The markets are reeling under pressure with profit booking seen across the board. All sectoral indices except Nifty IT and Nifty Healthcare and Nifty Pharma are trading with weakness.
Nifty PSU Bank has taken the maximum beating along with Nifty CPSE and Nifty Media, with each of these indices down by more than three percent. Profit booing is seen in private banks as well, with ICICI Bank and HDFC Bank put together contributing to near 52 percent of the BSE Sensex's fall of 430 points at 2. 10 pm.
With weakness seen across the board, there are still some stocks that are showing strength especially from the pharma pack, such as Ajantha Pharma, Dr Reddy's Lab, Zydus Life and Apollo Hospitals.
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According to the Dow Trend Scanner, which identifies the stocks that are making higher highs and higher lows to generate signals, following stocks are making higher highs with daily timeframe, thus indicating strength in a weak market:
As per the scanner, the ‘Down to Up’ signal indicates that the trend is changing from negative to positive as per the Dow Theory. Uptrend in Dow Theory would mean higher highs are made and a downtrend would indicate low lows are made.
Nifty Pharma index made life highs while Nifty IT index is 1,000 points away from its life highs. The rally in defensive stocks indicates risk-off mood in the markets.
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