Daily stock market roundup

NIFTY get off to smooth start after a turbulent week. The 50-share NSE index NIFTY rose 0.92% to finish at 10715.50 on Monday. The Indian benchmark NIFTY snapped its three-day losing streak and ended nearly 1 percent higher boosted by banking stocks on the first trading session of the week. The sentiment in India took a hit as investors are optimistic over some upcoming key earnings this week. 

Looking overseas, European markets trading higher following Asian markets which finished mixed to higher on Monday. The global equity markets rose today after figures showed the U.S. jobless rate down an 18-year low.

Nine out of eleven sector gauges compiled by the NSE ended higher led by NIFTY PSU BANK, NIFTY METAL, NIFTY MEDIA, NIFTY AUTO, NIFTY FMCG and NIFTY REALTY as top gainers. On the flip side, NIFTY PHARMA and NIFTY IT are only losers.

From the NIFTY 50 basket of shares, GAIL, M&M, ICICIBANK, AXISBANK, HINDALCO and TATASTEEL outperformed as top gainers while LUPIN, DRREDDY, TCS, COALINDIA and CIPLA are top losers.

Top stocks to watch on Tuesday 08 May

PCJEWELLER: This stock surged by 37.56% and to close at Rs.240.25. This stock trading volume hiked by 297 percent with majority of them are settled intraday. Derivative traders were aggressive in exiting short positions and Open interest reduced by 31.55%. This stock is trading inside the trading range and the support is seen around Rs.134 and resistance is seen around Rs.313.

WOCKPHARMA: This stock plunged by 7.71% and settled at Rs.740.8. This stock trading volume rose by 204 percent with numerous trades were intraday in nature. The strength of the bears is recognized by the opening gap appeared in the daily chart. This stock is currently trading around the lower range of its price band and the crucial support zone is around Rs.738.

RPOWER: This stock surged by 5.46% and closed at Rs.38.65. Derivative traders were aggressive in exiting short positions and Open interest reduced by 4.36%. This stock is trading inside the trading range and the support is seen around Rs.35 and resistance is seen around Rs.43.

IGL: This stock weakened by 1.88% and ended at Rs.266.4. This stock trading volume hiked by 52 percent with numerous trades were intraday. This stock is trading below its recent support zone and the near term resistance is seen around Rs.303.

COALINDIA: This stock volume hiked by 221 percent with 62% of the trades gone for delivery. This stock is regularly scaling down for 5 days and trading below its recent support zone and the near term resistance is seen around Rs.294.

AJANTPHARM: This stock dipped by 3.51% and finished at Rs. 1157.15. This stock continuously breaking low for 7 days and trading below its recent support zone and the near term resistance is seen around Rs.1412.

TCS: This stock weakened by 1.72% and to close at Rs.3420.95. Derivative traders were aggressive in unwinding long positions and Open interest reduced by 2.54 %. This is continuously sliding for 3 days and it is oscillating nearer to its resistance zone of Rs.3546.

LUPIN: This stock declined by 2.73% and settled at Rs.773.9.  This stock is one among the top traded stocks with numerous trades were intraday. This stock is trading below its recent support zone and the near term resistance is seen around Rs.829.

EXIDEIND: This stock surged by 5.51% and finished at Rs. 262.3. This stock trading volume spiked by 882 percent with numerous trades were intraday. This stock is currently settled above the recent resistance zone and the short term support around Rs.233.

GAIL: This stock surged by 4.26% and closed at Rs.343.8. This stock trading volume rose by 57 percent with numerous trades were intraday. This stock is currently settled above the recent resistance zone and the short term support around Rs.320.