This stock is trading below its recent support zone and the near-term resistance is seen around Rs.2155.

Asian Paints – Q4 Result Insights

  • Consolidated revenue from operations for this quarter increases by 14.1%.

  • Consolidated net profit for this quarter up by 4.2%, when compared to last year march quarter.

  • Announced final dividend of Rs 6.05 per equity share.

  • Twelve months standalone revenue from operation increases by 11.2% on YoY basis.

  • Twelve months standalone net profit from operation increases by 5.2% on YoY basis.

Viewpoint: As the decorative painting business is seeing a upswing in demand, Asian paints is in the position to completely capitalize this growth. The rise in key raw materials remains a concern for the company.