Frontline indices carry on sluggish momentum, with Reliance Industries contributing most to the index’s decline, while Yes Bank, ICICI provide support.
The S&P BSE Sensex which hit a record high last week came under selling pressure and was now trading below its crucial support level of 31,000.
The S&P BSE Sensex rose nearly 17 percent while some of the stocks have already more than doubled investors’ wealth in the same period.
In the July contracts, put writes are active at 9400 strike and call writes are active at 9800 strike indicating a band of 9400-9800.
The valuation of most of the midcaps was trading above their long-term averages and some consolidation cannot be ruled out, feared experts.
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Fresh Call writing was seen at strike prices 9500, 9550 and 9600 which is going to restrict its bounce back move fresh Put writing at 9400 strike is shifting its support to lower zones.
A close below 9,500, which holds maximum Put open interest positions, does not augur well for the bulls.
Many of the market experts’ hope that GST could be a factor that could lead to some correction in the market.
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The index which was expected to hit fresh highs before June expiry could languish around support levels unless bulls push Nifty50 beyond 9,700-9,709.
Experts expect the market to correct in near term, which may be healthy correction but not deep one.
A bearish candle after a shooting star formation has bearish implication and investors should tread with caution in the coming week.
Balkrishna Industries, Polson, Shivalik Rasayan, Teamlease Services, and Seya Industries, among others reached their all-time high marks.
Brokerage house tracking the sector flagged concerns on the outlook as well as the recovery prospects.
Polson, Himadri Specialty Chemicals, Cox & Kings, Aditya Birla Money, Aditya Birla Nuvo and Balkrishna Industries, among others, were among the list of such stocks.
A Shooting Star is a bearish reversal pattern and is formed after a rising price environment.
The Sensex has witnessed a dream run in the last five years, with the index having gained over 83 percent during the period.
As the market moved to new milestone, 99 stocks touched 52-week highs and amongst them, 35 stocks traded at fresh record highs.
Traders should not make decisions based on just one candlestick pattern and wait for further confirmation as Thursday's price action will be crucial.
Auto ancillaries, chemicals, finance and capital goods were the top contributing sectors in this list, while FMCG, healthcare and tyre stocks contributed too.
The inclusion of A-Shares will not have any major impact on the Indian market, given modest outflows of around USD 215 million, Sharekhan said.
However, looking at futures open interest and other derivative data we expect Nifty to break 9,700 and moving towards 9,750 in the expiry week and any dip should be used as buying opportunity.
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